Sigh ...

[blamebrampton]

I discovered today that there are many people who do not know this song. Which is a tragedy, as it is truly an anthem for our times. In the face of the all fairly grim men battling to run Britain, the monkeys at BP, the Rudd govt's ETS backflip and no doubt thousands of other short sighted and moronic decisions made by elected officials and non-elected CEOs this month, and with a special tip of the hat to Greece where the average person was apparently shocked to discover that rampant corruption and tax evasion is bad for an economy, I give you Jarvis Cocker's finest hour. Warning: contains one rude word, a lot.

Comments

[blamebrampton.livejournal.com]

The lack of mechanisms to utterly divorce both sides of the equation at GS itself is questionable, though. I find it hard to believe they are all so morally upstanding as to take no advantage.

[shiv5468.livejournal.com]

Erm I rather thought that part of the issue with the stupid hearings was the Senate not appreciating that they couldn't talk to other people in the bank who were doing different bets because of chinese walls.

And again they're dealing wtih sophisticated investors who effectively want an execution only service not offering investment advice. There is no fiduciary duty so there can be no taking advantage. The counterparty priced their risk wrong, that's their problem. They aren't virgins but experienced pros with their own investment team.

Bill Gates is the one indulging in anti-comeptitive behaviour that's led to EU involvement and the requirement he do something to break up the browser market.

[blamebrampton.livejournal.com]

They were not dealing solely with sophisticated investors. Indeed, their own internal emails discussed focussing on unsophisticated investors as buyers securities they themselves described as shitty. After creating an environment in which a massive fall was inevitable, they spent the end of 2007 making 'serious money' as the crisis they had been instrumental in orchestrating unfolded. The idea that it was pure luck they had taken such a strong negative position is not one that holds water.

As for Microsoft and the EU, it paid its initial fine in full despite having acted with no more passion in protecting its intellectual copyright than the Disney Corporation manages every day. It has since settled the entire case to the satisfaction of the EU.

It should be noted that Microsoft's actions hurt a small number of browser developers, while Goldman Sach's were contributory to a collapse that hurt almost every sector of every Western economy.