Wall Street Whiners - Make Matt Taibbi Want To Spend The Next Month Or So Vomiting Into His Shoes

[kpete]

Why Wall Street Should Stop Whining
POSTED: February 8, 11:02 AM ET

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Listening to Wall Street whine http://nymag.com/news/features/wall-street-2012-2/index5.html about how it is misunderstood is nothing new. It’s been going on for years (often in that same mag). But if Sherman’s piece heralds a new era of Wall Street complaining about how it is not only misunderstood but undercompensated, you’ll have to excuse me while I spend the next month or so vomiting into my shoes.

The financial services industry went from having a 19 percent share of America’s corporate profits decades ago to having a 41 percent share in recent years. That doesn’t mean bankers ever represented anywhere near 41 percent of America’s labor value. It just means they’ve managed to make themselves horrifically overpaid relative to their counterparts in the rest of the economy.

A banker's job is to be a prudent and dependable steward of other peoples’ money – being worthy of our trust in that area is the entire justification for their traditionally high compensation.

Yet these people have failed so spectacularly at that job in the last fifteen years that they’re lucky that God himself didn’t come down to earth at bonus time this year, angrily boot their asses out of those new condos, and command those Zagat-reading girlfriends of theirs to start getting acquainted with the McDonalds value meal lineup. They should be glad they’re still getting anything at all, not whining to New York magazine.

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Read more: http://www.rollingstone.com/politics/blogs/taibblog/why-wall-street-should-stop-whining-20120208#ixzz1lqETRJQR

[applegrove]

1. That is so true. Those rich people have so much but they whine like stuck pigs

when asked to pay a little more in taxes or if their candidate doesn't win an election.

[Cassandra]

2. Great writing!

"But in reality? Please. Wall Street people complain a lot, but in the last six months, the grave impact of Dodd-Frank on bonuses hasn’t even been within ten miles of the things these people are really panicked about. The comments I’ve heard have been more like, "My asshole has been puckered completely shut for four months in a row over this Europe business," or, "If the ECB doesn’t come up with a Greek bailout package, I’m going to have to sell my children for dog food.""


And yes, they screwed themselves over in Europe.

[Joe Shlabotnik]

3. Thanks for posting.

I'm a big fan of Taibbi, yet never think of checking his blog often enough. Thankfully, usually someone from DU manages to remind me though!

[raouldukelives]

4. You can think of just about anything a progressive

would consider bad. Environmental destruction, war, child labor. Add Wall St it becomes a 1000 times more powerful and a 1000 times worse. Some things just shouldn't be allowed to be gambled on. The present & future of people on this planet means nothing to Wall St and it's investors except dollar signs. The more it flourishes the harder life will be for anyone living tomorrow.