Letter: Ethics a problem on Wall Street

Aug. 26, 2014 @ 02:24 PM

Editor,

I read the interviews of Sir Richard Branson (Virgin Group) by Maria Bartiromo (anchor and global markets editor at Fox Business Network) for USA Today Aug. 18, where he talked about growth, ethics and the final frontier.

I zeroed in on ethics, something that lack of caused our financial crisis in 2008. Branson made it clear that his company stands for something, and has integrity and credibility. “At Virgin, I’ve taken a very different approach and have been much more trusting with people ...” he said.

I find all this interesting in light of what Purdue czar Mitch Daniels, the former governor of Indiana, has with these “non” issues. He’s playing hardball with his credibility over a fundamental First Amendment question about what is and what isn’t a public record. Simply put, he’s not trusted to tell the truth about this issue. And his being sued — and it shouldn’t take a suit for Purdue to own up to what did and did not happen on Jan. 21 in the fatal shooting on campus. Politics, huh?

In the aftermath congressional hearings to understand what caused George W. Bush to drive the economy into the ditch, the fat-cat Wall Street recidivists didn’t even have the decency to fake contrition. In fact, Andrew Ross Sorkin in the New York Times wrote that when he asked a Wall Street CEO, “Do you have any remorse? Are you sorry?” The answer, almost unequivocally, was no. It’s “too complicated.” Rubbish!

Lloyd Blankfein, Goldman Sach’s CEO went so far as to tell the Times of London, “We help companies to grow by helping them to raise capital. It’s a virtuous cycle. We have a social purpose.” Bonkers like him are “doing God’s work.” And when they finally received their TARP ($700 billion) monies that created even larger bonuses, Blakfein got $157 million for “doing God’s work” of driving the economy off the cliff, aka kneecapping the global economy via The Big Lie.

Then, CBS’s “60 minutes” told us the stock market that less than half of the American people trust is “rigged.” Who? The stock market per se, Wall Street firms and high frequency traders. How? By creating a technological, very complex system of “Front running orders” by anything from a nanosecond to a millisecond. Why? In order to perform legal stealing, aka “the skin” via front-running.

Not even Vanguard or Blankfein understood how this skin took place until a new firm — IEX — explained it to them. Yes, Vanguard and Goldman Sachs signed on with IEX immediately, whose sole purpose is to put trust back into our stock market.

Guess what? The big-time players don’t want to change one thing about how their cash-cow works — and they are trying to keep other players from signing up with IEX.

The polls in 2010 showed that the horde sided with the fat-cat liars, while blaming the pols and even themselves for having too much credit-card debt. Who sold this crap?

B.J. Paschal

Pigeon Forge