Monday, August 5, 2013

Out the Kleptocracy: Author Michael Lewis on Punishing the Big Players

Continued public and government outrage over the lack of accountability from the rogue Wall Street financial advisors and their management is called for. Please, please, please don't become complacent or forget what happened, why, and most importantly, who should be held accountable.

Financial "gamesters" engineered novel ways to cheat as the means to transfer billions of dollars from American's pockets into their own accounts.

Losing investors' money the old-fashioned way -- due to legitimate risk from honest investments is one thing -- inventing quasi-legal loophole systems to game the system -- so as transfer this vast wealth to themselves, through manipulative "hedging" and "shorting" is beyond heinous.

This means you -- John Paulson and Lloyd Blankfein -- and those who withheld ethical disclosures about Abacus so as to mislead investors.

These and other willful schemes should be deemed financial crimes -- punishable breaches of industry ethical standards that should be massively fined (all the profits, and then some -- not merely a lesser percentage).

The parties involved should be publicly and socially disgraced and b banned from any future employment in the financial industry.

These financially engineered schemes should not just be fined and "settled without an admission of guilt or wrongdoing." To do so will "incentivize" them to become "business as usual," "worth the risk," and promote the "do whatever I can to get an edge" mentality.

Anyway, here's the link to the Michael Lewis article:

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