Commenting on the WSJ's revelation that analysts and investment banks colluded when evaluating stocks, Dan Gillmor writes:
The wink-wink, nudge-nudge culture of Wall Street in the late 1990s wouldn't have given this e-mail a second thought. After all, didn't everyone know that the investment bankers were in bed with their supposed "analysts" of companies paying them millions in fees?
No, not everyone knew. Only the in-crowd knew. And the way they acted was disgraceful -- not that people like this appear to have any fundamental notion of shame, of course.
The people who didn't know were the general public. Yes, the small investors got greedy, but they were led into it by the sharks who have pocketed billions.
In traditional "Big Con
" grifts, the roper and the inside man work to convince the mark that by participating in some bit of harmless larceny, he will become immensely wealthy. The mark gets sucked into the scam and is eventually fleeced of every cent he can lay hands on.
Con artists say, "You can't cheat an honest man," because every mark believes that he is participating in a scam -- and he is, only it's not the scam he thinks he's participating in. An honest man, with no interest in ripping off a bank, or a betting parlor, or a rich, foolish stranger, or a small stock-exchange, will never be roped and never be suckered and never lose a nickle to the players.
This is the same specious rationalization used to describe the small investors who "got greedy." Analysts, bankers, VCs and snake-oil salesmen created an enormous con -- Enron even had show-rooms filled with fake traders that they staffed when the press came on tours -- that led millions to believe that there really was money to be had in playing the markets. And there was -- their money. They got had, and the grifters did the having.
The Cobham catalog, exposed by The Intercept, features countless pages of surveillance gadgets sold to U.S. police to spy on American citizens: tiny black boxes with a big interest in you. In the creepily bland feature lists and nerdy product names is a whisper of a dark future; perhaps darker than anyone can imagine.
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This Python Mega Course will help you learn to code by teaching you to build 10 real-world apps that each highlight a unique use of Python.Job prospects for coders are still growing steadily—and with Python being one of the most popular coding languages out there today, it’s important for job seekers to demonstrate a widespread understanding of the […]
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These days, there is huge demand for ethical hackers. Companies pay these professionals to identify and remedy security holes in their networks before malicious hackers find and exploit them. What’s great about this is that if you love hacking or think you may love hacking, you can do it for a living and not as […]