...smart, good people? smart, maybe. Good, NO way.
Henry Paulson was Goldman top brass for a long time, being CEO of GS from 1998 to 2006. Net worth: $700million. A company where "five managing directors call their clients "muppets" in the past year". according to whistleblower Smith. "..."Muppet" is a British slang term for "idiot"... " Read the story eg on wsj. This is a pack of wolves in sheep's clothings, which they have to, because they have to maintain the ILLUSION OF BEING TRUSTWORTHY. There is a negative selection going on here, as to who reaches the top, see Deutsche Bank Ackermann, Breuer, Jain, who are criminals not in the legalistic sense, but by common sense. Non-bankers are kept in line by forward-corruption. See Clinton, John Mayor, Blair , Schroeder etc. Clinton was by some $10 mio negative after Lewinsky, now he is worth some $70 mio. Why? Not because he is a honest person. Enron was one of the rare cases, where this mindset was uncovered. This is a closed system. You cannot get into the top brass of those structures if You don NOT have this mindset. (Tis is different from mafia 'omerta', which applies to ALL members. ) It was two women who mainly did that. Think about that. In times where the LIBOR is found to be manipulated by six major banks, with the consent of the FED and the Bank of England, I find it difficult to find some crumbs of -ahem- naive honesty among this lot. Self-delusion is just one ingredient in the cocktail. The main being narcissism, as sense of grandeur and utter contempt for the ordinary folk. Guilty until proven innocent. Guenter ________________________________ Von: Chemical Engineer <[email protected]> An: "[email protected]" <[email protected]> Gesendet: 21:11 Mittwoch, 25.Juli 2012 Betreff: Re: [Vo]:"Too Big to Fail" movie portrays institutional disaster Jed, I realize they were not all bankers. At least arrest the bankers for negotiating a worthless instrument(s)... If they were a captain of a ship in the miliary that sank, they could call for their own court martial: Most navies have a standard court-martial which convenes whenever a ship is lost; this does not presume that the captain should be suspected of wrongdoing, but merely that the circumstances surrounding the loss of the ship should be made part of the official record. Many ship captains will actually insist on a court-martial in such circumstances. On Wednesday, July 25, 2012, Jed Rothwell wrote: Chemical Engineer <[email protected]> wrote: > > > "They seem like smart, good people who accidentally brought about a disaster" >> >> >>They did it to make more money for themselves and the bank. > > >Well, not everyone in the story was a banker. Some were government officials. >Paulson was an official who had been an investment banker. I get the >impression he was an honest banker. He quit and sold his shares in Goldman >before he became an official. > > >I am not excusing these people. I want to know how this happened. Why it >happened. Greed and stupidity are the cause, but people have always been >greedy and stupid, yet Wall Street seldom collapses catastrophically because >of it. These explanations are not sufficient; there has to be more. I say >the institution itself was dysfunctional. Paulson and the others were in over >their heads. They did not realize how little they knew. They did not realize >things were out of control. > > > > They were obviously ignorant to risk they created for everyone and we are all >still paying for it and will be for years to come. For that, they should have >resigned, been fired or at a minimum demoted. > > >Many have been fired. Many lost their own money. One of the main characters in >the movie, Fuld of Lehman Brothers, had shares of Lehman worth about $1 >billion. When Lehman declared bankruptcy his shares were worth $58,000. > > >Others made out like bandits, unfortunately. > > >I favor punishing the guilty, but we also need to find the root caused that >allowed bad actors and fools to bring about the catastrophe in the first >place. The same goes for every disaster, such as Fukushima and the wreck of >the Titanic. On April 15, 1912 everyone in the world knew who was directly >responsible for the Titanic disaster: Capt. Smith and his officers. But it >went beyond that. The causes were deeper. People needed to reveal the causes >and take steps to prevent this from happening again. That took a Congressional >Investigation and many reforms and new regulations. Mainly, it took Sen. >William Alden Smith, without whom the dead would have died in vain. There >would have been many more preventable shipwrecks without him. > > >We need someone like that to clean up Wall Street. Unfortunately, all efforts >to do so have been blocked by the bankers and the Republican Party. They seem >determined to cause another disaster. That is predictable. In 1912, the >shipping interests made a tremendous effort to stop Smith from investigating >and reforming their industry. They attacked him the newspapers. To this day, >many accounts of the Titanic disaster portray him as a fool and useless person >who accomplished nothing. No good deed goes unpunished! > > >See: > > >http://www.lenr-canr.org/acrobat/RothwellJcoldfusion.pdf > > >- Jed > >
