Five years later, the executives that were in charge of Bear’s headlong dive into the cesspool of subprime mortgage lending hold similar jobs at the most powerful banks on Wall Street: JPMorgan, Goldman Sachs, Bank of America, and Deutsche Bank.
The fact they were able to emerge unscathed from a financial crisis that wiped out $19.2 trillion of household wealth in the US and as many as 8.8 million jobs has become part of the legacy of the financial meltdown.
“The downside is very, very minimal for the people who decide to take risks in these institutions,” said Anat Admati, professor of finance and economics at Stanford Graduate School of Business and co-author of The Bankers’ New Clothes: What’s Wrong With Banking and What to Do About It.
There are so many people out there who made one mistake, or two, and their lives are over. They bought a house that was worth a little more than they could afford, or they didn’t save as much money as they could have maybe, or they counted on a job when a job is never to be counted on, and their lives are fucking OVER. They are never going to get a second chance.
Lots of people who haven’t made that kind of mistake, who invested where they were told and worked where their parents worked and came home and raised their families and taught school and walked a beat are screwed, too. Nobody’s giving THEM a second shot at their dream jobs.
Yet here come these dicks, who apparently will never have to miss a meal, because we didn’t think we should throw them in jail, and somebody else thought hey, I’m already going to hell, might as well hire Satan’s previous janitor to try to score some points ahead of time. I mean what the FUCK. If your resumé includes “helped drive the entire American economy straight into a cement pylon while laughing hysterically about it,” I’m sorry, you shouldn’t get an interview, much less a corner office.
Speaking of Bear Stearns and being catastrophically bad at your job, this asshole is still on TV. Somebody at my gym always has one of the TVs turned to his show, and it’s all I can do not to throw a water bottle through the screen because being that wrong about something, that decidedly wrong about something, should disqualify you from the conversation forever. Yet here he is, giving INVESTMENT ADVICE. And yeah, I know people watch him and they shouldn’t. But his bosses should also be concerned about roasting in the flames for all eternity for greenlighting him day after day.
Apparently the only people who don’t get a second act here are the ones who were right about everything. The ones who were right about the war, or the economy, or the Wall Street dickheads in the first place, are never heard from again.