Interesting reading at TomDispatch.com (via Financial Armageddon) which confirms what we – and many others have been thinking and writing about for some time now: There is a bit more to this financial meltdown than ‘bad luck’ and ‘could not have been foreseen’.
Those are lies propagated by those who would like to cover their tracks, avoid accountability and pocket even more money. This amidst economic calamity which will wipe out the economic foundation on which many million people depend for a living, without any show of remorse, guilt or regret.
In Newsweek, Paulson claims “I didn’t understand the retail market; I just wasn’t close to it.”
Hhm, that coming from the former head of Goldman Sachs, who made some $650mln dollar in the process and was a frequent-flyer with destination China, this has zero credibility. Even if true, it would only prove that no particular knowledge or insight is needed to make hundreds of millions on Wall St. The ‘best and brightest’ they are not then, their bonuses totally undeserved and their frequent ‘trust-me-I-know-what-I-am-doing’ sales pitches are demasked as, well, crass overstatements having no connection to reality. So the ‘we’ve got to pay high salaries’ is just bull/bear droppings.
That the danger of a repeat of this economic meltdown is not only possible but almost a certainty can be seen by the fact that those people have learned nothing, is best demonstrated with Deutsche Bank CEO, Josef Ackermann’s, recent remarks that he intends to pursue his 25% return-on-equity target profitability. Back to business-as-usual, and the ripp-off can continue.