Thursday, July 18, 2013

Where is the check on the actions of these economic hitmen?

So I'm reading the article in today's New York Times about one of the Security and Exchange Commission's own witnesses turning on them on the stand in a case against Fabrice Tourre, a former Goldman Sachs trader charged with defrauding investors in complex mortgage securities.

One,  Paolo Pellegrini.  It appears he was someone who called the crash of the housing bubble early on and helped create the hedge that was probably one of the most profitable market wagers in history for Goldman Sachs (which gets me thinking what is the most profitable hedge in history? but I digress...).

Anyways, maybe its Craig and de la Merced's writing which paints this guy as a complete asshat; but he seems like a real number.

Wall Street hotshots like this guy literally made a killing--just look at the increase in suicides, heart attacks, instances of child abuse in America post recession--and they hold no remorse.

Financial actors used to fear having their heads chopped off by angry mobs.  The lack of repercussions for actions which devastate the lives of millions is a major problem on our hands; yet Republicans want to hand the reins back to Wall Street and most Democrats don't seem to want to touch the topic publicly (sure they talk tough at townhalls full of Democrats but thats a lot of hot air).

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