Wow. If that's the case, then Goldman Sachs really has some gall to literally say that the rest of the industry is comprised of a bunch of morons. But it seems to be that the top execs at most of the big wall street firms are one of the three following bad titles:There is an article from BBG that explains it:
not only the rest of the industry but themselves as well.Wow. If that's the case, then Goldman Sachs really has some gall to literally say that the rest of the industry is comprised of a bunch of morons.
Thieves first and foremost. Lesson 1: Finance = legalised theft. Always has. Hiring Ph.D.s and introducing abstruse mathematics has merely been an attempt to put varnish on this. It's always been clear that the chickens of subprime were going to come home to roost some day: loans were being made to people who couldn't service them. Finance people have been living in an atmosphere of willful denial -- because there were short-term profits to be made. More importantly, the nation's political leadership condoned this and turned a blind eye towards it -- maybe because there was no other way of keeping a moribund economy ticking.1) Idiots--they completely didn't see the subprime crisis coming at all.
2) Thieves--they knew it was coming and profited off of it while letting the crisis smash everyone.
3) Ostriches--they knew it was coming but didn't do anything about it because they hoped it wouldn't anyway!
Which is it?!