The Trillion-dollar Bailout - How Wall Street Took your Money and Ran
“Nothing will ever be like it was before. The world as we know it is going under”, Wall Street broker James Allroy said Thursday in Der Spiegel. Good, it is about time, we don’t want to live in a world where we are constantly getting “Enroned”. It is one thing that we have to live with the instability created by policy- and technology innovations, another that we have to deal with gambling, greedy, foolish, amoral people selling stock they borrowed from someone expecting the price to fall, or worse, selling stock that does not exist because they never got around to borrow it.
Enough already. Longtime investment counselor David Smick says: “Our leadership must reform today’s dangerously flawed financial architecture. It is a tale of greed, hypocrisy and sheer folly”. A world in where the young brokers and investment bankers created their own private markets.
So I am glad, Mr. Allroy, that the world as you know it is going under, but furious that we, the taxpayers have to foot the bill. It is time we stop being enablers and demand accountability.
