Four time bombs that will blow up Wall Street
Four Time Bombs That Will Blow Up Wall Street
Four time bombs that will blow up Wall Street – This is one of the more forcefully worded predictions I’ve read of really big trouble coming in the United States. This is published by MarketWatch, which is owned by Dow Jones, which is owned by News Corporation.
I saw Charles Ferguson speak at the Commonwealth Club of California this week. He’s the director behind the Academy Award winning Inside Job movie. He believes many Wall Street players should be jailed.
I agree.
Something tells me Michael Milken would agree as well. I wonder if Milken would have been jailed if he had done what he was alleged to have done recently instead of in the 1980s.
The Four time bombs article I link to here says that during the US Savings and Loan Crisis of about 20 years ago, the US actually indicted 3,800 bankers and executives! I didn’t know that. I remember the S & L crisis… I worked at Cooley LLP during that time, and Cooley did a lot of work for FSLIC, which was the government insurance fund that was made insolvent by the crisis. The agency no longer exists as its responsibilities were added to those of the FDIC.
(As a funny aside, I recall one of the word processor staff members who didn’t know about the FSLIC typed ‘fizz lick’ when she heard FSLIC on one of the dictation cassette tapes she was transcribing. This caused the attorney to burst out laughing when he read the transcript…)
I find it appalling that today’s bank executives are receiving record bonuses when the economy is still in a shambles. Ideally, they would have their pay docked and receive no bonuses while things are so bad. I haven’t seen the movie Inside Job yet, but it’s on my Netflix queue.
