Vietnam is sentencing corrupt bankers to death, by firing squad

[__Big_D__]

Why don't you explain exactly how financial executives caused the 2008 crash? I'd love to hear how the blame for such an enormous event rests solely at their feet.

The shitty practices revolving around MBS, predatory loans, and huge financial incentives for these corrupt cocksuckers to destroy the economy. America could learn a thing or two from the Vietnamese.. Firing squads for these assholes would definitely prevent a repeat imo

 

[Queen B]

I thought you lived at home with your parents? An IB'er at one of the big ones who is even at the analyst level should be well able to afford NYC rent.

Plus, the hours are a lot lot longer than 60. Add 50% onto that and you're on your way to what hours they do.

Close to 6 figures without the bonus but I didnt move out because the rent is high here.
http://forums.sherdog.com/forums/f48/rent-here-ridiculous-2686029/


I live at home because I am investing into the future, which is a common trait for most of the successful people in this world

 

[ABACA]

Oh so there was a definite outcome to this? I wasn't aware.

Best not discuss it any more, and best to allow people to throw around whatever guttersnipes they like about the financial sector.

What was the definite outcome of the argument by the way? I'm curious.

You first blame the victims of predatory lending, which was done by banks fully knowing that the victims would default. The debts were then sold with fraudulent ratings to all sorts of pension funds.

Yep, the blue collar worker gets sold a loan at 6% (which the bankers know fully will go to 16%), and then gets fucked when their pension fund bought AAA CDOs which were really worthless, and its that blue collar worker's fault.

No one with any integrity bought that argument in 2009, no one with any integrity buys that argument now.

The next thing you wrote was a sob story about how the workers in the financial industry have it rough, too. So you are being exploited by the capitalist class, too? Cry me a fucking river and (if you really want to make my day) shoot yourself a couple times with a nail gun.

 

[ABACA]

Close to 6 figures without the bonus but I didnt move out because the rent is high here.
http://forums.sherdog.com/forums/f48/rent-here-ridiculous-2686029/


I live at home because I am investing into the future, which is a common trait for most of the successful people in this world

You're right, most successful people have the privilege of wealthy parents who can provide them an expensive education, lodging, food, and other material necessities well into adulthood. That's great for you.

Have the common decency to understand that what you have has been to a large extent given to you, and is not solely the product of your hard work and ingenuity.

 

[Happy Boy]

The shitty practices revolving around MBS, predatory loans, and huge financial incentives for these corrupt cocksuckers to destroy the economy. America could learn a thing or two from the Vietnamese.. Firing squads for these assholes would definitely prevent a repeat imo

How many profit centers do you think an investment bank has? What % of those were trading MBS's at the time? This has a much bigger bearing on your point than you might think.

Also, have you ever heard of the phrase caveat emptor? Was there somebody forcing people to take huge unsecured loans?

 

[OldGoat]

You're right, most successful people have the privilege of wealthy parents who can provide them an expensive education, lodging, food, and other material necessities well into adulthood. That's great for you.

Have the common decency to understand that what you have has been to a large extent given to you, and is not solely the product of your hard work and ingenuity.

Two parents who don't beat each other an ensure the child has nutrition and time to go to school and show an interest in their child is sufficient. But let's not judge.

 

[ABACA]

Two parents who don't beat each other an ensure the child has nutrition and time to go to school and show an interest in their child is sufficient. But let's not judge.

Yep, good old George W would've been president even if he had just your average, typical parents.

Likewise, kids whose parents are abusive should automatically be fucked. Might as well just have child protective services euthanize them.

 

[Happy Boy]

You first blame the victims of predatory lending, which was done by banks fully knowing that the victims would default. The debts were then sold with fraudulent ratings to all sorts of pension funds.

Yep, the blue collar worker gets sold a loan at 6% (which the bankers know fully will go to 16%), and then gets fucked when their pension fund bought AAA CDOs which were really worthless, and its that blue collar worker's fault.

No one with any integrity bought that argument in 2009, no one with any integrity buys that argument now.

The next thing you wrote was a sob story about how the workers in the financial industry have it rough, too. So you are being exploited by the capitalist class, too? Cry me a fucking river and (if you really want to make my day) shoot yourself a couple times with a nail gun.

Why are you getting so worked up?

First, I'm not a victim of anything. I don't work for a bank and the fact they are being squeezed has no real bearing on me, although arguably an indirect one. I just don't like to see people get scapegoated.

Secondly, you've built a good-sized strawman here, and caricatured an argument I didn't even make. I said that there the percentage of bankers who were involved in trading securities of this nature is actually very small compared to the bank as a whole, but the whole lot of them (most of whom were in roles completely unrelated to that side) are getting heavily squeezed with downward pressure. Secondly, as I said to the poster above, nobody forced people to sign anything. When you are being sold something, its up to you to understand what you are signing. If you don't understand the term "variable" as opposed to "fixed", you should not be signing a dotted line for a financial loan x times what your annual salary is with a 30 year term. Nobody was lied to, the advice a financial advisor gives is just that, advice, its not bulletproof fact as guess what, they cannot predict the future.

 

[Jukai]

Well, you have just unwittingly made my point. You've posed a lot of rhetorical questions and thrown in some unrelated criminals as to the uninformed on the subject they bear some relevance to the 2008 crisis, but they don't. However, you haven't actually made a case which is exactly my point, in that there has been a lot of finger pointing and scapegoating, but very little actual argument as to who in the financial sector broke laws and deserve to be imprisoned. So if I may, what actual laws were broken which deserve people to go to prison? If the evidence is overwhelming, it should be easy for you. However, I'm guessing its a case of most conspiracy theorising and that the actual evidence is scant but something feels like it had foul play involved, so someone needs to be scapegoated or villainised. Who better than highly paid bankers???

The FCIC used the word "fraud' or a synonym of fraud over a hundred times in its final report. It said breaches of ethics went straight to the top. It straight up said:

"In our economy, we expect businesses and individuals to pursue profits, at the same time that they produce products and services of quality and conduct themselves well. Unfortunately ... [l]enders made loans that they knew borrowers could not afford and that could cause massive losses to investors in mortgage securities. ... And the report documents that major financial institutions ineffectively sampled loans they were purchasing to package and sell to investors. They knew a significant percentage of the sampled loans did not meet their own underwriting standards or those of the originators. Nonetheless, they sold those securities to investors. The Commission's review of many prospectuses provided to investors found that this critical information was not disclosed.

Now, whether or not this is actually criminal fraud, and who deserves to be prosecuted, I don't know--- but given how investigation has continued on even today and fines continued to be handed out even today, I am in complete disbelief that there is no criminal fraud that warrants jail time for any mid-to-high level executive that was green lighting these practices.

What is your position on this exactly, that no fraud was committed? Or that it was done in so many fragmented parts that there was no one part of the system that did enough to warrant being targeted?

As for your second point, why would they reach into the industry this way? What a horrifying precedent, what other industries would be affected by public outcry and scapegoating? Should they try and populise every big business contract to make sure the general, largely unknowing, public approve?

Cut the buzzwords out of your arguments. Public outcry and scapegoating? JP Morgan is cashing out 13 BILLION for their abuses. This was after years of investigation. Did you not know about this?
Unless the top-level executives of these banks knew absolutely NOTHING about the bubble that was being created by these horrible repackaged mortgages, then they should be punished for the sins of the companies that THEY own and run.

 

[Happy Boy]

Close to 6 figures without the bonus but I didnt move out because the rent is high here.
http://forums.sherdog.com/forums/f48/rent-here-ridiculous-2686029/


I live at home because I am investing into the future, which is a common trait for most of the successful people in this world

How far outside the city do you live? You must be the only one who comes in from the burbs, its fairly unheard of unless you sleep under your desk 3 nights a week.

 

[ABACA]

Why are you getting so worked up?

First, I'm not a victim of anything. I don't work for a bank and the fact they are being squeezed has no real bearing on me, although arguably an indirect one. I just don't like to see people get scapegoated.

Secondly, you've built a good-sized strawman here, and caricatured an argument I didn't even make. I said that there the percentage of bankers who were involved in trading securities of this nature is actually very small compared to the bank as a whole, but the whole lot of them (most of whom were in roles completely unrelated to that side) are getting heavily squeezed with downward pressure. Secondly, as I said to the poster above, nobody forced people to sign anything. When you are being sold something, its up to you to understand what you are signing. If you don't understand the term "variable" as opposed to "fixed", you should not be signing a dotted line for a financial loan x times what your annual salary is with a 30 year term. Nobody was lied to, the advice a financial advisor gives is just that, advice, its not bulletproof fact as guess what, they cannot predict the future.

Nobody was lied to?

Get out of here with your bullshit.

The entire housing bubble was created by credit rating agencies lying to investors.

Also nice job scapegoating some people who took out 100k loans as the cause of the GFC.

 

[Queen B]

You're right, most successful people have the privilege of wealthy parents who can provide them an expensive education, lodging, food, and other material necessities well into adulthood. That's great for you.

Have the common decency to understand that what you have has been to a large extent given to you, and is not solely the product of your hard work and ingenuity.

Just because my parents paid for my housing, tuition and allowance doesnt they gave me my job and success. Like I've said, I couldve taken the easy way out and bag groceries for a living.
A lot of successful bankers are the same

 

[D3thr0n3d K1ng]

LOL @ 'bagging groceries and living on welfare being the easy way out'

 

[ultramanhyata]

Oh dear god, 60 hours a week. You want to know how many privates, getting paid ~20k a year are working 80+ hours a week in the military right now? I'll give you a hint - lots more than there are first year financial analysts.

But bankers want to make something of themselves. Soldiers just want to take the easy way out. Pushing the button on a buy order with tens of thousands of dollars at stake is a lot more stressful than some gunfight in an Iraqi apartment complex.

 

[Zipp]

Just because my parents paid for my housing, tuition and allowance doesnt they gave me my job and success. Like I've said, I couldve taken the easy way out and bag groceries for a living.
A lot of successful bankers are the same

Just because you keep mentioning it, I have to say: bagging groceries =/= blue collar job

.

 

[FlowWithTheGo23]

We're off to a strong start with comments reflecting what I always thought best described by Akuma Kanji as "the religious war of economics".

Whatever happened to that guy?

 

[ABACA]

But bankers want to make something of themselves. Soldiers just want to take the easy way out. Pushing the button on a buy order with tens of thousands of dollars at stake is a lot more stressful than some gunfight in an Iraqi apartment complex.

Real question - what does an analyst do that a relational database and an algorithm can't do better? I mean, if there is a standard way of doing analysis, then why not have a computer do it? If there's not a standard way of doing analysis, then do the analysts just make it up as they go?

 

[Bay Area]

Just because my parents paid for my housing, tuition and allowance doesnt they gave me my job and success. Like I've said, I couldve taken the easy way out and bag groceries for a living.
A lot of successful bankers are the same

This has to be a troll post.

 

[Queen B]

Real question - what does an analyst do that a relational database and an algorithm can't do better? I mean, if there is a standard way of doing analysis, then why not have a computer do it? If there's not a standard way of doing analysis, then do the analysts just make it up as they go?

Analysts are just a title. You are an Analyst for the first 3 years despite what division you are in, with the exception of investment research

 

[ABACA]

Why are you getting so worked up?

First, I'm not a victim of anything. I don't work for a bank and the fact they are being squeezed has no real bearing on me, although arguably an indirect one. I just don't like to see people get scapegoated.

Secondly, you've built a good-sized strawman here, and caricatured an argument I didn't even make. I said that there the percentage of bankers who were involved in trading securities of this nature is actually very small compared to the bank as a whole, but the whole lot of them (most of whom were in roles completely unrelated to that side) are getting heavily squeezed with downward pressure. Secondly, as I said to the poster above, nobody forced people to sign anything. When you are being sold something, its up to you to understand what you are signing. If you don't understand the term "variable" as opposed to "fixed", you should not be signing a dotted line for a financial loan x times what your annual salary is with a 30 year term. Nobody was lied to, the advice a financial advisor gives is just that, advice, its not bulletproof fact as guess what, they cannot predict the future.

You clearly don't know what worked up is. I'm not worked up. Robespierre was worked up.