The cover story on this week's The Economist is Save the City, a love-note to London's legendarily corrupt, self-governing financial district, ground zero of the global financial collapse, and home to some of the world's top-compensated crooks, whose pay is totally disconnected from their performance.
Naked Capitalism rounds up a ton of online reaction to this puff-piece:
Yes, the City did once fulfil the function of efficiently allocating capital, but that stopped some ten to 20 years ago when the ‘zero sum’ game of financial speculation for the self-enrichment of the participants took over.
As I have said before the City has, with a few exceptions, become the cuckoo in the nest of the UK economy.
It has become gigantic skimming machine/casino. In addition to making taxpayer-underwritten bets, however absurd, it largely serves to diminish the savings and pensions of UK citizens, though outrageous fees, spurious and unwarranted trading and an intermediated structure that favours the interests of the people that work in its own, often-conflicted institutions (plus the people in their various suppliers including brokerages, law firms, accountancy firms, investment and actuarial consultancies, etc, etc) over and above the long-term interests of savers and the needs of the wider economy.
Ian Fraser: The Economist Loses the Plot With This Shallow, Pro-City Propaganda
Since 2009, the Chicago Police Department has seized $72M worth of property from people who were not convicted of any crime, through the discredited civil forfeiture process, keeping $48M worth of the gains (the rest went to the Cook County prosecutor’s office and the Illinois State Police) in an off-the-books, unreported slush fund that it […]
Despite the denials of its new CEO, Wells Fargo had a serious, widespread cultural problem that led it to commit at least 2,000,000 financial crimes. But the crimes and the culture are widespread across America’s banks, and they spread further than that, because the system is rigged to reward financial crime.
Yesterday, Wells Fargo CEO John Stumpf announced his “early retirement” from the scandal-haunted company, with the CEO seat being filled by former COO Tim Sloan.
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