Saturday, October 18, 2008
So they’re daft as well as greedy and corrupt
Andrew Lahde made a fortune by being on the other side of US banks' trades and reckons the banks are stupid and leaden-footed, easy meat for hedge fund managers betting against them. Their ineptness leads to corruption - they are often the privileged few who don't know how to make a living, so when they've lost their money they go running to mommy, daddy, uncle Hank and uncle Ben, who give them a stern look and more money and tell them to look after it this time. These are the people who make up the banking "system" that we're all supposed to revere and support.