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June 21, 2012

Yet More Wall Street Stupidity & Hubris

Think for yourself or have your own opinion?  Don’t even think of working on Wall Street.  Remarkably, well, not so remarkably, that’s even true if you’re a very senior officer with decades of experience. 

Ben White in Politico’s Morning Money highlights a New York Times report this morning about how a top Wall Street executive who is supporting President Obama is being silenced because the rest of Wall Street is mad at Obama because he has the nerve to occasionally say something that isn’t solely effusive praise of Wall Street’s fat cats who crashed the country’s financial system and created the worse economy since the Great Depression:

TOP TALKER: OBAMA’S WALL STREET WOLF MUZZLED – NYT’s Susanne Craig on pg. A1: “One of the biggest banks in the world wants the president’s favorite banker muzzled. The banker, Robert Wolf, a top UBS executive in New York, is among President Obama’s leading fund-raisers, building more than more than $500,000 for his re-election so far this year. … While such a close relationship might have been envied by other bankers in 2008, when much of Wall Street was infatuated with Mr. Obama and donated heavily to his presidential bid, it has been making other UBS executives uneasy of late. The president’s relationship with financial executives has been decidedly chilly after some critical comments about bankers and the administration’s push on financial regulation. … The bank’s powerful group executive board in Zurich recently presented Mr. Wolf with an edict directing him to report all his media inquiries to the firm’s press office. Since then, most of the requests to speak to Mr. Wolf have been rejected, according to people briefed on the situation, resulting in a much dimmer limelight for Mr. Wolf …”  (Read all of Morning Money here and read the New York Times page one article “Bosses Reign In a UBS Banker Who Plays Golf With Obama” here.)

Nothing but blind, nonstop obsequiousness will satisfy Wall Street.  And, anyone who dares not parrot the party line — never mind actually think something different or think for themselves — hurts their feelings (as the leader of Occupy Wall Street, Warren Buffett, pointed out) and is punished and ostracized.  It is simply remarkable how thin skinned and fragile these masters of the universe are.  The titans of Wall Street live in a different universe of private dinning rooms, planes, limos, gated mansions, and yachts where they and their fellow super-rich pals, surrounded by high paid staff and security, all think alike and comfort each other from the ignorant masses, or in this case the insolence of a fellow executive banker who has gone off-message!

The horror.  The horror.

They will never be satisfied and never stop whining about how tough they have it, callously indifferent to how tough so many others have it, largely as a direct result of the riches they grabbed during the bubble and the bill they stuck the country with for their recklessness and greed.



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