Re:The real cause of the financial crisis -- An MIT Blackjac...
by Tangurena on Wednesday January 14, 2009 @12:17PM
(#433878)
Well, according to WaPo, 40% of all the "profits" in 2007 came from Wall Street. Did those profits actually exist? Were they short-term book-cooking so that they got their bonuses?
By 2007, when Wall Street's profits amounted to an astonishing 40 percent of all American profits, the business of American finance was no longer American business -- providing loans for domestic production, technological innovation, that sort of thing -- but swapping bets and hedges on bets and hedges, all for hefty commissions.
By 2007, when Wall Street's profits amounted to an astonishing 40 percent of all American profits, the business of American finance was no longer American business -- providing loans for domestic production, technological innovation, that sort of thing -- but swapping bets and hedges on bets and hedges, all for hefty commissions.
http://www.washingtonpost.com/wp-dyn/content/article/2009/01...
Apparently $70 Billion of the bailout package has gone out as bonuses to the same idiots on Wall Street who got us into this mess.