Occupy Goldman Sachs Think you’re a gangster, Kim Jong Un? You’re just a small puppet next to the criminal bankers on Wall Street. Read here about the tribal customs of the bankers and see how the big boys run the show. The 22 Tribal Customs of Wall Street Banks 1. Wall Street firms are opaque and murky. So you can’t understand them too well. 2. Wall Street firms are Insiders. The rest of us are Outsiders. 3. Wall Street firms are full of denial about risk because their risk models don’t work. 4. Wall Street firms claim they put the customers first. But they don’t. They put themselves first. 5. Wall Street firms have never predicted a bubble before it bursts. 6. Wall Street firms usually don’t tell you when to sell as often as they tell you to buy. 7. When Wall Street firms pay billion dollar fines the cost comes out of the shareholders’ hides, not the executive committee’s bonuses. 8. Wall Street firms know how to get their way with government regulators. They just delayed having to get rid of private equity funds and hedge funds operations until maybe 2022. Imagine. 9. Wall Street firms get to shove revenues to low tax offshore havens to avoid paying Uncle Sam his just dues. 10. The Wall Street firms know more than the regulators how financial market work. 11. In boom times Wall Street firms borrow too much money and operate recklessly. 12. Few Wall Street firms have a healthy enough fear of the unknown. They don’t understand that Wall Street is a fragile happening place subject to crash. 13. Most Wall Street firms don’t comprehend the risks involved in their vast derivative positions. They are in almost total denial. 14. Wall Street firms are watering down the Dodd-Frank reform bill as they go along. 15. Wall Street firms will continue to become insolvent and fail, despite have a passel of overseers. 16. Wall Street firms will continue to get even Too Much Bigger to Fail. They will ultimately cost the taxpayers of America the price of being rescued once again. 17. Wall Street firms will never be able to anticipate the unimaginable Black Swan Events that could sweep them to insolvency. 18. Wall Street firms will continue to practice their mastery of “Regulatory Capture” and the natural sport of Crony Capitalism. 19. Wall Street firms will continue to capture the adoration or contempt of the unsophisticated financial media. 20. Wall Street firms will never be affected negatively by the Occupy Wall Street movement. 21. Wall Street firms will continue to send their CEOs to Washington to serve in high places and hire other well-connected public servants to become their highly paid servants to make up for their miserable compensation in public service. 22. Wall Street firms will continue to prop up the financial sector bigger than life hero system by magnifying the derring- do of their most colorful wheeler-dealers. -- by Robert Lenzner from “Forbes” forbes/sites/robertlenzner/2014/12/29/the-22-tribal-customs-of-wall-street-banks/#
Posted on: Tue, 30 Dec 2014 01:15:19 +0000
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