Detailed market commentary at The Market Ticker
(The Year 2012 In Review)
You are not signed on; if you are a visitor please register for a free account!
|MarketTicker Forums Single Post Display (Show in context)||
User: Not logged on
|User Info||Gibbs: You Listening To Yourself, Jackass?; entered at 2011-01-28 16:30:09|
President Sarkozy to unindicted felon Jamie Diamond:|
The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything. It caused a lot of anger. Too much is too much. The world was stupefied to see one of five biggest U.S. banks collapse like a house of cards. We saw that for the last 10 years, major institutions in which we thought we could trust had done things which had nothing to do with simple common sense. Thats what happened There is an ocean between flexibility and the scandal we saw. So if people present me as obsessed with regulation, its because there is a need for regulation. I dont contest the principle of securitisation, but when one offshore country guaranteed 700 times its GDP, are we in the market economy or in a madhouse? Bonuses dont bother me, provided there are also draw-downs when there are losses. When things dont work, you can never find anyone responsible. Those who got bumper bonuses for seven years should have made losses in 2008 when things collapsed.
President Obama's response: