Showing posts with label Matt Taibbi. Show all posts
Showing posts with label Matt Taibbi. Show all posts
Tuesday, April 10, 2012
Wednesday, February 8, 2012
Matt Taibbi: Why Wall Street Should Stop Whining
Taibbi nails it again. A must read [Why Wall Street Should Stop Whining]
When I look at the revenue and bonus numbers on Wall Street this year, I see a number of companies that, despite being functionally insolvent in reality and dependent upon a combination of corrupt accounting and cheap cash from the Fed to survive, are still paying out enormous amounts of money in compensation.
In fact, when one considers the lost billions and trillions from the end of the mortgage bubble scam and the expiration of the quantitative easing program, it’s pretty incredible that bonuses are even in the same ballpark as they used to be.
... The financial services industry went from having a 19 percent share of America’s corporate profits decades ago to having a 41 percent share in recent years. That doesn’t mean bankers represent 41 percent of America’s labor value: it just means they’ve managed to make themselves horrifically overpaid relative to their counterparts in the rest of the economy.
When I look at the revenue and bonus numbers on Wall Street this year, I see a number of companies that, despite being functionally insolvent in reality and dependent upon a combination of corrupt accounting and cheap cash from the Fed to survive, are still paying out enormous amounts of money in compensation.
In fact, when one considers the lost billions and trillions from the end of the mortgage bubble scam and the expiration of the quantitative easing program, it’s pretty incredible that bonuses are even in the same ballpark as they used to be.
... The financial services industry went from having a 19 percent share of America’s corporate profits decades ago to having a 41 percent share in recent years. That doesn’t mean bankers represent 41 percent of America’s labor value: it just means they’ve managed to make themselves horrifically overpaid relative to their counterparts in the rest of the economy.
Wednesday, January 4, 2012
Matt Taibbi: Mitt Romney behind modern unemployment in America
Matt Taibbi, contributing editor for Rolling Stone, discusses Mitt's millions with RT News.
Thursday, November 3, 2011
Wednesday, August 17, 2011
The latest from Matt Taibbi: Is the SEC Covering Up Wall Street Crimes?
Matt Taibbi is back with another hard-hitting must-read expose: Is the SEC Covering Up Wall Street Crimes?
In the article, Taibbi exposes the agency's cushy relationship with the financial institutions it is supposed to investigate. Shockingly, the SEC made it a practice to destroy MUIs ("Matters Under Inquiry") that did not receive approval from senior staff despite the fact that records were supposed to be maintained for at least 25 years with the National Archives and Records Administration. Senior staff included Director of Enforcement, Richard Walker, who was named General Counsel of Deutsche Bank less than 10 weeks after the SEC closed an investigation into the bank. Closed MUI investigations included Bernie Madoff and Lehman Brothers.
I have to ask: is anyone else besides Taibbi doing any real investigative journalism these days? And why aren't the clowns who got us into this crisis in jail?
In the article, Taibbi exposes the agency's cushy relationship with the financial institutions it is supposed to investigate. Shockingly, the SEC made it a practice to destroy MUIs ("Matters Under Inquiry") that did not receive approval from senior staff despite the fact that records were supposed to be maintained for at least 25 years with the National Archives and Records Administration. Senior staff included Director of Enforcement, Richard Walker, who was named General Counsel of Deutsche Bank less than 10 weeks after the SEC closed an investigation into the bank. Closed MUI investigations included Bernie Madoff and Lehman Brothers.
I have to ask: is anyone else besides Taibbi doing any real investigative journalism these days? And why aren't the clowns who got us into this crisis in jail?
Subscribe to:
Posts (Atom)