Did cocaine use by bankers cause the global
financial crisis?
Coked-up bankers
caused the credit crunch, according to the former drug tsar David Nutt. One
former City worker can well believe it
Cocaine: usage among bankers has been
said to be commonplace in the City and Wall Street. Photograph: Rex
Features/Simon Webster
"Wall Street got
drunk" was George W Bush's typically incisive take on the main cause of
the emerging financial crisis in
July 2008. Two years later the governor of the Bank of England, Mervyn King,
explained in his Mansion House speech that "the role of a central bank in
monetary policy is to take the punch bowl away just as the party gets
going" (something that he admitted had not occurred). But perhaps the
wrong intoxicant was being blamed. The controversial former drug tsar David
Nutt told the Sunday Times this weekend that cocaine-using bankers with their "culture of excitement and drive
and more and more and more ... got us into this terrible mess".
I'm inclined to agree.
Cocaine is (I'm reliably informed) a drug that results in intense bouts of
over-exuberance as well as a tendency to talk extremely convincingly about
stuff you know nothing about. Everyone accepts that a credit bubble occurred in
the mid-noughties and that it was a direct result of what the former US Federal
Reserve chief Alan Greenspan has referred to as "irrational
exuberance". It could also be argued that traders would be better able to
sell absurdly complicated financial weapons of mass destruction after taking a
confidence-boosting narcotic such as cocaine. Furthermore, surely only
cocaine-ravaged buffoons would actually buy billions of dollars worth of
mortgage-backed securities when they were so clearly doomed to explode the
minute the property boom stalled.
I certainly saw my
fair share of sniffly noses and gurning jaws at City bars every Thursday night.
I also heard overconfident gibberish being spouted by brash wide-boys
throughout my 12-year banking career. There were also lots of stories about
some of the big swingers in New York enjoying a line or 10 of an evening.
Bernie Madoff's office was apparently known as "the North Pole" such were the
gargantuan quantities of "snow" to be found there and most bankers
are aware of the published allegations that Jimmy Cayne (former CEO of Bear
Stearns) had an anti-acid medication bottle that was filled with cocaine.
Dr Chris Luke, an
A&E specialist based at Cork University Hospital, Ireland, who has studied
the effects of cocaine on bankers, has stated that "prominent figures in financial and political
circles made irrational decisions as a result of megalomania brought on by
cocaine usage". He concludes that "people were making insane
decisions and thinking they were 110% right … which led to the current
chaos."
Greed, selfishness,
ignorance and ruthlessness also played their part, of course, but I think it would
be foolish not to see the role that the drug played in creating the bubble.
Herd mentality, which thrives during times of uncertainty, is certainly much
more explicable when you factor in the trembling insecurity and depleted
discernment that go hand in hand with a coke habit.
There is, I'm pleased
to say, a happy ending to this sorry tale: my ex-colleagues and clients who
still work in the Square Mile tell me that many City boys are now too scared to
keep snorting the Bolivian marching powder. This may mean bankers are having
less fun but, surely, it can only lead to a more restrained and sensible
financial system.
OBAMA’S BANKSTERS MONEY LAUNDERING
FOR MEX DRUG CARTELS
ZETA MEXICAN GANGS - OBAMA VOTERS???
OBAMA’S OPEN DOOR POLICY FOR THE MEX DRUG CARTELS – VIVA LA RAZA
SUPREMACY AND OPEN BORDERS???
THE CARTELS NOW OPERATE IN MORE THAN 2,500 AMERICAN CITIES INCLUDING
OBAMA’S CHICAGO!
more at this link – post on your Facebook and email broadcast
Known for mounting
the severed heads of its rivals on poles or hanging their dismembered bodies
from bridges in cities throughout Mexico, Los Zetas easily has become the most
feared criminal gang in Mexico.
BUILDING THE OBAMA
DICTATORSHIP: BANKSTERS, LA RAZA FASCIST and the MEXICAN DRUG CARTELS… business
is good for them under the Obamanation!
“Not one banker was prosecuted for illegal involvement in the
drugs trade.”
more at this link – post on your Facebook and email broadcast
http://mexicanoccupation.blogspot.com/2013/05/the-case-for-impeachment-barack-obama.html
OBAMA ENCOURAGES MEXICO’S EXPORT OF MEXICAN BORDER JUMPERS
and LOOTERS TO BUILD THE DEMS’ LA RAZA PARTY BASE of ILLEGALS.
more at this link – post on your Facebook and email broadcast
TEXAS FALLS TO LA RAZA SUPREMACIST
We’ve got an even more ominous enemy within our borders that
promotes “Reconquista of Aztlan” or the reconquest of California, Arizona, New
Mexico and Texas into the country of Mexico.
We’ve got an even more ominous enemy within our borders that
promotes “Reconquista of Aztlan” or the reconquest of California, Arizona, New
Mexico and Texas into the country of Mexico.
SEN. JOHN CROYNYN
(R-TX) SAYS TEXAS SHOULD FALL TO LA RAZA SUPREMACY and the OBAMA LA RAZA
WELFARE STATE in AMERICA/AZTLAN.
OBAMAnomics: his banksters’ profits AND crimes soar.. .so do
foreclosures.
50 MILLION AMERICAN
CAN’T AFFORD ADEQUATE FOOD WHILE MEXICO LOOTS AMERICA BILLIONS AND BILLIONS and
then illegals get all the jobs!
OBAMAnomics through
CRONY CAPITALISM: OBAMA’S CRIMINAL BANKSTERS’ PROFITS and CRIMES SOAR… so do foreclosures
and then illegals get all the jobs!
BARACK OBAMA
– JP MORGAN’S RENT BOY? OR SIMPLY A SERVANT OF WALL STREET’S BIGGEST CRIMINAL
BANKSTERS, ALL OF WHICH END UP WORKING IN THE CORRUPT OBAMA WHITE HOUSE!
PROBABLY THE ONLY TRUTH OBAMA EVER TOLD THE AMERICAN PEOPLE WAS THAT HE
WAS “NOT HERE TO PUNISH BANKS!”… NOPE, AND HE NEVER HAS. THEIR CRIMES, LOOTING
AND PROFITS HAVE SOARED UNDER OBAMA.
YOU WOULD NOT HAVE FOUND OBAMA’S DOJ GOING AFTER OBAMA’S PALS AT JP MORGAN.
HOLDER IS TOO BUSY HISPANDERING FOR LA RAZA, SUING AMERICAN STATES AND
SABOTAGING OUR LAWS AND BORDERS SO THE OBAMANATION CAN BUILD HIS LA RAZA PARTY
BASE of ILLEGALS.
“Records
show that four out of Obama's top five contributors are employees of financial
industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase ($362,207) and
Citigroup ($358,054).”
OBAMA’S OLD PALS J.P.MORGAN STILL mUCKING OVER CONSUMERS… IT’S LIKE OLD
TIMES FOR THE BANKSTERS!
Headline:
California lawsuit alleges illegal collection practices by JPMorgan Chase
THE
LONG HISTORY of BARACK OBAMA and HIS CRIMINAL BANKSTER DONORS JP MORGAN… STILL
LOOTING AMERICA AND THE WORLD!
more at this link – post on your Facebook and email broadcast
This is the unadulterated voice of
finance capital speaking. It should be recalled that JPMorgan is deeply
implicated in the speculative operations that have devastated the lives of
hundreds of millions of workers around the world. In March of this year, a US
Senate committee released a 300-page report documenting the criminal practices
and fraud carried out by JPMorgan, the largest bank in the US and the world’s
biggest dealer in derivatives. Despite the detailed revelations in the report,
no action will be taken against the bank’s CEO, Jamie who enjoys the personal
confidence of the US president.
banks,
student loans, crony books
assault on America –
THE OBAMA – JP MORGAN LOOTING of a nation… now expanded to pillaging of
AMERICAN STUDENT$$$$$$$$$$$$$$
more at this link – post on your Facebook and email broadcast
DID OBAMA PUNK US OR IS HE SIMPLY A FAILED PRESIDENCY?
OBAMA, THE MAN THAT NEVER VOTED DURING THE BRIEF PERIOD HE
WAS IN THE SENATE, OWNED AND OPERATED BY BIG BANKSTERS, IS NOTHING BUT A CON
JOB CALLED “CHANGE”… OR DICTATOR IN THE MAKING.
more at this link – post on your Facebook and email broadcast
EITHER WAY HE IS THE MOST FAILED PRESIDENCY IN MODERN
AMERICAN HISTORY.
BANK
PROFITS
YES, UNDER THE BANKSTER-OWNED PRESIDENT OBAMA, LIFE IS GOOD
FOR HIS CRIMINAL BANKSTER DONORS. THEIR PROFITS and CRIMES ARE SOARING AND SO
ARE FORECLOSURES.
more at this link – post on your Facebook and email broadcast
A CASE OF INCEST! OBAMA PARTNERS WITH WALL STREET’S BIGGEST
CRIMINAL BANKSTERS, MOST OF WHOM NOW WORK IN THE OBAMA ADMINISTRATION!
CRONY CAPITALISM: OBAMA PROTECTS JP MORGAN, THE BIGGEST
BANKSTER CRIMINALS IN AMERICAN HISTORY, AND ONE OF OBAMA’S BIGGEST BANKSTER
DONORS!
Nearly five years after the greatest financial crash since
the Great Depression, triggered by rampant illegality and fraud on the part of
the major banks, not a single major institution or leading bank executive has
been indicted, let alone tried, convicted and jailed.
The
criminal charges are part of an attempt by the Obama administration to create
the appearance that it is cracking down on Wall Street criminality, while it
continues to shield top executives and allow banking fraud and criminality to
continue unabated.
“Records show
that four out of Obama's top five contributors are employees of financial
industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase
($362,207) and Citigroup ($358,054).”
CRONY CAPITALISM: JP MORGAN’S RENT BOY, BARACK OBAMA
HAS HELPED HIS CRIMINAL BANKSTERS LOOT AMERICA BIG TIME!
more at this link – post on your Facebook and email broadcast
…no
filthy politician in American history has taken more loot from looting
banksters than the WALKING CON JOB BARACK OBAMA… and not one bankster has gone
to prison! HOW’D THAT
HAPPEN?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?$?
“Records
show that four out of Obama's top five contributors are employees of financial
industry giants - Goldman Sachs ($571,330), UBS AG ($364,806), JPMorgan Chase
($362,207) and Citigroup ($358,054).”
No comments:
Post a Comment