Wall Street Explained

[Robert Myers]

The "logic" of Wall Street is to push all the risk out to the tail of
some estimated distribution and then to find some chump on whom to lay
off that risk. That's all there is to it.

One famous chump was the Treasurer of Orange County, California, where
many true believers live. With few exceptions, they regard themselves
as ruthlessly logical. Just like Harvard's Endowment Fund, the county
made money hand over fist on its investments--until it didn't. Even
Harvard can be a chump.

In the most recent debacle, the ultimate chump in many cases was AIG,
which was actually running a scam by offering guarantees it could not
back.

Tim Geithner, another Harvard guy, just talked Congress' ear off as to
why AIG and its counterparties didn't deserve to be the chump.
Congress wasn't impressed, and neither was I. In the end Secretary
"Tax Evader" Geithner felt that it was ordinary taxpayers and not his
buddies from Harvard who should be the chumps.

That's it. That's all you need to know, Everything else is smoke,
mirrors, Nobel prizes, and huge bonus checks.

If you're a dumb computer jock with an overinflated ego, you're bought
in, too, because it's a great scam if you can get a piece of the
action.

Robert.

 

[Robert Redelmeier]

Tim Geithner, another Harvard guy, just talked Congress' ear off as
to why AIG and its counterparties didn't deserve to be the chump.
Congress wasn't impressed, and neither was I. In the end Secretary
"Tax Evader" Geithner felt that it was ordinary taxpayers and not
his buddies from Harvard who should be the chumps.

Of the many flaws in your rant, this is the easiest to prove:
Tim Geithner never went to Harvard (his degrees were from Dartmouth
and John Hopkins U) nor did he work there.

-- Robert R

 

[Robert Myers]

Of the many flaws in your rant, this is the easiest to prove:
Tim Geithner never went to Harvard (his degrees were from Dartmouth
and John Hopkins U) nor did he work there.

No, but his career advanced under the tutelage of Larry Summers,
Robert Rubin, and Henry Paulson, all closely associated with Harvard.
That makes him "a Harvard guy" in my book.

Robert.

 

[Robert Myers]

"Harvard" or not is irrelevant.  It's the wealthy-elite (who make all
the rules) ripping-off the common man, as usual.

The "investments" business is very much like a gambling casino, with
the exception that the casino doesn't lie to you about being on your
side.

"Harvard" is like a little mafia in all this, but we are essentially
in agreement. These little clubs do matter, and Tim Geithner most
definitely has a membership card. They all talk to one another and
tell one another how smart and important they are, all the while
failing to realize how utterly transparent it all is.

Computers, math, and statistics are simply wallpaper to cover over
what's really happening.

Robert.