Legal Commentary

The Masters Of The Universe Aspire To Be The New Lehman

By Big Tent Democrat

What is really amusing about this NYTimes article is the easy unstated assumption that the financial crisis had nothing at all to do with the Masters of the Universe and now there are "great opportunities" for the up and coming Masters:

There is an air of exodus on Wall Street — and not just among those being fired. As Washington cracks down on compensation and tightens regulation of banks, a brain drain is occurring at some of the biggest ones. They are some of the same banks blamed for setting off the worst downturn since the Depression. This is certainly a concern for the banks losing top talent. . . To deter the people it thinks caused the crisis, the government is clamping down.

(Emphasis supplied.) More . . .

A brain drain is it? It was "the banks," not the people working in them that were the problem you see. To disprove this notion of brain drain, I will quote one of the "comers:"

“We have the opportunity to step into the shoes of a Bear Stearns or a Lehman,” said Lee Fensterstock, the chief executive of Broadpoint . . .

Indeed. The goal is to be Lehman or Bear Stearns? What's that? Bankrupt? A true "brain" would aspire to being the new AIG or Citi - they are the ones getting the free hundred billion dollar handouts. Lehman and Bear Stearns were left for the bankruptcy wolves.

Speaking for me only

Full post as published by TalkLeft on April 12, 2009 (boomark / email).