Drudge Retort: Red Meat for Yellow Dogs
Wednesday, February 08, 2012

Everybody on Wall Street is talking about the new piece by New York magazine's Gabriel Sherman, entitled "The End of Wall Street as They Knew It."

The article argues that Barack Obama killed everything that was joyful about the banking industry through his suffocating Dodd-Frank reform bill, which forced banks to strip themselves of "the pistons that powered their profits: leverage and proprietary trading."

Having to say goodbye to excess borrowing and casino gambling, the argument goes, has cut into banking profits, leading to lower bonuses and more extreme decisions like Morgan Stanley's recent dictum capping cash bonuses at $125,000.

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how do you prove proprietary trading? usually you can't.

if we're playing golf and i happen to mention that my company is going to start a new line of widgets, and it is gonna be huge, and we are anticipating our stock to soar. Since you knew that beforehand, you can make a killing.

These geniuses don't produce anything. Who gives a squirt if they aren't happy? If they don't like their jobs anymore they can find something more productive to do.

When I read things like this I'm simultaneously amazed by two things. The first is the unbelievable tone-deafness of people who would complain out loud, during a time when millions of people around the country are literally losing their homes, that their bonuses â€" not their total compensation, mind you, but just their cash bonuses, paid in addition to their salaries and their stock packages â€" are barely enough to cover the mortgage payments for their new condos, the taxis they take when walking is too burdensome, and their girlfriends with expensive tastes.

^^^

Funny thing about that comment, these are the same fucks who berated those who bought shit they couldn't afford with money they didn't have.

Same shit, just different people. Imagine banking (pun intended) on money they didn't have to pay for shit they don't need, how's that any different than the rest of the country?

Imagine that.

A few million to Obama's campaign coffers should fix that problem.

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