Wednesday, November 12, 2008

Nomi Prins On The Stench Emanating From Wall Street - Bonuses For All!

Nomi Prins is a dying breed - a thoughtful journalist. Let me qualify that statement with the fact that most media doesn't want their journalists to actually report anything of substance or they would not have slashed investigative journalists into near extinction. I believe we need a Constitutional Amendment to the Constitutional Amendment protecting the press. One that protects the independence of the press from the ravages of the corporatacracy.

Prins' background is highly unusual for a journalist. She is a reformed Wall Streeter. Prins used to be a managing director at Goldman Sachs and an executive at Bear Stearns. I say reformed half jokingly because I know most people on Wall Street are decent people. But, I don't believe that to be true as it pertains to many executives and the sales organizations. To put it mildly that system has been broken for ages. Prins' background gives her unique insight and it shows in her excellent work. Her most recent article is Wall Street Fat Cats Are Trying to Pocket Billions in Bailout Cash.

If you somehow buy the partisan ideology that George Bush created this mess and all of the injustices in the world were vanquished with the arrival of Solon, you might appreciate her Field Guide to the Loan Sharks and Politicos Who Got Us into this Predatory Lending Mess. Politicians of both parties have been working diligently for decades to destroy the economy. Of course, in conjunction with your friendly neighborhood Wall Street lobbyist.

Will the President-elect or the new Congress succumb to the system or will they actually lead as populists/humanists and enforce some type of accountability with this bailout package being whored out as executive bonuses while Americans rot in the unemployment line because of Wall Street. Washington has generally been very quiet on this topic sans a few leaders. Were it not for a few journalists getting their sea legs, this likely wouldn't be understood at all. Change will not come from Wall Street or Washington, it will only come from us.
posted by TimingLogic at 8:37 AM