Jan

16

One believes that the invisible clubs, the riding in cars together of competitors, the lunches at the gilded offices at the Federal Reserve banks, the squash games, the parties that the partners of the flexions themselves go to together, the telephone calls et al, are the main lines of communication. A point I would make is that trillions have been taken out of the total pot, or the energy totality (in ecological terms), and that these trillions would have been disseminated to what Amiity Schlaes calls "the forgotten man".

I would also point out that such badges and emblems of self dealing, (call it a conspiracy or an informal network, or a kinship thing), have been endemic to wall street from its inception (in a price fixing deal to keep commissions up under the buttonwood tree).

Such insider, wrongful, and dysfunctinoal activity, needs a very capable, speptical, and dedicated personage, a Patrick or Patricia O Brian or Serpico or Puzo to record, memorialize, expose and eliminate.

Wall Street's Secret Society Inducts Members With Lehman Video

By Max Abelson Jan. 15 (Bloomberg)

– A bald man in a tuxedo walked into Manhattan's St. Regis Hotel, muttered to a uniformed attendant and was ushered to an elevator. A woman in a fur hat the size of a lampshade followed, then a man in a topcoat, who licked his lips as he walked under a ceiling painted with naked cherubs.

Kappa Beta Phi, the banking fraternity founded before the 1929 stock-market crash that counts Wall Street's most senior executives and regulators among its past members, held its annual induction dinner behind closed doors at the landmark New York hotel on Jan. 13. This year's names included Josh Harris, senior managing director at Apollo Global Management LLC, the buyout firm led by Leon Black, according to two attendees, who spoke on the condition of anonymity because the society's activities are secret. Harris, 46, was No. 655 on Forbes Magazine's billionaires list last year.

read full article here. 

T.K Marks writes: 

When word of Wall St.'s pervasive machinations first began to bubble up during the (selective) bailout bonanza, somebody I know likened the expected fallout to the public relations Chernobyl that the Catholic Church continues to face in the wake of the predatory priests scandal. The thinking being that people will not soon forget being duped on a systematic scale. The Church is still reeling from that situation, as the litigation liabilities would bear out.

The difference in the two situations however is that in the eyes of some Wall St. would appear to have an unseemly symbiotic relationship with the government entities that are in theory supposed to ferret out high-level duplicity. They're the guys with the Geiger counters and if they say the situation is not inherently radioactive, who has the wherewithal to challenge them?


Comments

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search