The folks at GoldMoney and Bitcoin Magazine talked to some ordinary people in Cyprus after the recent bank bail-in and put together this video that really makes you feel for those who had nothing to do with the bank dealings that got the island nation into such a mess.
The timing and the results are impossible to predict, but you’d think that, at some point, some alternative to the current monetary system is inevitable, though the powers that be will likely go kicking and screaming toward that outcome.
With time to reflect on Goldman Sachs Vice President Greg Smith’s resignation letter/NY Times op-ed as detailed here yesterday, the financial media is, today, again abuzz, writing and talking about what it all means (see the links post from earlier) while video developers are launching some new material, an example of which is below.
There’s also this offering by a Muppet (the term used by some at Goldman to describe clients who they were “ripping off”) and it includes the following joke that begs the question of whether bankers have finally surpassed lawyers in the jokes department:
What’s the difference between a dead cat on the road and a dead banker on the road?
Quite the bombshell today in this New York Times op-ed by Greg Smith, a London-based ex-Vampire Squid executive director of equity derivatives on his last day at work as he details how the firm “rips off” its clients that at least five managers refer to as “muppets”
He calls the environment at the firm “toxic and destructive” and lays the blame at how leadership has changed, noting that “if you make enough money for the firm (and are not currently an ax murderer) you will be promoted into a position of influence”. The conclusion? Get rid of the “morally bankrupt people, no matter how much money they make for the firm”.
FT Alphaville had this interesting take on what may have motivated Mr. Smith to vent:
I wonder how his exit interview went. He must have had a little twinkle in his eye…
We haven’t heard too much about the Consumer Financial Protection Bureau lately but, one thing seems certain, if control of the Senate or White House changes hands in the fall, they’ll likely have a much tougher time doing their job in the years ahead.
From the RJ Matson archive at the St. Louis Post Dispatch.