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Wednesday, July 11, 2012
'This is Moral Hazard'
Over at Le Café Américain a subject is highlighted that we are all aware of...
This is Moral Hazard, which I think only scratches at the surface of the grift that has been ingrained in the financial services industry.
From financial advisers acting as little more than conduits or salesmen for mutual fund companies (with individual investors considered little more than food) to the young man I bought a BMW from in 2002 (I'm done with that phase BTW... more practical now), working as a 'business manager' (i.e. financing clerk) at a car dealership after being fired from Merrill Lynch because he kept his clients 100% cash (thus not churning commissions) and protected them through the tech crash - and bear market - that began in 2000. The kid did not keep 'em trading.
Now I have noted before that some of the people I have 'met' through NFTRH, whether they be financial advisers, brokerage firm owners or bankers, have really dialed me back from being overly cynical. There are exemplary and ethical people in this racket.
But on the whole, the blood sucking vampire known as the massive financial services industry is about as rotten as the blood sucking vampire that is the out of control US weapons industry. These things are on autopilot and just keep churning forward, eating everything in sight; including the nation's seed corn.