View Full Version : American excess: A Wall Street trader tells all

09-06-2011, 02:30 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Fine wines, lobster lunches and million-dollar salaries Ė life as a Wall Street shark was thrilling at first. But amid the extravagance, Philipp Meyer was sickened by a moral deficit at the heart of Americaís financial system

'By the time I arrived on Wall Street in 1999, the link between derivatives and the real world had broken down. Instead of being used to reduce risk, 95 per cent of their use was speculation - a polite term for gambling. And leveraging - which means taking a large amount of risk for a small amount of money. So while derivatives, and the financial industry more broadly, had started out serving industry, by the late 1990s the situation had reversed. The Market had become a near-religious force in our culture; industry, society, and politicians all bowed down to it.

It was pretty clear what The Market didnít like. It didnít like being closely watched. It didnít like rules that governed its behaviour. It didnít like goods produced in First-World countries or workers who made high wages, with the notable exception of financial sector employees. This last point bothered me especially.' </div></div>

eye opener. (http://www.independent.co.uk/news/world/americas/american-excess--a-wall-street-trader-tells-all-1674614.html)


Gayle in MD
09-14-2011, 09:37 AM
We must destroy Repiglican Fascism before it's too late!