In Private, Wall St. Bankers Dismiss Protesters as Unsophisticated

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    Oct 16, 2011 6:25 AM GMT
    ... well that's because they are.

    http://www.nytimes.com/2011/10/15/business/in-private-conversation-wall-street-is-more-critical-of-protesters.html?_r=1

    Publicly, bankers say they understand the anger at Wall Street — but believe they are misunderstood by the protesters camped on their doorstep.

    But when they speak privately, it is often a different story.

    ¶ “Most people view it as a ragtag group looking for sex, drugs and rock ’n’ roll,” said one top hedge fund manager.

    ¶ “It’s not a middle-class uprising,” adds another veteran bank executive. “It’s fringe groups. It’s people who have the time to do this.”

    ¶ As the Occupy Wall Street demonstrations have grown and spread to other cities, an open question is: Do the bankers get it? Their different worldview speaks volumes about the wide chasms that have opened over who is to blame for the continuing economic malaise and what is best for the country.

    ¶ Some on Wall Street viewed the protesters with disdain, and a degree of caution, as hundreds marched through the financial district on Friday. Others say they feel their pain, but are befuddled about what they are supposed to do to ease it. A few even feel personally attacked, and say the Occupy Wall Street protesters who have been in Zuccotti Park for weeks are just bitter about their own economic fate and looking for an easy target. If anything, they say, people should show some gratitude.

    ¶ “Who do you think pays the taxes?” said one longtime money manager. “Financial services are one of the last things we do in this country and do it well. Let’s embrace it. If you want to keep having jobs outsourced, keep attacking financial services. This is just disgruntled people.”

    ¶ He added that he was disappointed that members of Congress from New York, especially Senator Charles E. Schumer and Senator Kirsten Gillibrand, had not come out swinging for an industry that donates heavily to their campaigns. “They need to understand who their constituency is,” he said.

    ¶ Generally, bankers dismiss the protesters as gullible and unsophisticated. Not many are willing to say this out loud, for fear of drawing public ire — or the masses to their doorsteps. “Anybody who dismisses them publicly is putting a bull’s-eye on their back,” the hedge fund manager said.

    ¶ John Paulson, the hedge fund titan who made billions in the financial crisis by betting against the subprime mortgage market, has been the exception. His Upper East Side home was picketed by demonstrators earlier this week, but Mr. Paulson offered a full-throated defense of the Street, even going so far as to defend the tiny sliver of top earners attacked by the Occupy Wall Street protesters — whose signs refer to themselves as “the other 99 percent.”
  • dancedancekj

    Posts: 1761

    Oct 16, 2011 6:33 AM GMT
    The mass exodus of people fleeing to credit unions and online banks, especially after the new debit card fee from BoA, would suggest the banks are being a bit naive. Unless they want to go the way of the US Postal Service, video store rentals, and travel agents, they'd better start evolving very quickly.

    Also, it is quite clear from their responses that they're just not understanding the OWS movement, and the more concerning implications about the protests and the attention it is gathering.
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    Oct 16, 2011 7:15 AM GMT
    dancedancekj saidThe mass exodus of people fleeing to credit unions and online banks, especially after the new debit card fee from BoA, would suggest the banks are being a bit naive. Unless they want to go the way of the US Postal Service, video store rentals, and travel agents, they'd better start evolving very quickly.

    Also, it is quite clear from their responses that they're just not understanding the OWS movement, and the more concerning implications about the protests and the attention it is gathering.


    It's more than fair the comments that they're making. The fact that people can move their accounts to credit unions and online banks is proof that the system works. I note however that the BoA fee is more the direct result of legislation that limits them in charging vendors those fees - and it costs them money to provide the service - which again points to how much of the public is not educated in how financial services work especially in the importance of efficient capital allocation. But that's also why competition is the best form of accountability.
  • GQjock

    Posts: 11649

    Oct 16, 2011 11:49 AM GMT
    a www..... Well in public we all dismiss the Wall Street bankers as greedy little criminals who got away with grand larceny
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    Oct 16, 2011 12:06 PM GMT
    riddler78 said
    dancedancekj saidThe mass exodus of people fleeing to credit unions and online banks, especially after the new debit card fee from BoA, would suggest the banks are being a bit naive. Unless they want to go the way of the US Postal Service, video store rentals, and travel agents, they'd better start evolving very quickly.

    Also, it is quite clear from their responses that they're just not understanding the OWS movement, and the more concerning implications about the protests and the attention it is gathering.


    It's more than fair the comments that they're making. The fact that people can move their accounts to credit unions and online banks is proof that the system works. I note however that the BoA fee is more the direct result of legislation that limits them in charging vendors those fees - and it costs them money to provide the service - which again points to how much of the public is not educated in how financial services work especially in the importance of efficient capital allocation. But that's also why competition is the best form of accountability.


    Please... I find it hilarious that you proclaim epic economic knowledge and then write the above paragraph as if you were little Nell from the country.

    BofA is a zombie bank. Without the cash infusion it received through TARP and ongoing access to various government backed services (like the overnight window), they would be out of business.

    And, instead of working with their customers to fix mortgages and clear their balance sheets, they are instead doubling down on unfriendly business practices out of greed.
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    Oct 16, 2011 2:01 PM GMT
    Christian73 said

    Please... I find it hilarious that you proclaim epic economic knowledge and then write the above paragraph as if you were little Nell from the country.

    YUP!
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    Oct 16, 2011 2:13 PM GMT
    Christian73 saidPlease... I find it hilarious that you proclaim epic economic knowledge and then write the above paragraph as if you were little Nell from the country.

    BofA is a zombie bank. Without the cash infusion it received through TARP and ongoing access to various government backed services (like the overnight window), they would be out of business.

    And, instead of working with their customers to fix mortgages and clear their balance sheets, they are instead doubling down on unfriendly business practices out of greed.


    I find it funny that you are actually from the US and you are completely clueless as to the roots of BoA's problems - like I dunno, being forced to buy Merrill and absorb their losses?

    Unfriendly practices out of greed? They are fighting for survival at this point unless you missed their stock price. Are you really this clueless?
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    Oct 16, 2011 2:25 PM GMT
    riddler78 said
    Christian73 saidPlease... I find it hilarious that you proclaim epic economic knowledge and then write the above paragraph as if you were little Nell from the country.

    BofA is a zombie bank. Without the cash infusion it received through TARP and ongoing access to various government backed services (like the overnight window), they would be out of business.

    And, instead of working with their customers to fix mortgages and clear their balance sheets, they are instead doubling down on unfriendly business practices out of greed.


    I find it funny that you are actually from the US and you are completely clueless as to the roots of BoA's problems - like I dunno, being forced to buy Merrill and absorb their losses?

    Unfriendly practices out of greed? They are fighting for survival at this point unless you missed their stock price. Are you really this clueless?
    LMAO..

    and you think everyone here is clueless..... get real.

    http://markets.financialcontent.com/stocks/news/read/19403536/The_World_Might_Never_Know_How_Toxic_Bank_of_America_Really_Is
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    Oct 16, 2011 2:58 PM GMT
    TropicalMark said
    riddler78 said
    Christian73 saidPlease... I find it hilarious that you proclaim epic economic knowledge and then write the above paragraph as if you were little Nell from the country.

    BofA is a zombie bank. Without the cash infusion it received through TARP and ongoing access to various government backed services (like the overnight window), they would be out of business.

    And, instead of working with their customers to fix mortgages and clear their balance sheets, they are instead doubling down on unfriendly business practices out of greed.


    I find it funny that you are actually from the US and you are completely clueless as to the roots of BoA's problems - like I dunno, being forced to buy Merrill and absorb their losses?

    Unfriendly practices out of greed? They are fighting for survival at this point unless you missed their stock price. Are you really this clueless?
    LMAO..

    and you think everyone here is clueless..... get real.

    http://markets.financialcontent.com/stocks/news/read/19403536/The_World_Might_Never_Know_How_Toxic_Bank_of_America_Really_Is


    I'm not surprised you don't understand the mechanics. If you actually bother to read one of these days, you might note that I agree that BoA is a toxic bank - but again much of this is because they were forced to close on Merrill. I don't think that everyone here is clueless - but you clearly are.
  • GQjock

    Posts: 11649

    Oct 16, 2011 3:46 PM GMT
    Ahem .... Crooked banking Tigers just can't change their stripes

    ...... and it aint just BOA

    WASHINGTON (CNNMoney) -- Regulators were under pressure to cut the biggest banks loose from the Wall Street bailout program, a federal watchdog said in a report issued Friday.
    Congress and regulators made it easier for the biggest banks to pay back tens of billions of dollars borrowed under the Troubled Asset Relief Program (TARP), according to a Friday report released by the Special Inspector General for TARP.

    http://money.cnn.com/2011/09/30/news/economy/sigTARP_banks/index.htm
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    Oct 16, 2011 4:31 PM GMT
    riddler78 said
    Christian73 saidPlease... I find it hilarious that you proclaim epic economic knowledge and then write the above paragraph as if you were little Nell from the country.

    BofA is a zombie bank. Without the cash infusion it received through TARP and ongoing access to various government backed services (like the overnight window), they would be out of business.

    And, instead of working with their customers to fix mortgages and clear their balance sheets, they are instead doubling down on unfriendly business practices out of greed.


    I find it funny that you are actually from the US and you are completely clueless as to the roots of BoA's problems - like I dunno, being forced to buy Merrill and absorb their losses?

    Unfriendly practices out of greed? They are fighting for survival at this point unless you missed their stock price. Are you really this clueless?


    They are reaping what they have sown. There was no pressure for them to buy CountryWide, which is where the toxic assets really lived. They did this with full knowledge that the FBI was investigating CW for fraud. It was a BAD business decision.

    And instead of the executives sucking it, minimizing their bonuses and coming up with plans to renegotiate mortgages and lots of other toxic assets, they are putting the screws to the majority of their customers. Those customers are rightly closing their accounts and moving on.

    BofA should be nationalize, the board and executives fired and then broken up into smaller institutions and privatized. It's housing assets are dragging down the entire economy.
  • conservativej...

    Posts: 2465

    Oct 16, 2011 5:29 PM GMT
    dancedancekj saidThe mass exodus of people fleeing to credit unions and online banks, especially after the new debit card fee from BoA, would suggest the banks are being a bit naive. Unless they want to go the way of the US Postal Service, video store rentals, and travel agents, they'd better start evolving very quickly.

    Also, it is quite clear from their responses that they're just not understanding the OWS movement, and the more concerning implications about the protests and the attention it is gathering.


    Being naive can perhaps be a wonderful thing.

    Have you ever thought about here your deposit to a credit union goes? Before mid-night on the day you make your deposit it will be posted to the accounts of a commerical bank. Credit unions are nothing ore than a storefront for commercial banks.

    Ever wonder where the funds for your mortgage come from when you sign a mortgage agreement with a credit union? The odds are over 80% that the back-end securitization will involve one of those banks you so despise.

    So you think the online bank is different than Bank of America? No. They are for all practicle purposes no different than retail banks.

    Reality is the world that the Occupy Wallstreet folks desire is in existence today. It is called North Korea. Lol. They do not have to worry about so called greedy banks because they have no banks and in fact they have no economy.

    But relax, at least in North Korea everyone lives in equal poverty.
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    Oct 16, 2011 5:43 PM GMT
    Christian73 said
    riddler78 said
    Christian73 saidPlease... I find it hilarious that you proclaim epic economic knowledge and then write the above paragraph as if you were little Nell from the country.

    BofA is a zombie bank. Without the cash infusion it received through TARP and ongoing access to various government backed services (like the overnight window), they would be out of business.

    And, instead of working with their customers to fix mortgages and clear their balance sheets, they are instead doubling down on unfriendly business practices out of greed.


    I find it funny that you are actually from the US and you are completely clueless as to the roots of BoA's problems - like I dunno, being forced to buy Merrill and absorb their losses?

    Unfriendly practices out of greed? They are fighting for survival at this point unless you missed their stock price. Are you really this clueless?


    They are reaping what they have sown. There was no pressure for them to buy CountryWide, which is where the toxic assets really lived. They did this with full knowledge that the FBI was investigating CW for fraud. It was a BAD business decision.

    And instead of the executives sucking it, minimizing their bonuses and coming up with plans to renegotiate mortgages and lots of other toxic assets, they are putting the screws to the majority of their customers. Those customers are rightly closing their accounts and moving on.

    BofA should be nationalize, the board and executives fired and then broken up into smaller institutions and privatized. It's housing assets are dragging down the entire economy.

    Nationalize banks, seizing private property? Even Hugo hasn't gone that far yet, though he has threatened.

    http://americasforum.com/content/chavez-threatens-nationalize-banks-housing-shortages-caused-hugonomics
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    Oct 16, 2011 7:21 PM GMT
    conservativejock said
    Being naive can perhaps be a wonderful thing.

    Have you ever thought about here your deposit to a credit union goes? Before mid-night on the day you make your deposit it will be posted to the accounts of a commerical bank. Credit unions are nothing ore than a storefront for commercial banks.

    Ever wonder where the funds for your mortgage come from when you sign a mortgage agreement with a credit union? The odds are over 80% that the back-end securitization will involve one of those banks you so despise.

    Uh.. yeah naivety in your case makes you really look as ignorant on the facts as you actually are. LMAO..icon_rolleyes.gif
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    Oct 16, 2011 7:28 PM GMT
    "Credit unions are nothing ore than a storefront for commercial banks."


    Trolling.
  • GQjock

    Posts: 11649

    Oct 16, 2011 7:30 PM GMT
    Nationalize banks, seizing private property? Even Hugo hasn't gone that far yet, though he has threatened.

    But they took our F**kin Money ..... didn't they?

    That's called Capitalize the gains and Socialize the Losses


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    Oct 16, 2011 7:53 PM GMT
    meninlove said "Credit unions are nothing ore than a storefront for commercial banks."


    Trolling.
    Yep.. my credit union is equivalent to being the 33rd largest bank by assets in the US. (If it were a bank of course..)
  • dancedancekj

    Posts: 1761

    Oct 16, 2011 11:08 PM GMT
    I'd be interested to hear the substantiated evidence that this is the case regarding credit unions and online banking.

    And leave North Korea out of this icon_smile.gif

  • GQjock

    Posts: 11649

    Oct 16, 2011 11:23 PM GMT
    jpBITCHva said
    conservativejock saidBut relax, at least in North Korea everyone lives in equal poverty.

    Translation:

    bla bla bla communism bla bla bla oooo scary bla bla bla Chavez bla bla bla steal your lunch money bla bla bla I have nothing or substance to say bla bla bla Kim Jong Il bla bla bla


    That reminds me of my FAVORITE Gary Larsen cartoon

    Just replce Ginger with Communism or Socialism and you got SoCal and SB to a Tee

    far-side-cartoon-blah-blah-ginger.jpg