Couldn’t help but re-post this great comment by a former Wall Street insider on a recent interview with Naomi Klein by OnPoint Radio. Sometimes, only an honest insider can say it best.
I was a senior, high profile stock/company analyst in a major global (and still extant) Wall Street firm and witnessed firsthand the greed-driven, destructive policies pursued by the executive management teams of the many companies I followed for institutional clients during my career. The cynicism of these ‘managers’ with their huge self-dealing stock options grants (some offered at a discount to the company’s stock price only days before the business announced positive “news”) can’t be overstated. They orchestrated massive layoff schemes in which tens of millions of their colleagues lost their livelihoods, benefits & pensions to global offshoring centers while they simultaneously presided over insider-stuffed corporate boards that rewarded them with ridiculous and ever-escalating salary, benefits and options packages, private planes, ultra exclusive golf and country club memberships, private staffs, 8-figure office decorating budgets and many other excesses, all under the chimera of “adding value”. I voluntarily left my position because these practices were repugnant to the Midwestern, middle class values of hard work, fairness and community I’d been raised to believe mattered. The few journalists, politicians, intellectuals and others who openly questioned these policies were branded as ‘losers’, ’socialists’ and ‘radicals’ who were presumed to lack the intelligence, Ivy League education and/or connections to become highly paid corporate managers, consultants, investment bankers, hedge fund managers themselves, rather than the white, pink and blue-collar schmucks who worked for shrinkng pay, benefits and job security – that is if they were fortunate enough to have a job.
If anyone believes this era is over, ask yourselves who received the massive no-strings-attached, taxpayer (and Chinese) funded bailout packages (Wall Street & other finacial elites) and who didn’t (most taxpayers & the economically dispossessed). Yup – the same small, elite group who made billions of dollars in bonuses before they engineered the near- catastrophic collapse of our economic and financial system, are once again making record bonuses when our true national unemployment rate (e.g., the short- and long-term unemployment rate plus those who’ve given up looking for work) is nearly 20%. And in January 2010, the US Supreme Court overruled two important precedents by banning the government from limiting corporate spending on political campaigns as if the business lobby doesn’t already have enough influence on our political process. Where is the outrage? Unfortunately, many Americans are either too busy working (many have 2 or 3 jobs and dependent children and/or parents), too afraid or both, to protest a system some barely comprehend. And the nation’s traditional watchdog – the media – is either too hallowed out and/or owned by huge, rich global conglomerates which are too invested in the system to investigate the architects of the problems, or even register discontent. Even the much-lauded ‘Tea Party’ movement is largely populated by older, right wing, economically and financially privileged white men and wealthy PACs who want US tax dollars to be spent on programs that enrich their personal and business priorities rather than the needs of the majority of U.S. citizens. However, the Pied Pipers of this elitist system are mostly Baby Boomers – the infamous “Me Generation” – so perhaps we shouldn’t be surprised.
Ms. Klein was spot on ten years ago with “No Logo” and her thesis on “disaster capitalism” is just as prescient. It’s truly disturbing to realize that after the shattering natural, economic and military developments of the last decade, crony capitalism is still alive and thriving. But there are small cracks, and I hope readers of this book realize that we have the power to influencee and change this corrupt and corrosive system in a democratically-elected government despite its flaws. When a former Wall Streeter feels like a radical for having progressive views, the system well and truly needs reform.
The interview incidentally is also well worth listening to for an insight into “Brand Obama” and how branding has evolved since Klein wrote No Logo. Someone actually tried to copyright the logo of her book after it came-out and then sue her for using it!
That’s just twisted.