gravity always wins Posted March 22, 2008 Share Posted March 22, 2008 you missed out the words- "our models assume house prices only ever go up or at worst are flat." Ooops, thats exactly what they did, You forgot the big fat fee that would have come with such a pearl of wisdom. Quote Link to comment Share on other sites More sharing options...
contango Posted March 22, 2008 Share Posted March 22, 2008 Bearing in mind the money I will have to fork out in the ensuing years to bail you lot out after years with your snouts in the trough.I'm unsure as to who "those who have no idea of how it works"are - I assume had you guys understood how it works properly then you wouldn't be needing my help. Well, it depends what "us guys" do I guess. "My guys" receive investment from willing (not charitable) investors to trade with....if we make profit (not contingent on the direction of the market....bearish is good, as long as you're short), then we make returns, and they invest more. Simple. If you're interested of course.... Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 22, 2008 Share Posted March 22, 2008 You miss the point. Boom Boom's argument is that ALL bankers* (and only just the bankers - not politicians, lobbyists, profligate borrowers) must be brought to book. Guilty by association. However, when it comes to his profession he is unwilling to accept any responsibility for his action. Do as he says, not as he does. I detect the foul stench of hypocrisy! * this includes you Redalert No, the orchestrators should be brought to book. The underlings mostly havent a clue whats really going on. For example, does the counter clerk at your local bank know what the banks policy in investment is- no. does she draw a wage, yes. However, many people in the high finance circles either knew about, or were orchestrating and perpetuating the fraud that is SIV and its constituents. These people should be brought to book. They wont be, The City has always behaved like this. They will be regulated when its all over. They will find another way round with a fresh innovation. It was always thus. By the way, My company has benefitted from the city's recent success. We sold capital goods to a supplier of parts to an office company in the city. Am I guilty of perpetuating the fraud? how far down the chain do you apportion blame? Quote Link to comment Share on other sites More sharing options...
gravity always wins Posted March 22, 2008 Share Posted March 22, 2008 (edited) Well, it depends what "us guys" do I guess. "My guys" receive investment from willing (not charitable) investors to trade with....if we make profit (not contingent on the direction of the market....bearish is good, as long as you're short), then we make returns, and they invest more. Simple. If you're interested of course.... Yeah, I'm sure the guys from Bear Stearns pulled the same lines on some sucker a couple of weeks ago. Edited March 22, 2008 by gravity always wins Quote Link to comment Share on other sites More sharing options...
contango Posted March 22, 2008 Share Posted March 22, 2008 Yeah, I'm sure the guys from Bear Stearns pulled the same lines on some sucker a couple of weeks ago. No reward with risk....enjoy the rest of Saturday, final scores are coming in Quote Link to comment Share on other sites More sharing options...
gravity always wins Posted March 22, 2008 Share Posted March 22, 2008 No reward with risk....enjoy the rest of Saturday, final scores are coming in Yeah will do, but you're always risking someone elses cash though. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted March 22, 2008 Share Posted March 22, 2008 Yeah will do, but you're always risking someone elses cash though. Its a tough job, but someones gotta do it Quote Link to comment Share on other sites More sharing options...
gravity always wins Posted March 22, 2008 Share Posted March 22, 2008 Its a tough job, but someones gotta do it All pyramid schemes have to end sooner or later. Quote Link to comment Share on other sites More sharing options...
uncle_monty Posted March 22, 2008 Share Posted March 22, 2008 No, the orchestrators should be brought to book. The underlings mostly havent a clue whats really going on.For example, does the counter clerk at your local bank know what the banks policy in investment is- no. does she draw a wage, yes. However, many people in the high finance circles either knew about, or were orchestrating and perpetuating the fraud that is SIV and its constituents. These people should be brought to book. They wont be, The City has always behaved like this. They will be regulated when its all over. They will find another way round with a fresh innovation. It was always thus. By the way, My company has benefitted from the city's recent success. We sold capital goods to a supplier of parts to an office company in the city. Am I guilty of perpetuating the fraud? how far down the chain do you apportion blame? We are as one. These are the questions I would like our moral compass leaders (i.e. Boom Boom, et al) to answer. 22 year old grad gets told to model some cash flows in Excel. Not given insight into the why or how. How far down the chain is this? All subjective and open to the prejudices that we hold. I say ask for the individuals who knew the implications of their actions (or should have known them) to be brought to book. Brown? Blair? Thatcher? CEOs of RBS, Barcap, Goldman, etc? Press / lobbyists who kept MPs and select committees sweet? Private equity execs? The list is long and distinguished, a lot like my johnson. Quote Link to comment Share on other sites More sharing options...
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