And Wall Street should fess up about something else: Firms are making money not because they’re good at what they do, but because they have been given so many subsidies that it’s impossible not to make money.
Goldman Sachs is now a commercial bank, as is Morgan Stanley, which means both firms are protected by the Fed as Too Big To Fail. And because of that designation, they can borrow cheaply to finance their risk taking even though they don’t hold substantial customer deposits and it’s unclear that they ever will. Meanwhile, the bailouts that saved Bank of America and Citigroup have allowed their revenues to flow right to the bonus pool.
Will Truman 
Patrick Cahalan 
Cornelius 
wardsmith 
Tod Kelly 
Tom Van Dyke 
Murali 
James Hanley 
Borat: “I do a picture, only small, of the Tishnik Masacre. Where many Uzbeks…crushed!”
Kindly Gray Hippie: “How did you feel when you drew this?”
Borat: “Very proud!”.
KGH: “I’m just listening with sadness…a little sadness for your people…?”
Borat: “Yes…no, it is not sad. It is us who do the kill!”
When in doubt,
Comments on this entry are closed.