Showing posts with label White Collar Crime. Show all posts
Showing posts with label White Collar Crime. Show all posts

Tuesday, May 18, 2010

Why she came to America... (a satire)

"Why? Why did you come here?” they asked her, almost incredulously, but their questions were also mixed with a sense of profound fear and admiration. Some of them quaked in her presence knowing a little of what she was about and less of where she had been. The reporters attending her event wanted to know; they always wanted to know, and usually the most inane details, everything that was beside the point, tangential. She sighed internally and wished she could unleash her media Blitzkrieg (more like the “Schlieffen plan”) now, at this moment. She could hardly bear waiting any longer and felt the craving coming on. Were all paid speaking engagements this grueling? Maybe she could roll everybody after the speech.

This was a tough crowd, descended from European cave dwelling mutants who could detect the faintest scent of blood in the air, real sharps, sharks would cower when they were around. To show any signs of humanity could compromise her overarching philosophical agenda, triggering a genuine Mexican standoff before its time. Surprise was everything. Was her cheater showing? The waiting was killing her, but it was better this way. Had she remembered to tell the help to pack her .9mm with laser sighting and intelligent ammunition along with the sarong, the first editions of Rand, and the collected speeches of Lenin? She had. She chuckled that rednecks believed what she wrote and said when they were all from different worlds, but believe her they did, the rubes. What was most amazing was that these were the people fooling everyone else.

The attendees all looked slick, too slick, in fact, to be human. Some came running. Others were gathered there, the suits, in a peculiar semi-circle, chanting some strange and factually incorrect mantra about Adam Smith; it sounded more like a reunion of the outer heads of the O.T.O. to her, and it grated upon this realization. There are no Secret Chiefs. She knew that the core secret of Western Civilization was that no one was in control. The rest was a myth, but you could have some fun on the way back down into the mire if you played your cards right like the rest of the squalid nihilists. Only the eternal moment and objects mattered, and how useful they were.

Their clothing was of the finest materials, tailored as close to perfection as this life's gonna get, brother. Most were wearing lightweight body armor and held high security clearances because of who they were; 93.7% of them hadn't slept with their wives in over a decade. They were entitled. Their innermost collective secret was that their suits fit so well that you felt naked, and this was very true; they were feeling the love, higher than kites, clutching a staggering variety of mixed, hard drinks and packing powerful narcotics that were illegal for everyone else when she first entered the complex.

Some of them were CEOs, others bankers, and they all agreed that if the public--never mind their underlings and the redneck petit bourgeois--ever knew how truly freewheeling their lifestyles were they might view them as communists and hippies. The reality is, in their own sick, twisted, degenerated, and delusional style, they really were, ensconced in a cocoon of free market self-deceit and a smokescreen for the little people to chew on. The old methods weren't bringing in the dazzling profits anymore, so communism it would be, but just for them. They enjoyed lying to each other and considered it a form of sex. They lied so much that whatever the lie was, it became true on accident most of the time, except that that route was delivering less all of the time. Nothing was real, but they weren't all born liars. Lying requires those first baby steps forward, and these were real monkeys, this lot. The first one is always the hardest, they say, but it gets easier each time...lying that is, not combat kills or the behaviors of people like Ted Bundy, a serial killer who nearly became a Republican congressman from Washington state, a real “ladies man”. The others that got further than Bundy were able to hide the bodies better, with considerable effort, but old habits die hard.

“Why?” another smarmy attendee demanded again.

“Thee ansower ees wary simpal,” she said, and giggled (and snorted) falsely in her Slavic accent, “bud yoo weel haff' to wade for eemportant messaage forst.” Was it a Slavic accent? At times it seemed to waver in-and-out of that and a Germanic inflection. In an instant, a holographic advertisement appeared to fly dramatically out of one of their ears and half of them pondered the effects of the new technology on the human psyche but then wrote it off since questioning it might cost them a promotion down the line. These holograms were creepy because they appeared so real, so solid, as though they even emanated normal ambient sound that all objects make and which we sense almost subliminally. Of course, it wasn't real, but neither were any of their social interactions, so who cared? Not them. Still, they all persisted over why she had come to America.

“Greed?” queried one of the journalists in a dramatic non sequitur that had everyone agog. He was forcibly removed by two men in Chekist-style leather jackets with earpieces and a criminal record that was thicker than the Paris directory or even Department of Homeland Security contractors.

They showed no emotion when they first grabbed him, then dragged his person into a nearby warehouse, never to be seen or heard from again. His person was not pleased, but that was his tough shit. They continued on. They all looked to her with half-earnest yearning: in other words, only because they might get something out of it for free. The expulsions were thrilling, possibly one of the few existentialist realizations they would ever experience in their miserable, gray lives. A few of them were Rotarians, so they knew the drill, understood it's permutations, exalted its psychobabble, and pronounced it “marketable”.

“Sowry, yore juss'goink to haff to wade!” she said with equanimity and a trace of murderous annoyance, but only in her eyes, those windows to the soul, and hers were clouded. Her mind raced, and she beheld a superimposition of her thoughts of the Italian Christian Democrat, Giulio Andreotti--his visage--over the gathered attendees. In an instant, the thought form was gone.

They all waited some more, and in no time, the commercial's message was clear: there was something missing from their lives. Yes, they could feel it, and they all began drinking heavily, which was normal for most of them anyway. Some began breaking-out mainlining-kits, cocaine paraphernalia (including a few rolled-up Franklins), while others began having religious conversions and began quaking, speaking in tongues, and other forms of deviant sexual intercourse disguised through ritual.

“Yoo see, deer ees a rea-son why I haff called yoo heer dis' even-ink.” and she paused dramatically.

“Because 'someone's been murdered?' ” asked one of them, without thinking first. He'd been spotted and tagged as a known heckler at concerts for over three decades and Karma had finally come-a'-knockin'.

“Zer ees now!” she spat back, and the two nondescript men returned, this time grinning. “I'm gonna enjoy dis' one.” said the shorter one, and his fist made instantaneous contact with the journalist, breaking their jaw and his hand. “OK, maybe I'm not going to enjoy this, shit!” and held his hand in the crook of his arm as though he had a sling on it. Both the reporter and the goon were dragged to the warehouse and never seen nor heard from again.

“Wow, she's not fucking around, is she?” said someone in a voice that appeared to be emanating from everywhere and nowhere.

She continued: “Yoo may now ask questshuns.” and they gathered at her feet. She felt nothing but contempt for them, which was appropriate considering her escape from...and what of her actual last name? Why did she change it, and why the specific WASP surname? She'd never tell anyone, not on your life, man. Her thoughts floated to the image of a bottle of Pernod, and she warmed to it.

“Why, then, madam, did you come to these here U-ni-ted States?” asked an 87 year old Rotarian. He was wearing a bandolier over his Armani suit, kept pushing his horn-rimmed glasses back up his nose, and recalled that he needed to pay his American Legion dues for next year.

“Zat ees eazy wun for to ansower. Yoo see, een A'murka, you haff thee right to be wrongk, and eet pays goot too!”

“Is that it?” asked a young woman who had been walking past.

“Da. Zer ees mohr: yoo can say whad the fuck yoo want here too...”


End



Monday, February 16, 2009

The New GOP!


Now self-destructing faster than ever! Whoo-hah! Got you all in-check!

Monday, January 19, 2009

The Nation reprints eerily prescient March, 1933 article, "Farewell to the Republicans"


WWW--The Nation has reprinted this article when--I know it's hard to imagine--there was an era of unprecedented corruption under Republican rule that led to an economic crisis. If you changed the names, you would think it was written this week.

But we are taking leave not merely of a single Administration. For twelve years the Republican Party has been in power. During ten of those years it controlled the executive and legislative branches of the government. When, a few years hence, an attempt is made to minimize the disaster of this last quadrennium, and to point to a preceding eight year period of material development and growth, let it be noted that in a purely material sense the American people are much worse off today than they were twelve years ago. Far more than was gained has been swept away. Savings have been dissipated, lives have been blasted, families disintegrated. Misery and insecurity exist to a degree unprecedented in our national life. And spiritually the American people have been debauched by the materialism which made dollar-chasing the accepted way of life and accumulation of riches the goal of earthly existence.

Sound familiar? If it doesn't, you might check to see if you have a pulse. Farewell to the Republicans and everyone like them, and may God damn those who still support them and their agenda.

"A Farewell to Republicans," The Nation, March 8, 1933:

Saturday, January 17, 2009

3 days left of Bush II administration crimes under the color of authority!


Ed.--And it's still not coming fast enough. Let the hearings and investigations commence!! We're not taking "no" or "it's off the table" for answers anymore. That's done, it's over, and we're going to continue to demand and act on this. The public has had enough of this systemic-corruption.

Heads must roll, people must be investigated, and if found guilty, sent to prison. Where to start? Start anywhere, but let's finally begin getting to the bottom of the Bush II energy policy meetings and their role in the Wall Street crash. Then, we can party like it's 1929.

Quit fooling yourselves--the Democrats enabled a lot of this, and some of them are going to have to go as well, sentimentality-be-damned. The first thing President-elect Obama needs to do is purge the bureaucracy of every single appointment made by George W. Bush and--in turn--hirings made by those appointees.

The appropriate time for the creation of a Special Prosecution team is January 20th, the 21st at the latest. There can be no "putting the past behind us," as President-elect Obama stated recently on George Stephanopoulos's program "This Week:". It's an attitude that's unacceptable in a democracy after what's happened out in the open under George W. Bush, putting aside what we don't know. Three days left. It's too long.

Tuesday, January 13, 2009

Marcus Schrenker, evil genius


"And what rough beast, its hour come round at last, Slouches towards Bethlehem to be born?"--W.B. Yeats, "The Second Coming (Slouching towards Bethlehem)."

Indiana
--We've topped the 1920s in every respect. Once, dumb formerly-rich people used to jump out of windows, off of ledges, or off of bridges. This was fine, and it had the dignified sense of not leaving such a mess. Schrenker wasn't from aristocratic-stock--he couldn't be, he's leaving too much of a mess.

Things are more complicated these days: Now, crooked and unlucky businessmen get into a plane, radio in a false distress signal, bail-out (pun intended), hit the chute, then somehow head North 225 miles to a pre-picked location in Alabama...to a waiting, rented motorcycle at a rental storage shed, and they disappear. See simple jumping-off a ledge is? They were smarter in "good-old-days." This guy wanted to be Huck Finn and Tom Sawyer, to be able to enjoy the fruits of being dead without all the hassle. Who can blame him when it's "fight or flight"?

Having lost a Federal District case against one of his wealth management firms in Maryland, and knowing his assets were going to be frozen after December 31st, the time had come to face the music. Maybe read Twain in High School, but I'd imagine the lessons were lost on him. Anyway, his wife wisely left the schmuck before the events that began on Sunday...

This guy reminds me of all the morons I had to endure in college, and not people that I knew directly back then, but the business majors and that curious species known as the free market advocate, the Young Republican, the Chamber of Commerce cardholder, but really, the eventual businessman. Schrenker was this last sort of individual, a real card, no doubt, and he never really became a "real"one. Being stupid hurts, and Schrenker appears to have been "the stupidest guy in the room."

At 38, Marcus Schrenker is a creature I've met and know all too well. If you've ever had the misfortune of working for someone like him or entrusted your investments with his used car salesman (future politicians) ilk, you have my sincere sympathy and condolences. I'm sure you want that part of your life back too. Schrenker is that special kind of Midwestern jackass--the boss and
petit bourgeois personality who thinks that they're a god after they've made their first $1,000,000 (after taxes). Frequently, they start out in fast food, but that's a story for another time.

Yes, yes, I'm "just jealous"--it's true--but these folks know everything. Just ask them, but it's going to take a time machine to do it now, the hang-dogs. That's just how the market crashes, that'll learn ya'.

Time machine? No problem. The Republican Party has violated most human laws, so why not the laws of physics?
They appear willing and able. Yes, some people have a "funny" way of not thinking, and it's not just me. But hey, Schrenker (say it fast, win a prize!) could fly an airplane, he just couldn't run a sustainable business, that's all, no big deal. Perhaps he might have focused on his flying-abilities as a career--just a thought--but the former-business aspirant is at least getting more air and sunlight and experiencing some self-actualization.

Funnier still, I'm familiar with the city he took-off from--blessed Anderson, Indiana--which is not exactly the kind of town fit for human life (nearby Muncie isn't either), but a great place to build a Church (CHOGS occupy the town), discriminate against a Black person on the way home from work, or burn a cross on those hot weekends when the nits are biting. That the people there have almost no real culture, personality, taste, or intelligence, is a given, but not atypical of Indiana. Hey, at least it's a place where one has plenty of time to contemplate. But Anderson is a squalid town in a squalid part of the Hoosier state. Expect it to die almost entirely with the American auto industry along with a whole string of similarly stagnant Midwestern towns.


As is well known by now, Marcus Schrenker's
Icon Group ( along with his other "wealth" mismanagement "firms") was under an Indiana Securities Fraud investigation, partly because the fun is over with George W. Bush and most of the GOP leaving office, the other part because what goes up, must come down when you're selling lies and air. He chartered an airplane and flew it out of Anderson on Sunday, January 11th, ostensibly to fly down to Destin, Florida. Schrenker radioed a distress signal over Birmingham, Alabama. Unsurprisingly, he'd already rented a storage shed in Harpersville on that Saturday and placed a Yamaha motorcycle with loaded saddlebags. Maybe he's in Mexico by now.

Unlike during 9/11, military interceptors had actually been sent up promptly to--uh--intercept his plane; they got close to the aircraft before its crash, noting that a side-panel door was open and that nobody was inside, fancy that. FAA authorities authorized that the plane be safely put onto autopilot so that it could crash in an unpopulated area, God bless them. It was just one more mess left by the business community that law enforcement authorities are going to have to clean-up, an era of the lie. Lies are what this story is all about.

Like most of his life--and the lives and values of the average Indiana businessman--it was all a sad lie. He probably lied about the orgasms too. Schrenker wrote his neighbor Tom Britt: "I embarrassed my family for the last time. By the time you read this I'll be gone. ..."Hypoxia can cause people to make terrible decisions and I simply put on my parachute and survival gear and bailed out. [I] just made a 2 million dollar mistake...I did not tell them [the Alabama Police] about what happened as I was embarrassed and scared."
You could take the email at face value, and his comments to Britt are still going to be ridden with half-truths and outright lies. Of course he'll embarrass his family again. No, this not is amazing, and the full original must read like a Burroughs-Gysin cut-up thanks to its twisted logic.

What's not amazing is that Schrenker is clearly a pathological liar who cannot stop lying whether it benefits him or not, even in an ostensible "suicide note." He premeditatively bought the rental shed, put an also rented motorcycle in it, and is presumably riding it right now after his escape from the very stupid Alabama Police whom he earlier lied to, telling them he'd been in a canoe accident.
Exactly how do you get into a canoe accident and only end-up wet up to your knees? I would have noticed this, but I'm just being observant here. Unfair, I know. At that previous moment in Childersberg, he was 225 miles from the scene of the plane wreck in Florida.

Schrenker bailed-out (pun intended) of his plane D.B. Cooper-style (Cooper was smarter) and probably landed in a Florida swamp thanks to a trusty parachute he'd packed. There's every reason to believe he had some kind of vehicle waiting down there as he did in Alabama. The problem is, he didn't figure-in the fact that the FAA would take it all very seriously, or the fact that those investigating him were going put the word out there on him, that he was fleeing. Now, Federal Marshals are looking for him and he's left a very good trail for them to follow.

Now, in this, the final week of the Bush II administration, the
SEC and numerous other state, municipal, and federal law enforcement investigators can untie their hands for the first time in eight years and actually start shooting all the ducks in the mostly GOP-constructed barrel.

Schrenker is just a footnote, but his behavior has made him a noteworthy coda to an era of unparalleled business corruption under the Republican Party's stewardship.
He is a clown, but he's not the only one wearing a suit-and-tie and doing the ordering. Marcus Schrenker isn't likely to kill himself, he's too much of an egomaniac, he loves his ass too much.

Postscript, 01.14.2008: Told you so. He couldn't carry it out properly, and he embarrassed himself and his family again. Yes, he tried to kill himself by cutting his wrist, but you cannot be half-pregnant, he failed again. "dual personality" my ass, he was liar who led a double life, end of story. Good riddance to Reaganism, it's over folks, praise God.

$$$ In hoc signo vinces. $$$...

"Schrenker's wife issues statement," WTHR (NBC), Indianapolis, 01.14.2008:
"Delta filings unveiled adviser's shaky record," AP, 01.14.2008: http://www.ajc.com/services/content/printedition/2009/01/14/planeside.html

"Wanted pilot's life had been falling apart," AP, 01.14.2008: http://www.ajc.com/services/content/printedition/2009/01/14/planecrash.html


The statement from Michelle Schrenker's counsel:

"Michelle first contacted me this past summer to discuss a divorce from her husband because he was having an affair. At the time, she wanted to work on reconciling with her husband. However, he continued his affair and, as a result, on December 30, 2008, she filed a petition for dissolution of her marriage to Marcus Schrenker. Her decision to file for divorce was based on her husband's infidelity and in no way was based on the investment fraud of which he is accused. In fact, Michelle first learned of the allegations against him when, on December 31, 2008, the police and investigators came to her door to search her home. To Michelle's dismay, at the time her home was being searched, Marcus was in Florida with his girlfriend.

Clearly, Michelle and her three young children are victims of this man's deceitfulness as well. She is not guilty of anything other than trusting her husband of 13 years. Everyone should remember that Michelle and her children are suffering through a terrible time right now. Through no fault of their own, they are having to deal with the repercussions of this man's behavior and will be doing so for a long time to come."

Monday, January 12, 2009

George W. Bush's final press conference as president


Washington D.C.--What did you expect? It was always going to be pathetic. George W. Bush has always been the kind of personality who wanted to be liked. Based on this fact, it was strange to put someone in there to use-up all of his political capital and the public's goodwill for the purposes of making the few richer, and he's feeling the heat like never before.

He should be after being the one who did as much deregulation of the economy as he humanly (and illegally) could. George W. Bush has presided over what can only be called the largest corporate crime wave in American history, the list is almost endless. What's more, it probably has no other human precedent just based on its own sheer scale. But he had help, and it was bipartisan: Congress.


That he's "feeling the love" these days is good, and President-elect Obama is also being confronted to create a special prosecution to investigate the crimes of the Bush II administration from many quarters that cross the artificial boundaries between "left" and "right." Welcome to the electronic frontier, Mr. President-elect, we're watching. The honeymoon has already ended, and it's time to deliver, and fast. Yes, the economy needs top priority, but we're going to have to be insistent on a special prosecutor to investigate the crimes of the Bush II administration. That's why he was throwing his little fit today--he's got that hunted look in his eyes again, and it's something to treasure for the rest of our lives.

The majority of Americans want justice and accountability from this outgoing administration and aren't going to accept Obama's mealy-mouthisms of "putting the past behind us."

As the president blurted today: "Pathetic." Yes, that sums-up his tragic time holding office in the White House. It also sums-up the GOP and those loyal to her. Fun's over GOP, don't let the door hit you in the ass on your way out. You and your cronies had a weird sense of victimhood, because it was fictional and based on your queer sense of entitlement to do whatever you wanted, whenever you wanted to. Game over.

If the Republican Party doesn't change with the tenor of this new era, they're done for. I have no problem with this, but then it's going to be time to dismantle the Democratic Party.


To all members of the Bush II administration, both former and present: We'll be watching you and pursuing you in the world's courts--all the co-conspirators under George W. Bush's watch--for the rest of your natural lives if necessary. Think about that the next time you purchase an airline ticket to another country, or when you enter specific counties, New England towns, and a growing number of cities within the territorial United States.

There are already warrants for your arrests patiently waiting to be served in many of these places. Now, I understand that your former-and-disgraced Attorney General Alberto Gonzales cannot find a job with any law firm. Welcome to reality, because when large law firms do this, it's because they know the long arm of the law is coming, soon. Time to feel the love. What a terrible president, the worst that I'll probably ever live to see, and I can remember Nixon. Both Republicans, both embarrassing, neither were men, but stupid people have to vote too. Sometimes, they steal elections and manage to fight their way into office. Bye-bye, asshole!


Thursday, November 20, 2008

Why should we trust former Salomon Brothers banking investor Michael Lewis?


"But what has been the experience of the Russian socialist movement up to now? The most important and most fruitful changes in its tactical policy… have not been the inventions of several leaders and even less so of any central organizational organs. They have always been the spontaneous product of the movement in ferment… In general, the tactical policy of the Social Democracy is not something that may be 'invented'. It is the product of a series of great creative acts of the often spontaneous class struggle seeking its way forward." --Rosa Luxembourg, "Leninism or Marxism," 1904.

New York City, New York
--As you can imagine, this guy exists in a strange place as a former investment banker, now turned business journalist and author.

Lewis wrote Liar's Poker in 1988-89, a book that many are now going to say was very prescient upon its release just 19-years-ago. It isn't.

Time flies when you're having fun.

Just a few hours ago Lewis was hawking his newest book on CNN, those scions of bad taste and oversimplification and over-concision. CNN's talking necks were having their lovefest with Lewis over how credible and wise he is. Is he? I don't think so, and as low as my opinion of the public is, I believe we all knew the crisis was coming. That said, I think the feelings that mainstream journalists and writers harbor within their breasts eclipse my own intense misanthropy and ambivalence towards the average American, let alone humanity. These journalists and pundits believe that they have the answers and the rest of us are too stupid to understand things as well as they do because they were educated to think that way.

Their elitism comprises a truly delusional contention: "We have all of the answers, so shut-up and let us drive." Paradoxically, it's "ordinary" people who tend to save the day throughout human history when the politicians, the businessmen, and the intelligensia have failed everyone (as is their wont, they can't help themselves). We clean-up the mess, and we're doing it right now on Wall Street. Listening to the public on-occasion might help.

Those who could have prevented the current economic crisis were the root of the problem and still are, though their own collective fall is coming soon. Instead of just blaming borrowers who defaulted, we should also be asking, "Who allowed it?" and "How many of the loans were even legal?" We know the sales of the bundled securities were not, it was a matter of fraud and deserves further investigation. Some are occurring right now. Many of us raised the alarms, but we know oversight and the enforcement of key regulations over the financial sector weren't going to be expedited under the Bush II administration and GOP dominance.

The financial and business sectors were told that they could do whatever they wanted up-to-a-point and that nobody was going to be watching. Who told them that? The negligence in not enforcing these administrative laws is corruption, contrary to the comments of the apologists. Is Lewis one of them? Like CNN and the rest of the dying media, he won't discuss the corruption, and I'd like to know why.

So, what did Lewis have to say on CNN? That this economic crisis "wasn't the result of corruption" (what else?) or outright dishonesty, but that it was a result of delusional behavior predicated on--don't laugh--everyone "doing the right thing" on Wall Street. This is an incredible statement in the current context, but at least he sees the writing on the wall--things will never be the same and the old Wall Street is dead. However, as you can imagine, the assertion that "everyone did the right thing" made no sense to these eyes and ears, and I predict that these assumptions of his and the rest of them on Wall Street are headed rapidly towards the dustbin of human history.

No, according to Lewis, it was "conflicting interests" that caused the current financial crisis, which again, points to corruption. The banks and mortgage leders have been ripping each other off, and now they won't lend amongst themselves. Right, greed and dishonesty. Lewis seems to be arguing for transparency--granted--but he still clings-to the same old faux-values of Wall Street. Like a lot of people on television and politics, he said a lot without saying much at all, so I switched over to Anthony Bourdain, a man with an attitude I admire, then switched-back again to feel the numbing-pain of boredom for kicks, it's a real rush.

Lewis went on making some bizarre statements that "corruption wasn't a factor" in the crisis--it was generally that the system that ran the financial markets was predicated on illusions and mass-delusional psychology. No kidding? How did that happen? Who made them think they could keep doing the same wrong things without it coming-back to haunt them later? In many cases, themselves, silly. After all, the (wo)man who hears God is usually listening to their own voice.

Additionally, Lewis has written and spoken elsewhere that these financial institutions and their CEOs simply "didn't know what they were doing." Fancy that. No argument here, I don't think that they ever did know what they were doing or ever will. The past economic order and its faulty assumptions were systemically wrong, inefficient and top-heavy with that favorite word of Libertarians, conservatives, and the GOP: bureaucracy. Forget government, the corporate world has them beat on redundancy. The managerial class itself has amply displayed their greed and dishonesty over the last 30 years, therefore it shouldn't surprise anyone that we ended-up where we are today.

It took others to create this mess, there was a lot of enabling from every sector, such as investors who were clamoring for greater and greater dividends, irresponsible borrowers of every class, and so on. But the runaway borrowing was allowed. Like my former employers--a small retail outfit that's sure to close soon--the speculators and financial institutions only knew how to ride an economic boom that's part of the traditional boom-and-bust cycle of our flawed economy, much like a Gold Rush. Eventually, inevitably, the veins run out and the towns die. But a lot of the public was either apathetic from years of being beaten-down, or they bought into it (and boy, didn't they?). Not everyone got on-board, just enough to wreck things.

Let's be honest: this was also fostered by that "invisible hand" of pro-business legislation passed by politicians who know better, not just the misbehavior of Wall Street. This is also known as "deregulation," but far-be-it for anyone to criticize the sacred, the inviolable St. Ronald Reagan and his Maoist cult that hijacked traditional conservatism in the 1980s. That's over now, but this greed-based stupidity allowed the markets to run amok for over two decades because the folks in Washington know who's really boss, and it's not them, it's the business and financial community and ownership.

Like my former employers, these clowns got a taste of power and lost their minds thinking that they were untouchable, that they were God. Their bulging-guts and the fact that they defecate daily (phew! you don't wanna know) should have been all the reminder they needed that they weren't. Now they're all finding-out the hard way, which is where my well-earned schadenfreude comes in...

Beyond my own feelings of glee over the suffering of scoundrels, Lewis isn't saying anything new here at all (which he accuses others of doing in the Conde article). Writer Charles Mackay dedicated three of his sixteen chapters of "Extraordinary Popular Delusions and the Madness of Crowds" to financial-bubbles titled "The Mississippi Scheme," "The South-Sea Bubble," and "Tulipomania." Mackay's book was originally published in 1841, at a time when Karl Marx was an unknown doctoral student. What did Marx do when he couldn't find a job in academia because of his radicalism? He became a journalist. Life is like that sometimes, and he would be a part of the failed Revolution of 1848 that gripped Europe.

Sure, Lewis is making-the-rounds this week promoting his newest book, and one can assume the crisis will be a windfall for him as some kind of "prophet," but he's not one. Anyone paying attention could have seen this crisis coming, but like all bad relationships, we ignore the problems because we want something out of the deal. I'm no exception. Lewis might be totally sincere about all of this, but he still appears to have held the same assumptions until very recently that the now-fallen Wall Street order would keep going on, almost endlessly. Did he actually believe before October of last year that this could continue indefinitely?
At some point, I gave up waiting for the end. There was no scandal or reversal, I assumed, that could sink the system. Then came Meredith Whitney with news. Whitney was an obscure analyst of financial firms for Oppenheimer Securities who, on October 31, 2007, ceased to be obscure. On that day, she predicted that Citigroup had so mismanaged its affairs that it would need to slash its dividend or go bust. It’s never entirely clear on any given day what causes what in the stock market, but it was pretty obvious that on October 31, Meredith Whitney caused the market in financial stocks to crash. ...This woman wasn’t saying that Wall Street bankers were corrupt. She was saying they were stupid. ("The End," Conde Nast Portfolio, December 2008 issue)
The problem is that there is such a thing as insider trading and white collar crime. This sounds a lot like the reactions from mortgage institutions who blamed whistle-blowers and auditors for uncovering the losses they were hiding from the rest of the world. No, Lewis isn't "blaming" Whitney in some malicious way, I just think he still has the same viewpoints that he held (and are still held on Wall Street, even now) when he was an working for an investment bank from 1985-to-1988.

I don't doubt that the main-thrust here is generally correct, but Lewis makes his argument too narrow, and I suspect him of trying to divert attention away from the fact that corruption and the proverbial "cooking of the books" has also played a role in all of this. But there are worse sins that he barely touches-on: the role of authoritarianism within corporate American, never mind just the financial sector.

The real bottom-line that he does hint at in his article is that brings of bad news weren't going to be rewarded on Wall Street, he gets this right. This is authoritarianism-in-action. These private tyrannies are akin to fascism in their internal cultures, playing-off underlings against one another in what's euphemistically referred to as "competition," but what it really constitutes is the Roman practice of "divide-and-conquer." They hold our families hostage for their own ends. Their endless problem? Reality and the spontanaeity of average people, and the eternal desire for liberty and innovation.

While some have done the bidding of their bosses--even to the point of breaking-the-law--we've also had whistle-blowers of every stripe during the Bush II era, an unprecedented wave of them. That doesn't mean fighting these "masters" has or will be easy, nobody ever said it would be. Doing what's right doesn't have immediate gratification if it has any at all.

Who would broach the "conventional wisdom" of a financial boom by pointing-out the inconvenient fact that a company's assets were becoming rapidly-devalued when they're going to be punished for it? Again, while Lewis doesn't necessarily "blame" Ms. Whitney for simply telling the truth about Citibank, he does assign her with the strange credit of causing "the market in financial stocks to crash." That's blaming the messenger, the same argument proffered by the culpable on Wall Street. It's a bizarre viewpoint that probably underscores the general tendency among the "players" to stay as far away from the core realities as possible while pretending that they actually are brave enough to stare into the abyss. Is it conscious? Sometimes, but it's really about the limitations of their own worldview and the fact that they're unable to "step outside of the box."

Lewis was just a low-level drone at Salomon Brothers just 20-years-ago. The next year he was getting a lot of back-slapping over Liar's Poker. At the age of 28, Michael Lewis was a millionaire from his time at Salomon Brothers and a book that sold very well for a first-time author. He was riding a wave of his own, reaping from a post-crash boom. Strangely, he was viewed as a whistle-blower when he wasn't, which he admits in the new article.

His take on the crisis, and the market crash of 1987 is simultaneously right and wrong:
The public lynchings of Gutfreund and junk-bond king Michael Milken were excuses not to deal with the disturbing forces underpinning their rise. Ditto the cleaning up of Wall Street’s trading culture. The surface rippled, but down below, in the depths, the bonus pool remained undisturbed. Wall Street firms would soon be frowning upon profanity, firing traders for so much as glancing at a stripper, and forcing male employees to treat women almost as equals. Lehman Brothers circa 2008 more closely resembled a normal corporation with solid American values than did any Wall Street firm circa 1985. The changes were camouflage. They helped distract outsiders from the truly profane event: the growing misalignment of interests between the people who trafficked in financial risk and the wider culture. (ibid)
To be fair, Lewis doesn't think he was all that prescient back in 1989 and that all he was doing was reporting his firsthand account of his time on Wall Street and its culture. Fair enough. But he's also significantly more well-off than the average American and doesn't hold a lot of the same values as the rest of us because of this. He attended Princeton University before his brief tenure on Wall Street, so he wasn't ever hurting as most working-class Americans have. No, he came from privilege, he got rich in decadent 1980s, and still holds the view that "greed is good." How exactly is this any different from the core cultural problem not only on Wall Street, but one that has crawled its way to Main Street? He holds the same values as the crooks, he's hardly any different from them in his values and attitudes.

Sometimes, you can be so close to the fire, you can't see anything else beyond the leaping flames.

Holding the contention that there was no systemic corruption on Wall Street in the creation of this crisis isn't going to fix anything, and Lewis appears to be just as guilty as the individuals that stopped real reform after the market's crash in 1987, the very period that he came up in.

Is Lewis bullshitting us as he did all those investors he claims to have during his time at Salomon Brothers? No. He's been kidding himself and the rest of us as a result of his own delusions--delusions he still shares with the players on Wall Street. It took a Princeton education to accomplish that and a lot of rationalizing, something he still appears to excel at. Shudder that the new president-elect came to us from Harvard and taught Constitutional law there for a time. These people are simply wrong and don't really know what they're doing to the rest of us, and they don't tend to care either. What they care about is power.

I'm not a Marxist, but he was right that, inevitably, capitalism will fall. The fall might be here, but no man can say with any certainty what hour or what day it will come.
The killer awoke before dawn, he put his suit on.


Charles Mackay's Extraordinary and Popular Delusions and the Madness of Crowds (1852 Ed.): http://books.google.com/books?hl=en&id=wEoPAAAAIAAJ&dq=Mackay+Extraordinary+Popular+Delusions&printsec=frontcover&source=web&ots=3IikCBls75&sig=C2_mOnrUQj4h80N38mZJ_4kl948&sa=X&oi=book_result&resnum=11&ct=result


Karl Marx's 1841 Doctoral Dissertation, "The Difference Between the Democritean and Epicurean Philosophy of Nature":
http://www.marxists.org/archive/marx/works/1841/dr-theses/index.htm


"This is the End, beautiful friend. This is the End, my only friend, the End":
http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom?tid=true#page1