Concept H/T: TD
"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!"
BEN TANOSBORN, June 2006
WB7: Put the lid back on it and STFU Jamie!