Tuesday, April 30, 2013

Smackdown


Dr. Jeffrey Sachs, a very influential/well-known professor from Columbia University, absolutely laid the smack-down on the American banking system. In case you have around 30 minutes to spare, do listen to this.

Examples:
  • Wall Street is full of “crooks,” and it never properly cleaned up its act after the financial crisis of 2007 and 2008.
  • What has been revealed, in my view, is prima facie criminal behavior
  • It’s financial fraud on a very large extent. There’s also a tremendous amount of insider trading — you can even watch when you are living in New York how that works.
  • We have a corrupt politics to the core, I am afraid to say, and . . . both parties are up to their neck in this. This has nothing to do with Democrats or Republicans.
  • They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions. They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.
Remarkable. Do give it a look.