Jan

26

I'm told by a colleague that the rogue's gallery of Bear Stearns mortgage characters profiled in the Atlantic Monthly piece yesterday have found themselves cushy little spots in the other IBs churning out new and improved product. And so it goes…

Russ Sears replies:

While I assume the title to Vince's post "Prepare For The Next Debacle" is tongue in cheek, I find this a defeatist attitude: Not worthy of an optimist's website. Leading to the inevitable conclusion that the only way to win is to cheat. This attitude leaves us without a knack for such to look for the worst possible people for us to partner with.

One of the most dangerous lies we often tell ourselves is that "I am glad he is on our side" when we see a politician, lawyer or salesman double dealing with a third party. The more brazen and egregious the offense the more we love them. If they barely escape prosecution with only the shirt on their back, they will still be in demand. If they leave a wake of destruction, but personally profit from the ordeal, we celebrate them and their stock goes up. These con men will never lack for lovers, business partners or clients willing to get in bed with them.

It seems the biggest dupes, in the end, are those eager to believe that there is honor amongst thieves. That he may be a crook, but at least he is "our crook". What the con fears most however, is not his partners, but all his small victims organizing against him. When they naturally do they gladly sell their "partners" out. If they are willing to cheat the little guy, because they can, you can beat that they will gladly sell you out when they must. If the clients interest is not first, then you can beat that you, without the stomach to personally do such deeds, are a distance third in their minds. Somehow it is overlooked that if they are so willing and in fact are eager to cheat the client, the life blood of any industry, that they can be trusted by the industry.

I believe this is drawn from an over abundance of cynicism. There is a fine line between recognizing the temporal advantage of the flexions, the cheats and the con and believing this is more powerful than the power of the crowd or mutual benefits of cooperation.

When you are the victim of such a con, it is easy to see the zero sum game. It seems for every winner there must be a loser. The con seemingly gets the easy win, without all the hard work. It is difficult to look to the larger picture. It is hard to look beyond your current predicament, to see a world full of opportunities to create mutual good. It is hard to imagine that the predator's life is a rough one. From a closed system of wealth it may appear that theft is the only way to improve ones lot. Further it is a fine line between spotting one cheat that has "made it" and saying all those that make it are cheats. As an individual it is hard to beat a con head on at any one competition. However, as a group over time, their lot is much less appealing.


Comments

Name

Email

Website

Speak your mind

Archives

Resources & Links

Search