Over the weekend, we noted that, according to a recent poll, Goldman Sach’s reputation is worse than even BP’s. Following that, I caught the tail end of a radio interview over the weekend, where some wire house senior executive (didn’t get the name) was complaining about the negative coverage his firm received in the press.
Really? You think the corporate-owned wimpy US press has been too hard on you? Just because you nearly brought down the entire global economy through your recklessness, then took trillions in taxpayer money as a reward for your irresponsibility, then — instantly — returned to business as usual. Somehow, you think everyone should be going easy on you?
What an ass.
... If you [think the US media are] hostile and negative, try reading the British papers. They aren’t nearly as bought off as the US corporate media is. They have teeth, do real investigations, and basically do not carry water for the biggest firms.
Not only did the big shops help cause the crisis, they proceeded to wallop their clients investments courtesy of their long-only, fully-invested never changing posture. Average investor returns in 2007-08 — down 55%. Average investor returns from 2000-2010 — down 10%.
---Barry Ritholtz, 6/14
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