Is Wall Streets full of crooks ?

[jeff of pa]

Is Wall Street's full of 'crooks' ?

Influential economist says YES

Corruption, insider trading and criminal behavior are rampant on a vast scale on Wall Street today as financiers and Washington play the same greedy games that brought us to the brink five years ago, according to one of the world’s most influential economists.
Wall Street is full of “crooks,” and it never properly cleaned up its act after the financial crisis of 2007 and 2008, Columbia University professor Jeffrey Sachs told a distinguished gathering of bankers and professionals in bombshell remarks at the Philadelphia Federal Reserve building earlier this month.

What’s behind this, says the high-profile academic twice named one of Time magazine’s 100 Most Influential People in the World, is “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.”
Sachs pulled no punches. “What has been revealed, in my view, is prima facie criminal behavior,” he said.

EXCLUSIVE: Wall Street is full of 'crooks,' influential economist Jeffrey Sachs told Philadelphia Federal Reserve audience earlier this month - NYPOST.com

 

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[Treasure_Hunter]

Yes!

Sent from my Galaxy Nexus using Tapatalk 2

 

[Native Floridian]

ROFLMAO !!!!!!!!

You guys are a riot!

At least you spelled Wall Street right!!!!



You know who should be along any time now. LOL!!!

 

[Treasure_Hunter]

ROFLMAO !!!!!!!!

You guys are a riot!

At least you spelled Wall Street right!!!!



You know who should be along any time now. LOL!!!

Sorry NF, it was not directed at you, forgot you worked there.... But there have been a lot of huge scandals involving Wall Street... WorldCom comes to mind...

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[DeepseekerADS]

Wall Street is all about farming, agriculture... They give us a little time to grow, and then they harvest us every single time.

My broker was E F Hutton, and when they talked I listened.... Unfortunately. October of '87 got me out of the market permanently. My kids manage my money now

 

[jeff of pa]

ROFLMAO !!!!!!!!

You guys are a riot!

At least you spelled Wall Street right!!!!



You know who should be along any time now. LOL!!!

LOL I didn't know you worked there.

I was tempted to ask you if you just liked arguing.

you seem to have the exact opposite opinion of everything.

 

[Treasure_Hunter]

LOL I didn't know you worked there.

I was tempted to ask you if you just liked arguing.

you seem to have the exact opposite opinion of everything.

.........like a wife when it comes to what program to watch on TV.... I hate the Lifetime movie channel....:banghead:

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[Native Floridian]

Jeff, look up ROFLMAO and get back to me. You made me laugh. How is that arguing?

That said, It is interesting that you post an article calling Washington DC bought and paid for so soon after the NRA bought the vote last week. I didn't think that would fly with TH.

I agree with much of what is said in the article. Sachs is a smart guy. Wall Street, corrupt, yah! DC politicians corrupt, you bet! Goldman Sachs corrupt? No. They just piss off a lot of people because they are smarter than they are and the prize for being second smartest is losing your money.

Guess it's time to close this thread too!

 

[Native Floridian]

.........like a wife when it comes to what program to watch on TV.... I hate the Lifetime movie channel....:banghead:

Sent from my Galaxy Nexus using Tapatalk 2

You could always buy another TV. just a thought!

 

[jeff of pa]

Jeff, look up ROFLMAO and get back to me. You made me laugh. How is that arguing?

That said, It is interesting that you post an article calling Washington DC bought and paid for so soon after the NRA bought the vote last week. I didn't think that would fly with TH.

I agree with much of what is said in the article. Sachs is a smart guy. Wall Street, corrupt, yah! DC politicians corrupt, you bet! Goldman Sachs corrupt? No. They just piss off a lot of people because they are smarter than they are and the prize for being second smartest is losing your money.

Guess it's time to close this thread too!

I wasn't responding to the Letters alone
it was their connection to this

You guys are a riot!

At least you spelled Wall Street right!!!!

which makes me Guess You don't believe or don't want to admit
the article may make sense NF

then you add

Guess it's time to close this thread too!

I know you are not him but you remind me more & more of someone from Florida
and treasureNets past.

more Sarcasm then most. close threads

sorry I don't close threads unless I have good reason.

Your Sarcasm isn't even Good conversation
at least spell out words that match the conversation.

& no this is not an attack, just a bit or Sarcastic retaliation

 

[Native Floridian]

Unfortunately i can't return the favor without getting booted.

jeff, PM sent, you know what i'm talking about.

 

[jeff of pa]

Unfortunately i can't return the favor without getting booted.

jeff, PM sent, you know what i'm talking about.

Sorry NF But I never "booted" anyone for Sarcasm.
I have better ways to Retaliate.

But enough for Now, This thread is already Hijacked from it's original Purpose.
Hopefully it can still get back on track without a Major operation

 

[Dave44]

Of course it is corrupt, and Washington aides and abets. What are the stupendous underlying basics that point to the fantastic heights of the markets? OOOh a couple less people applying for unemployment. Ahhh a company made a little bit of profit.. Hmm a couple of houses were built. Oh yeah, and the biggest driver, inflation- as monitored without food, other necessities and fuel is not as bad as expected! Good thing they took out all the stuff you need when they measure prices?

Nooo these do not come close to showing a robust economy, well since the thresh hold has been lowered to ankle high I guess it is a little better, huh?

 

[Treasure_Hunter]

Unfortunately i can't return the favor without getting booted.

jeff, PM sent, you know what i'm talking about.

Sure you can retaliate, you call him a Yankee... LOL...

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[Native Floridian]

To help retrack the tread lets get our scandals right.

Worldcom and Enron were accounting scandals where management cooked the books. Wall Street, might have been complicite on the periphery but it was Big Five Accounting firms that were criminally charged along with the top management of both firms.

Even 2008 - Wall Street only played a part. The truth is in a scandal there are bad guys purposely doing whatever they are doing to cause a problem. Think of of a cheating spouse. it is purposeful act. 2008, as it involved most of wall street wasnt purposeful. These guys honestly didn't know they were playing with fire.

This is how the largest investment banks on the planet got their short and curlies caught in a noose. Right along with the largest insurance companies. AIG thought that writing insurance on mortgage traunches was like shooting fish in a barrel. These guys want to pay us to insure triple AAA mortgages? AIG's attitude was yeah we'll take the rube's money and laugh all the way to the bank. They were arrogant and far from the smartest guys in the room. That would be Goldman Sachs who brokered the insurance. Truth is Goldman was only a middle man. They made $400,000,000 in brokerage fees. They didn't cause the downfall, though DC has scape goated them, pointing to the fees. BTW, their clients, the ones smart enough to see the stress cracks and understand their true meaning made billions.

Much blame to go around for 2008. From Wall Street, to banks that sold them the mortgages, to originators who sold the banks the mortgages, to mortgage brokers who qualified the unqualified, to realitors who went along with the lies, to Washington DC loosening the regulatory strings, to ratings agencies not doing their jobs, to the SEC and NASD/FINRA not doing theirs, to everyday people over extending themselves by lying on mortgage applications, and to the smartest guys on Wall Street not understanding what one doctor in California understood, that the entire thing was built on a house of cards. Yeah, there are plenty of places to point fingers.

 

[Dave44]

To help retrack the tread lets get our scandals right.

Worldcom and Enron were accounting scandels where managment cooked the books. Wall Street, might have been complicite on the periphery but it was Big Five Accounting firms that were criminally charged along with the top management of both firms.

Even 2008 - Wall Street only played a part. The truth is in a scandal there are bad guys purposely doing whatever they are doing to cause a problem. Think of of a cheating spouse. it is purposeful act. 2008, as it involved most of wall street wasnt purposeful. These guys honestly didn't know they were playing with fire.

This is how the largest investment banks on the planet got their short and curlies caught in a noose. Right along with the largest insurance companies. AIG thought that writing insurance on mortgage traunches was like shooting fish in a barrel. These guys want to pay us to insure triple AAA mortgages? AIG's attitude was yeah we'll take the rube's money and laugh all the way to the bank. They were arrogant and far from the smartest guys in the room. That would be Goldman Sachs who brokered the insurance. Truth is Goldman was only a middle man. They made $400,000,000 in brokerage fees. They didn't cause the downfall, though DC has scape goated them, pointing to the fees. BTW, their clients, the ones smart enough to see the stress cracks and understand their true meaning made billions.

Much blame to go around for 2008. From Wall Street, to banks that sold them the mortgages, to originators who sold the banks the mortgages, to mortgage brokers who qualified the unqualified, to realitors who went along with the lies, to Washington DC loosening the regulatory strings, to ratings agencies not doing their jobs, to the SEC and NASD/FINRA not doing theirs, to everyday people over extending themselves by lying on mortgage applications, and to the smartest guys on Wall Street not understanding what one doctor in California understood, that the entire thing was built on a house of cards. Yeah, there are plenty of places to point fingers.

Actually these subprime mortgages were forced onto the banking industry by the government by a series of bad bills.
Here is one.Cranston-Gonzalez National Affordable Housing Act (1990; 101st Congress S. 566) - GovTrack.us

To keep up with the growing demand by government officials to loan money to people that had little chances of paying them back the banks came up with ways to try to make them profitable.
If the banks stuck to sound business principles they were threatened by government entities and even blackmailed by opportunists.
International Socialist Review
I think it is funny to see some truth from these people when they think they spin it for their cause.

Ahh the rainbow coalition.. A great blackmail organization
http://www.nytimes.com/2010/01/14/us/14justice.html?_r=0

I put this guy in here because I am sure he will fix everything. Oh find your own source, his background is clear.
Labor Secretary Nominee Perez Flouts Labor, Immigration Laws (Great history of Radical Perez)
[SIZE=+1]Labor Secretary Nominee Perez Flouts Labor, Immigration Laws (Great history of Radical Perez)[/SIZE]

 

[Native Floridian]

For anyone seeking to understand what happened in 2008 -two books

The Big Short - Michael Lewis

Too Big To Fail - Andrew Ross Sorkin

TH, Too Big To Fail has also been made into a movie, so if you can get the wife to give up a couple hours of Hallmark movies...

 

[Native Floridian]

Dave, banks weren't forced to write loans. Did regulation play a role, yes. Did deregualtion play a role, yes. Again years of folks with competing agendas operating in the you don't know what you don't know space that would act as a catalyst for for an economic implosion.

While the governmental ground work for this implosion was layed down as far back as the 1970's I jump ahead to Bill Clinton who lowered financial standards of what was considered sub prime. Banks were not forced into this new market. yet, any that didn't enter soon found themselves at a competitive disadvantage.

The mortgage industry had changed. Not only the gov't regulation but the entire business of granting mortgages morphed from mom and pop banks granting local homeowners mortgages and holding them for 30 years to originators buying and packaging mortgages, bundling them thru on of several Quasi governemnt corporations, thus securitizing them and selling them off to WAll Street. Mortgages had become big business with big profits to be made at several points in the process. What bank isn't going to want a part of that action?


If a bank is going to hold a mortgage for only as long as it takes to bundle it and sell it through a govt corporation, Ginnie Mae, Fannie Mae, Freddie Mac, they have no reason to impose credit restrictions any stricter than required to qualify for those programs.

While not forced it was easy business.

let's not forget that anyone who took out a mortgage during that time could be culpable for what happened. That includes any of us. Anyone here take out a bigger mortgage than they could afford? Anyone here fudge a little on the facts to get qualified? Nobody admits to it, but none of this would have happened if the end users didn't go along with it. Just one place to point the finger.

 

[Treasure_Hunter]

Not I, my mortgage was based on what I could afford and I put down $40k which was 1/3 .....Even when I was laid off in 2001 I was always able to make the house payments, other bills may have suffered but not the house or car payments...

I went from $200K in equity to now I'm underwater $40k.......:banghead:

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[Native Floridian]

TH, the tragedy in all this is responsible people such as yourself were victimized by the fall out.

We were all affected at some level. Investment accounts, retirement accounts, real estate holdings, employment. Though the investment side has recovered to a great extent, there are many wounded people out there from this thing. Some may never recover.