Saturday, April 17, 2010

Well It Bares Repeating

I've said it before, but it's worth saying again. The Wall Street Bankers that caused the financial meltdown that caused our Great Recession, did cause it. No, it wasn't just one of those "blips" that happen in the market and business from time to time. What happened is that folks like Goldman Sacks cobbled together a package of toxic "financial products". That is to say they bundled a bunch of mortgages that were almost certain to fail. Then they sold these "financial products" as quality goods. Then they bet on the "financial products". That is to say, they placed bets that the worthless mortgages would go down the tubes. So they got top dollar for rubbish, then placed a bet they were sure to win, against the rubbish. In sports, that would sorta be called putting in the fix. Now I don't mean to infer that these folks did anything untoward. They just played fast and loose with their customers. I hope none of their customers were the Mafia. These bankers could get called in to explain and maybe even make good on the investments, so to speak. Maybe the government will call them in and make them make good on the investments, so to speak. I'm not interested in vindictiveness, but I sure would like to see some of those giant bonuses go to the folks who lost a bundle on their investments. Do you suppose these bankers that played those games will ever get their comeuppance? Do we have an extradition treaty with the French Riviera, or the Cayman Islands? I'll bet the bankers know.

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