Comments on: Bankster Rap

Bankster Rap

unSane — Fri, 26 Oct 2012 12:03:00 -0800

Once the financial sector achieves a certain size, its continued expansion reduces economic growth, according to a new study by two senior economists at the Bank for International Settlements, Stephen Cecchetti and Enisse Kharroubi, using a large international data base stretching back more than 30 years.

By: Skeptic

Skeptic — Fri, 26 Oct 2012 13:34:54 -0800

Apparently, the same happens with tapeworms.

By: gd779

gd779 — Fri, 26 Oct 2012 13:38:51 -0800

Carefully selecting sources of information, such as data sets and/or academic studies, allows one to experience the thrill of self-satisfaction that comes from having one's prejudices confirmed, according to a new study by everyone on MetaFilter, everyone who watches the nightly news, and everyone who votes for the same major political party every four years.

By: Skeptic

Skeptic — Fri, 26 Oct 2012 13:54:27 -0800

Among some, perverse contrarianism also appears to be quite conducive to self-satisfaction.

By: kprincehouse

kprincehouse — Fri, 26 Oct 2012 13:55:41 -0800

Interesting study, thanks for posting.

By: Potomac Avenue

Potomac Avenue — Fri, 26 Oct 2012 13:59:28 -0800

Drug money laundering, however, may be the most profitable overall. Wachovia Bank, now part of Wells Fargo, signed a settlement to avoid criminal prosecution for improperly and illegally transferring at least $398 billion from Mexico, most of it obviously drug cartel money. The banking subsidiary of American Express engaged in similar laundering on a smaller scale. Another money laundering case, possibly the biggest, is now under negotiation between HSBC and the U.S. authorities. Seriously? What the fuck.

By: chavenet

chavenet — Fri, 26 Oct 2012 14:09:23 -0800

At first, these results may seem surprising. Not really!

By: Potomac Avenue

Potomac Avenue — Fri, 26 Oct 2012 14:09:37 -0800

Now the Wall Street ethical style is infecting the rest of industry. The private equity business, which specializes in highly leveraged buying and selling of whole companies, is a primary vector for spreading the disease. Calling the deification of greed a disease is actually a really powerful metaphor. Corporations don't have to be evil, any more than humans have to act on their first impulses. They must be bound by the rule of rational laws or else they will kill us and themselves, like a mad king. And you don't necessarily need a study like this one to prove that to yourself. (An older op-ed about the study from NPR money here.)

By: Thorzdad

Thorzdad — Fri, 26 Oct 2012 14:42:59 -0800

In other news, apparently the statute of limitations is soon to expire on any executives being criminally indicted/prosecuted for the 2008 financial collapse. Have a great weekend!

By: ZenMasterThis

ZenMasterThis — Fri, 26 Oct 2012 16:12:51 -0800

Too big to ~~fail~~ succeed. FTFY.

By: markkraft

markkraft — Sat, 27 Oct 2012 10:09:13 -0800

"Once the financial sector achieves a certain size, its continued expansion reduces economic growth..." Wow. These people need tax cuts.