"FOR Goldman Sachs, it was losses in private equity. For Wells Fargo and JPMorgan Chase, it was a decline in the spread between what they pay for deposits and what they get on assets. For Citigroup, Morgan Stanley and Bank of America, it was the accounting lunacy that allowed them to extract profits from a decline in the value in their own debt."
This quote is from "The Economist", the beginning lines of an article entitled "Darkness Visible" regarding the woes of the banks.
Bank of America fell off its perch as numero uno, replaced by JPMorganChase. Both of them are having problems. Citigroup was found guilty and fined for the problems it shares with Morgan and Bank of America, putting together high-risk sub-prime loans in portfolios and then betting they would go down! They only were fined 95 mill but had to reimburse suing investors principal plus interest.
Can you believe this kind of chicanery and hypocrisy? To screw your investors and make money against them! That old-fashioned and obviously obsolete word comes to mind---MORALITY---where the hell did it go?
It's shades of George Orwell and 1984: right is wrong, war is peace, lies are truth.
What kind of hole has the modern Alice fallen into?
It's just hard to fathom. Greed prevails over all.
ReplyDeleteAnd this is only the tip of the abyss we can sink into with a Congress that aids and abets and protects such shenanigans. Morality has fled to China or somewhere. It has, sad to say, all but abandoned in America.
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