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robertogreco : liarspoker   1

The End of Wall Street's Boom - National Business News - Portfolio.com
"In the 2 decades since then, I had been waiting for the end of Wall Street. The outrageous bonuses, the slender returns to shareholders, the never-ending scandals, the bursting internet bubble, the crisis following collapse of Long-Term Capital Management: Over & over again, the big Wall Street investment banks would be, in some narrow way, discredited. Yet they just kept on growing, along with the sums of money that they doled out to 26-year-olds to perform tasks of no obvious social utility. The rebellion by American youth against money culture never happened. Why bother to overturn your parents’ world when you can buy it, slice it up into tranches, and sell off the pieces? At some point, I gave up waiting for the end. There was no scandal or reversal, I assumed, that could sink the system." ... "moment Salomon Brothers demonstrated potential gains to be had by investment bank as public corporation, psychological foundations of Wall Street shifted from trust to blind faith."
michaellewis  creditcrunch  crisis  finance  markets  subprime  economics  history  business  money  2008  banking  corruption  wallstreet  liarspoker  politics 
november 2008 by robertogreco

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