The Scam Wall Street Learned From the Mafia

I thought I was interested, but then you lost me at Taibbi.

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Well now that we have the ad hominems out of the way, what specifically did Taibbi write that was wrong?

His article last year about what happened to the city of Birmingham, Alabama was absolutely, positively 100% correct. I know this with certainty.
 
The Goldman vampire squid article was big on bluster and attempted to portray the facts as earth shattering. They weren't. He's extremely long winded in his style and has a hard on for the finance industry, as if this industry - as large as it is - should be impervious to impropriety. But, we should all be outraged! Also, he aligns himself with such stellar people as Bill Maher. He's a disingenuous hack.
 
He's in Rolling Stone so you can expect some political hyperbole but I don't see how attacking the messanger in this article changes the facts of the problem. He seemingly did not pull any punches when it came to incriminating the left.
 
He absolutely pulls punches when it comes to the left. Second, I read the first 2 pages and I saw the same bluster. I tired of it and quit. The message is inconsequential. And the messenger absolutely has no credibility with me or any rational person.
 
As I recall Rex is a banker, so he's just getting tired of reporters, journalists, et. al., pissing on bankers. I would get tired of hearing about my profession being regarded as the sleaze and ill-will that so many in this country attribute the economic problems to. I don't recall what form of banking your involved in Rex, so I'm not claiming you are in the same category as the I-bankers who have caused numerous problems. Merely speculating you are tiring of one more article that paints bankers in a bad light.

Having said that, Taibbi rightfully brings to light what most MSM journalists are afraid to discuss. He does have a bombastic writing style that can be outright sensationalistic and he's not for everyone, but I believe he generally does his homework and paints an accurate picture of the felonius activities of I-bankers.

I agree with you Musburger, don't shoot the messenger just because you don't like the message. It's one thing if he was reporting non-factually, but he's reporting the facts accurately. I've read countless articles and blogs from financial and economic professionals who concur with his claims in this article. If folks choose to disagree with it, then send him an email and call him out on in.
 
I sent him an email after the Goldman article pointing out countless misstatements. No response. I believe I posted my response here. His message is inconsequential because I've read/seen him a number of times and he's largely wrong and a blowhard. If Skip Bayless has a good point, I'm not taking him seriously either. Even if he is lauded by the sports journalism community, I don't give a ****. I'm neither an idiot or a crook. Maybe I will read the article.
 
As suspected that article is full of holes and flat out misstatements, purposefully so. Lazy journalism replaced by pop culture references designed to keep the West Mall crowd engaged. What it has done, predictably, is generate misplaced outrage.

Don't call me an idiot, crook or claim I've got my head up my *** when you neither know me nor know the industry that well, Deez.

I will respond to the substance of the article later. There's nothIng earth shattering at all.
 
The facts speak for themselves, regardless of who authored this article. And it's just another example of Wall Street banks doing whatever the hell they want knowing they'll only get a slap on the wrist, or even less than that.
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I literally was through with a post responding to every flawed point in the article - probably such a long winded deal nobody would respond to - and I inadvertently X'ed out of the post. I literally spent the last hour on it. I'm pissed. This is why I don't read Taibbi articles.

I'll try and hit it tomorrow. Earlier when I said Deez I meant Musberger. Apologies to you Deez.
 
Still waiting for your comprehensive reply, Rex. And while you're at it, feel free to comment on the LIBOR scam which implicated Barclays. Link.

The latter article mentions that Charles Schwab is filing lawsuits, that Barclays has been fined over $300 million (a mere slap on the wrist to them) and that most certainly US Banks were also involved. The potential for billions of dollars in suits exists. And the victims of the scandal include pension funds and the like.

Feel free to tell us all is on the up and up Rex. Oh, and Taibbi didn't write this story, but I'm sure the Guardian is liberal enough to where the public should just consider the contents within the article as nonsense.
 
Just thought I'd try to keep the thread alive. Rex promised a stirring rebuttal to Taibbi's article. For anyone new to the thread, Taibbi reported on a trial which found that some of the major banks had been involved in a decade long "fixing" of auctions which determined interest rates paid to cities/municipalities on the funds received from municipal bonds. An excerpt from the article:

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