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Sunday, September 28, 2008

Memo from Wall Street

I found this on my favorite blog, Hullabaloo, but it comes from that well-known socialist rag, Barron's [that's sarcasm - Barron's is a business journal]. Below is just an excerpt, a good summary of what's gone wrong, but the full memo offers excellent, and still brief, specifics.

We on Wall Street feel somewhat compelled to take at least some responsibility. We used excessive leverage, failed to maintain adequate capital, engaged in reckless speculation, created new complex derivatives. We focused on short-term profits at the expense of sustainability. We not only undermined our own firms, we destabilized the financial sector and roiled the global economy, to boot. And we got huge bonuses.



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