Looter

From an article on Goldman Sachs, from a conversation with the CEO, Lloyd Blankfein: He starts with a little humility. He understands that “people are pissed off, mad, and bent out of...

How to Explain Moral Hazard

It took me many years to understand the phrase "moral hazard." It's a fundamental tenet of economics, usually used to explain that, since consumers are untrustworthy, businesses need to charge them...

This is What a Giant Vampire Squid Looks Like

Via Greg Mitchell's Twitter feed, lying isn't just for the IB branch any more: Goldman declined for three years to confirm their suspicions that it had bought their mortgages from a subprime lender,...

Reverse Robin Hood applies to banks too

The next time someone tells you that "the banks need help," just refer them to Barry Ritholtz:Talk about burying the lead: The Times also noted — in the very last paragraphs — how the big incompetent...