China: Bankers Confirm Wall Street's Barbarianism

Caing ^ | 05/17/10 | Andrew Sheng

[TigerLikesRooster]

By Andrew Sheng 05.17.2010 10:40

Bankers Confirm Wall Street's Barbarianism

Investment bankers bilked clients and grossly violated fiduciary trust in ways that deserve even deeper investigation

A 1987 Hollywood movie called Wall Street featured Michael Douglas as Gordon Gecko, a rich, powerful and ruthless broker who teaches a young disciple that "greed is good." Coming out this summer will be a new film, Wall Street 2, also starring Michael Douglas.

And we've been watching the real show recently from Washington. That's where Wall Street bankers defended themselves before the Senate Subcommittee on Investigations and the Financial Crisis Inquiry Committee. The more they protested their innocence, the more they proved Gordon Gecko is not fictitious but a real-life character.

In investigating the role of investment banks in the financial crisis, the subcommittee looked at the 2004-2007 period. It found that bankers securitized high-risk mortgages, received fat fees, and pushed these mortgage packages to investors who thought they were buying good assets because they trusted Wall Street bankers and credit rating agencies.

The investment bankers magnified risk by re-securitizing toxic mortgages securities into collateralized debt obligations (CDOs), sold them, and then used credit default swaps (CDS) and index trading to hedge their own risks. In emails among themselves, the traders flaunted the fact that their products were crap. Thank you, Wall Street, for such honesty after the fact. We Asians bought some of that crap, thinking you were selling safe products.

[TigerLikesRooster]

Chicom and Wall St. banksters are falling out. This is not a bad thing.

[TigerLikesRooster]

P!

[norraad]

Just wait ‘till they’ve had enough of Big Oil and his Big Brother Sneakyman Inc., they will go Brazil.

[MNJohnnie]

Yes the current regime in China certainly are experts in barbarianism.

[GonzoGOP]

Chicom and Wall St. banksters are falling out. This is not a bad thing.

China is on the edge of some real credit problems themselves. They were counting on double digit growth forever. However with the rest of the world in the crapper they can't export their way out of debt as they had planned.

So in standard communist propaganda manner they are setting up someone to blame when things go bad. they will make sure that their people start hearing the big lie before the times get desperate. That way they won't question it when the need arises. "Don't blame the communist leaders, it is those evil American capitalist bankers that are causing the depression."

[ikka]

Morgan Stanley, back in the 80s, sold customers on silver bars, then charged storage fees for the 99% of customers that did not take actual, physical delivery of the silver.

They got caught with their hand in the cookie jar, when not only did MS not actually buy and hold silver for their customer orders, BUT, were then proceeding to charge monthly storage fees for silver they never had or stored.

[TigerLikesRooster]

Then, they say, “That is why we should take Guam.”

[4rcane]

the chinese government is stealing their citizen purchasing power by suppressing their currency. Their citizen would be better off if their government stop the US dollar peg

[dennisw]

Chicom and Wall St. banksters are falling out. This is not a bad thing.>>>>>>>>>>

Chinese economy is lucky...being relatively primitive they have primitive banking sector....not so adept at ripping off the society to line their pockets.

Chinese do more honest work. Americans are trying to get rich manipulating markets. Making profits off shuffling papers and flipping houses and bundling mortgages and writing credit default swaps

Lots of honest work is done in America but the Wall Street parasites are stealing massive amounts from the system and same for the government parasite

Main Street and the great American middle class is in the gun sights of both

[TigerLikesRooster]

Socially progressive, fiscally conservative, phenomenally crooked, IVY-educated sociopaths.

[TigerLikesRooster]

being relatively primitive they have primitive banking sector

That's so true. Sometimes it helps to be behind the curve. However, China is crooked and rotten in old fashioned way.

[GonzoGOP]

Then, they say, “That is why we should take Guam.”

Why Guam? The government said that place is ready to tip over anyways. More likely the Chi-Coms will demand that we pay our debts in gold. Since there isn't that much gold in existence they will then take Alaska as payment. Since the Chi-Coms don't have to worry about the EPA or tree huggers Alaska would be a perfect resource rich addition to their empire.

[woodbutcher1963]

How about we give them California instead.

[GonzoGOP]

How about we give them California instead.

(1)What have they ever done to us to deserve that!
(2)Didn't that school teacher say it already belonged to Mexico.

[listenhillary]

Credit rating agencies are underrepresented in the mug shot line up.

[Ev Reeman]

Personally I think the Chinese economy is fragile and largely built on fantasy not fact much like Wall Street, Europe and Washington DC. That is something they all have in common.

But soomer or later I think the shit is going to hit the fan. I think it will be sooner rather than later.

Maybe George Soros will bail out the world. Hah!

[DuncanWaring]

Socially progressive, fiscally conservative, phenomenally crooked, IVY-educated sociopaths.

But sociopaths nonetheless.

[AndyJackson]

Michael Douglas

Rulz

[Hoodat]

Rules? Your pic was a violation of the rules, and a slap in the face to all fine upstanding Freepers out there. Here is something to help wipe away the memory of that travesty of a photo that you posted:

[CharlieOK1]

yer doing it wrong