Big Gnome: Financial situation can't last
Published: April 26, 2011 at 7:08 AM
By ARNAUD DE BORCHGRAVE, UPI Editor at Large
Karlweis laments that "after a career in finance I look aghast on what has happened since the turn of the 21st century. The conclusion I have come to is that the present financial crisis was caused by, and is one of the most blatant manifestations of, widespread moral decline in our society."
The gnome turned sage says that "devoid of all common sense and consumed by greed, the big all-service banks led by Wall Street contrived a financial system that was nothing but a house of cards while adopting lending criteria based on equally flimsy mathematical hypotheses. Not that they cared; they unloaded their junk from their balance sheets onto duller players who snapped it up as a cash-flow booster, only to see it all go up in smoke later on."
Friday, April 29, 2011
UNUSUAL TERMINOLOGY FROM A RETIRED MOTU
Yes, I remember Lloyd Blankfein of Goldman Sachs claiming that the banksters were doing "God's work" but I classify that remark as closer to blasphemy than reality. George C. Karlweis was the man behind the success of George Soros' Quantum Fund and he described the Big Shitpile using terms that I have not heard from any American Fundie leader.
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