williambanzai7's picture


Concept H/T: TD







Jamie Magnetar:
"It's so unfair to talk about Wall Street and ethics,"

WB7: Oh yes, so very unfair! But I would go one step further and call it absurd to even associate the two in the same breath.

Jamie Magnetar: "The people that we deal with a lot on Wall Street are some of the most ethical people I know.

WB7: That sure sets a high bar. You must be referring to Linda Green, your former associates at JP Madoff and your clients at Magnetar.

Jamie Magnetar: "There are some bad apples on Wall Street."

WB7: A big barrel with a few rotten CEOs who have managed to cause the whole thing to rot by setting such a fine example.

Jamie Magnetar: "I think the military is the most extraordinary organisation but there are some bad apples in the military."

WB7: Yes, and like on Wall Street the ones at the top are never held accountable. BTW, leave the military out of this shit head.

Jamie Magnetar: "I think universities are unbelievable but there are some bad apples in universities."

WB7: Leave Larry Summers out of this as well.

Jamie Magnetar: "I think reporters for most part are smart and hard-working people, but there are some bad apples as reporters."

WB7: Leave Andrew Ross Sorkin out of this as well.

You know what Jamie, I think Masataka Shimizu exhibits more character than you do.

At least he takes full responsibility for TEPCO's criminal actions and gross negligence instead of dishing out truckloads of horse shit like you do.

Can you believe the cajones on this guy, making statements like this the same week the SEC reached its puny Magnetar settlement?

And talk about bad apples in the military, how about talking about the rotten JP Morgan apples that foreclosed on military personnel on active duty?




On the "Few Bad Apples" Alibi...

"It has become part of our day-to-day lexicon… something as American as apple pie. Whatever happens of an unpleasant or nefarious nature, it must have been caused or created by a “few bad apples."

We get to hear it – or read it – with multiplier frequency these days because of the high profile cases being witnessed involving the worlds of big business, politics and the military.

Now that the judicial system has closed the chapter on Enron, with Lay and Skilling soon to be behind bars (well… maybe), Americans are being made to feel at ease knowing that those few bad apples have been taken out of the barrel.

The moral of this fable underlines that justice reigns supreme after cleansing a few businesses of their greedy and lawbreaking executives, keeping our capitalist system pure and sacrosanct.

Except that… this “few bad apples” application to big business is not a fable but a farce.

The predatory capitalism exercised by much of big business does not sail under the flag of free enterprise, mostly operating in an oligopolistic or sub rosa fashion under captive or protected enterprise. Banking, energy and pharmaceutical companies – by no means in exclusivity – have been and continue raping the American consumer.

One thing that helps these predatory firms is the loyalty of their own “armies,” employees who more often than not have little choice, if they wish to keep their jobs, but to be complicit to crime.

And, of course, the loyalty extends from all those 401k-holders, and other investors, that subliminally take part in the hyenas’ feast.

Absent any form of effective government control, big business stays on course with its predatory ways, and society is left to deal with the ever more putrid barrel of apples that is big business.

A “few bad apples” in big business? Give me a break!"



WB7: Put the lid back on it and STFU Jamie!






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Pitchman's picture

"I think Masataka Shimizu exhibits more character than you do."

Why Bill havent you heard Jamie is Wall Streets Boy Wonder.  Just ask him.

"Not all sociopaths wield knives and knotted cords. Some wear suits, and are exceptionally intelligent and articulate, obsessively driven, and are able to use and undermine the law and the rules for their advantage, like weapons.  It is never about the win, never about the money.  It is about the kill, the expression of their hatred, about elevating themselves with the suffering of others."

See the Inflection Point post "There Are Monsters, And They Walk Among Us." - Jesse's Café Américain

"The Party seeks power entirely for its own sake. We are not interested in the good of others; we are interested solely in power. Not wealth or luxury or long life or happiness; only power, pure power....Power is not a means; it is an end. One does not establish a dictatorship in order to safeguard a revolution; one makes the revolution in order to establish the dictatorship.... If you want a picture of the future, imagine a boot stamping on a human face - forever."

- O'Brien to Winston George Orwell "1984"

Visit: Inflection Point


ONEPurpose's picture

Join the Resistance. 

Silver Viral Project. 

A collaborative guerilla viral campaign with its sights set on corrupt banksters, and financial insanity. 




Be an Agent. 

Caviar Emptor's picture

What's left for an encore after the bailouts, subsidies, legal immunity and cronyism begin to falter but the debt threatens the national credit rating?

Next they "give the unemployed the opportunity" to work for military suppliers, private security firms, oil and gas drillers, tech giants and as local reps for banks and insurance firms. 

Then we proceed to compulsory attendance at rallies. 


williambanzai7's picture

Yes compulsory, or we revoke your planetary resident permit.

Mr Kurtz's picture

Wall Street "bad apples" ...look like a bunch of goddamn "road apples" to me.

Quinvarius's picture

I will never forget Jamie's cry baby antics during the first Fed press conference.  It still makes me laugh to think of how desperate he must have been to horn in on Bernanke to tell everyone things are going great.

williambanzai7's picture

Just imagine an arsonist joins his buddies and lights up the neighborhood.  The next day he announces, I am a good citizen since I managed to keep my house unburnt.

Now think about Jamie Dimon, whose firm invented the financial fire bombs.

blindman's picture

minute 54.00
john trudell
club dna, san francisco, columbus day 1992
"columbus, i guess i'll just start with columbus.
see , i have a real problem about all of this.
i mean, see to me, he was like a virus, a disease.
but when i think about it, because i spent a lot of time
protesting, trying to figure out how to deal with this disease...
but i think that we really need to put serious thought
into understanding that we're dealing with a disease.
it is like there is this predator energy on this planet
and this predator energy feeds upon the essence of the spirit.
feeds upon the essence of the human being. the spirit
now this predator energy can take fossil fuel and other
resources out of the earth, turn it into fuel,
to run a machine system.
but in order for there to be a need for that system and
in order for that system to work ...
they have to mine our minds , to get at the essence of our spirit.
and the same way the external mining takes place.
( it pollutes, we see now, people understand what poisons the
environment, the water, the air; pollution )
the mining of the essence, the mining of the spirit, mining
our minds ; the pollution from that is all the neurotic, disorders,
insecure behavior patterns that we develop. that's the pollution.
because for in order for this predator system, this disease, to
work, we must not be able to use our minds in a clear coherent manner.
because if we use our minds in a clear coherent manner we will not
accept the unacceptable.
but it's a disease; lives and travels through the mind , through
the generations."
John Trudell " Religious vs Spiritual" Perception of Reality

gangland's picture

thanks for this! first thing I am watching this morning! 

"I felt like I was knoked out when I was born, spent my whole life trying to come to, I used to think I'm in the wrong time and place..."

really good.

"para la mama", before you drink, spill a little on the ground, "for the mother" .

anytime I spill something on purpose or accidentally, I say "para la mama".

the land is the thing. control the land.

civilization is not civilized.  the great lie. (from the film)



Fix It Again Timmy's picture

Simply put, Wall St. is an "All You Can Steal Buffet" - we're open seven days a week and yes, that includes Sunday....

blindman's picture

this could shape up to be a royal fingerbowl love fest.
Royal Fingerbowl "Otis Goes Postal"
otis goes postal
alex mcmurray
oom, oom, oom papa da ..
gonna put my dogs up, take a rest
shoot the phone change my address
i'm gonna stay outa sight , cause somethin' bout the moon ain't right.
i'm havin' feelings i can't control
like there's a python lurkin' in my soul
so lock the doors up tight , cause somethin' bout the moon ain't right.
i'm through with takin' that medication
i'm givin' in to my infatuation
don't you see my bloods beginnin'' to boil
so cover all the windows with aluminum foil
i got my whisky and my gun
you and me baby were gonna have us some fun
if it takes all night somethin' bout the moon ain't right
i lost my job , that's fine with me
the postal service ain't what it used to be
well they was never that bright when somethin' bout the moon ain't right.
hey baby, where you think you're goin'?
you know i'd never let you leave me all alo'en ,
i don't mean to seem impolite , but there's somethin' funky 'bout this hear moon yea
i know exactly where things is hidden
i'm gettin' ready for the armageddon
jesus done told me just what to do
to make a little piece of heaven for me and you
Now the swat team has arrived
goddamn you'll never ever take me alive
well this will take all night cause somethin' bout the moon ain't right.

blindman's picture

couple of things. i am nuts / crazy but if you look around
you will notice that it should not be a distinguishing
characteristic. sometimes i get emotional, am pushed or pried,
leveraged, into that sphere of conscious less-ness and can
become surly and quite disagreeable, this may be my only
redeeming characteristic? some one said, or should have said ..
"i'm not nuts, i'm just pithy". ?
anyway, here some related links re: administrative evil ?
i'm not sure how this will play out as a force for good or evil?
lately i don't trust anything that looks too good if you know
what i mean? nothing is as it appears, is presented, anymore?
though sometimes a cigar is just a cigar and all...
notice the sponsors of this leadership program
Meta-Leaders in Action
Chris Hedges: MSM Feeds Masses ‘Road Kill’
here one that addresses the "mob" angle..
On the Edge with Gerald Celente
Posted on June 25, 2011 by stacyherbert
here another global perspective ...
so i guess this is what we have to work with and are up against.
"life is like a girl with bad teeth who looks really good from a distance" . t.w.
i'll take your response off the air .... thanks. click

Yen Cross's picture

    Can some one  KILL that  effen. Racoon? 


       Yes the rabid tool that works my (FRUIT TREES}     The menace thay scares everyone. 30 pounds large. My 22 is looking good.          



gangland's picture

enjoyed it much Banzai, youre getting better and edgier. nice. you ought to write more. like your prose and takes.


on the topic of bad apples, been reading some things lately.

most of the books below are available for free in pdf format from www.library.nu


Greed is Good: Maximization and Elite Deviance in America Matthew Robinson and Daniel Murphy 

The Power Elite by c wright mills (classic I return to over and over to make sense of the world)

and any book by bill black (william k. black) actually on www.SSRN.com if you type in his name a lot of his best work is available free.

also in terms of organizational behavior ala Linda Green, a great concept and book titled:

Unmasking Administrative Evil by Guy B. Adams and Danny L. Balfour

"Administrative evil is [when] ordinary people within their normal professional and administrative roles can engage in acts of evil without being aware that they are doing anything wrong.  Under conditions of moral inversion, people may even view their evil activity as good."


in my opinion they are aware of what they are doing for the most part, cognitive bias and "I'm just doing my job syndrome" assure us of that.  Shuttle challenger was just one such example.

they know, they rationalize and justify. for most corporations and organizations, this is in fact, the method to profitability.

Psycho-sociopaths. Weber is also very good on bureaucratic technical rationality.

something completely illogical can in certain circumstances become completely rational.


Ethical Leadership in the Context of Globalization
Leadership, Administrative Evil and the
Ethics of Incompetence: Lessons from
Katrina and Iraq
Guy B. Adams and Danny L. Balfour



"The basic difference between evil as it has appeared throughout human history, and administrative evil, which is a fundamentally modern phenomenon, is that the latter is less easily recognized as evil. People have always been able to delude themselves into thinking that their evil acts are not really so bad, and we have certainly had moral inversions in times past. But there are three very important differences in administrative evil. One is our modern inclination to un-name evil, an old concept that does not lend itself well to today’s scientific-analytic mindset . The second difference is found in the structure of the modern, complex organization, which diffuses individual responsibility and requires the compartmentalized accomplishment of role expectations in order to perform work on a daily basis. The third difference is the highly technical and analytic processes by which public policy is formulated and implemented, so that moral inversions are now more likely.

While administrative evil is most dangerous when an entire nation or society falls into it, it can appear in a local government context, even though it is less likely."




Pitchman's picture

"The Banality of Evil" - Doing terrible things in an organized and systematic way rests on "normalization." This is the process whereby ugly, degrading, murderous, and unspeakable acts become routine and are accepted as "the way things are done... It is the function of defense intellectuals and other experts, and the mainstream media, to normalize the unthinkable for the general public...

See the Inflection Point post "There Are Monsters, And They Walk Among Us." - Jesse's Café Américain

williambanzai7's picture

I can't find the download link for that Administrative Evil article.

williambanzai7's picture

My hard drive thanks you for all these gigabytes of interesting links ;-)

gangland's picture

Thank you for your excellent work and absolutely my pleasure = )

really enjoyed (all of them) the "bad apples" image , the quality, imagination and knowledge of your work is impressive.

unique in how you can communicate visually and with your writings; the message becomes clear and very effective.

you remind me a little bit of Robbie Conal. 

But clearer, updated. A guerrilla political artist and writer.

I used to see conal's posters splashed around los angeles growing up.

He would put up his posters on construction sites, on telephone switch boxes at traffic lights, all over.

That's how he got to be known, first on the street, then in galleries.

The net is our street today. 

Here is looking forward to seeing your exhibition in manhattan (on the streets and in galleries) soon William (if you havent had one already).


"Men With No Lips"





williambanzai7's picture

Yes, the street is where it all starts and ends.

Their crimes are not going unnoticed.

They will all run to wherever before it finally catches up to them...and eventually it will.

People don't stop to think about which is worse downtown Detroit or Cairo.

bruiserND's picture

“You’d be William Munny out of Missouri, killer of women and children”. – Little Bill Daggett – Unforgiven 

 ”That’s right, I’ve killed women and children, I’ve killed just about everything that walked or crawled at one time or another, and I’m here to kill you Little Bill, for what you did to Ned” – Willam Munny – Unforgiven 

gangland's picture


cairo was relatively peaceful, I lived thru the '92 L.A. riots. 

it got as close to me as the mobil station (korean) on the corner of my street, half a block away. 

burned down. less than 3 miles from bevery hills proper.

I'm going to wax on another one of my favorite Williams:

If it be now, ’tis not to come.

If it be not to come, it will be now.

If it be not now, yet it will come—the readiness is all


- Hamlet Act 5 Scene 2

agrotera's picture

Dear WB7--please forgive the extended off topic thread last night....thank you for your patience!  If Marla was here she would have smacked down, i am sure.

TO rid ourselves of the bad apple businesses, let's advocate the idea of punishing businesses "as if" they were people?  Here is a case that could stand as a beginning:


But when all is said and done, until the money from the bailouts is retrieved by law, we will just be fractured as a country--sounds impossible, however, I just know there has to be some way to do it, and i am waiting on just the right lawyer to step up to the plate.

williambanzai7's picture

Feel free anytime.

The fiction of corporate personna has taken perverse twists of historic significance.  There is no logical consistency in its application other than the courts saying lets decide whatever we think is expedient.

Justice modulates just like everything else. We are deep into the negative frontier.

Miles Kendig's picture

If Marla were here I'm sure she'd say; "Knock 'em down LeBronna"!!

Cheers fab fight clubber

agrotera's picture

Hey Miles!  Hope all is well!!!

Miles Kendig's picture

You are a true standard setter agrotera.  So good to see you as you pass by about your business.  Please, continue doing whatcha do.

Best as always fabulous person, teacher, fight clubber, fellow member of society !!!

agrotera's picture

Thank you MK--you da man !!! Right back atchya!!!

tom a taxpayer's picture

Saying that Wall Street has a few bad apples is like saying the Mafia has a few bad apples.

nmewn's picture

"You know what Jamie, I think Masataka Shimizu exhibits more character than you do.

At least he takes full responsibility for TEPCO's criminal actions and gross negligence instead of dishing out truckloads of horse shit like you do."

Insta-classic banzai.

The responsibility-buck always stops just below the top these days...while the bonus-buck keeps going all the way to the top.

Miles Kendig's picture

You can delegate responsibility, but not remuneration - That's what Jamie Dimon learned at Harvard

Too bad the whole of government is now premised upon sustaining and enhancing this operating conditionNo small wonder the maggots Mic sings about are the only protein source left to society at largeThat is except for the snacks he is offering up to favored pols, judges, regulators, mutual fund managers and subordinates within his own oprganization.  Some Jamie "Blue" Dimon viagra love


Rynak's picture

I hate the whole concept of responsibility. You did something, or played part in it, or you didn't. Responsibility is just a a dishonest lame-ass way, to make it appear, as if "he didn't actually do it, someone else did". The best case for "responsibility" that i could make, is simply admitting what one did, and accepting the consequences.... yet, how is even that much different from plain old honesty?

williambanzai7's picture

Well then the guy at the top of the pyramid should take responsibility for enabling the crimes committed below him.

bruiserND's picture

"Control fraud" as Janet Tavakoli calls it.


Love that woman but she'd be high maintence after all the time she spent with Warren Buffett.

williambanzai7's picture

That is actually a securities law concept..."control person" liability.

Miles Kendig's picture

That snark was aimed squarely at the leadership concept that one can delegate authority, but not responsibility.  The current structure, with Jamie as poster child, has turned this concept among many others upon their head.  A reason behind ethics as an elective at most Ivy schools.   Hope your up to speed now.


nmewn's picture

Well stated Miles.

I was attempting to respond last night when the power failed (again, for the second time)...in one day. After losing it Thursday. Apparently my power company's name is Hugo Chavez Co-Op ;-)

Ethics & responsibility are the issues, as we have touched on before.

Without ethics, one can utter remarkably inane phrases like "we're doing Gods work" while destroying the medium of exchange that everyone has formed good faith pacts to labor for.

Without ethics, one can even justify to themself the taking from one to give to another (who has no intention of...or never has...contributed anything to the whole) and call it a fair deal. As time passes by, they will come to say to themselves, you know...this is great work I do for the benefit of everyone around me, I should be paid more for these wonderful achievements...and so it goes.

The road to hell is paved with the best of intentions...it takes personal responsibility & an unshakable code of ethics to not begin building it in the first place...I don't participate in it now to the best of my ability, I've walked away.


Miles Kendig's picture

Indeed.  If there is one simple truth we have learned from the games out our political & financial elite play is that the only winning move is not to play.


Brutha .. Brutha .. Brutha ..



nmewn's picture

"If there is one simple truth we have learned from the games out our political & financial elite play is that the only winning move is not to play."

Mmm...M.A.D. They fancy themselves good at that.

My brutha, there are things that cannot be quantified on a balance sheet, some were asked to do unspeakable things in the name of us all, always know that I know and I can never desert them.


I thought it needed to be clarified between us as the finanial discussion unfolds.

Just watchin the rest of it roll away, for now ;-)


Miles Kendig's picture

My brutha, there are things that cannot be quantified on a balance sheet

And some things were never meant to be.

some were asked to do unspeakable things in the name of us all

And some chose to (and some others will choose to go there, as we've discussed previously). 


Just as some chose to come clean about all that and some will choose to never come clean about all that (back to individual responsibility and the supposed delegation of same).  It is always easier to stand outside someone's glass house and throw stones than to do so from within ones own house.  While some are no longer captivated by any glass menagerie, let alone see one, or care to look for one from that dock.

I can never desert them.


(My apologies for not being sure I'm tracking)  I'll try with these, just remember I may be lost in translation

I will never forget these men.  We can never forget these men.


How is it?



If you love someone's essence, it isn't possible to fall out of love - Olivia Dresher


An Inch, it is small and it is fragile, but it is the only thing the world worth having - Valerie

Cheers V

nmewn's picture

(My apologies for not being sure I'm tracking)


It was about pensions...separating the wheat from the chaff. I just wanted you to know where I stood.

Miles Kendig's picture

Muchas Gracias, Amigo  :)

Bonne Chance, Mon Ami !!


ebworthen's picture

I heard on the radio last night (ABC news I think) that power companies are going to experiment with the current they are sending out to save money; I think they mean lowering the Hz but I'm not sure. 

The report said they were going to save money by not having to have the same "timing" and boosting of transmission - and that it might make a clock on a microwave or coffee maker off by as much as 20 minutes per hour.


Is this stealth stimulus to blow out the fridge compressor, the magnetron in the microwave, the washer motor, and make us all go out and have to buy new applicances?

Jamie Dimon is a pompous ass, an arrogant megalomaniac, a human leech; our culture is infested with them, and they are bred in the palaces and castles of the McMansions of the new nobility.  Off with their heads!

nmewn's picture

"Is this stealth stimulus to blow out the fridge compressor, the magnetron in the microwave, the washer motor, and make us all go out and have to buy new applicances?"

Nothing would suprise me eb.

I got an old washing machine that I just keep on fixing, same with the dryer, all it really is a belt around the tub driven by a motor with a heat element...good old models with less doo dads are the best.

"Jamie Dimon is a pompous ass, an arrogant megalomaniac, a human leech; our culture is infested with them, and they are bred in the palaces and castles of the McMansions of the new nobility."

Dats a fact.

In my view, this whole deal is between the government, the Fed and the IB's, not the citizens...it is they who took down Glass-Steagall...it is they (those holding the bonds) who are stuck with debt, not us. They depend on our good faith to pay on something we were never a party of?...I don't think so.

They think they can spend above what they take in for decades and obligate my children (not even a third party, but a fourth party) to pay tribute...to a bank?...again, I don't think so friend ebworthen.

Ben Fleeced's picture

This I learned at age 4

Thanks for catching up.

Now use it!

Miles Kendig's picture

Don't mind the maggots....


perhaps Jamie thinks he is living a "Limitless" life ..