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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: energyplay who wrote (34056)	4/29/2008 2:23:50 AM
From: TobagoJack	Respond to of 217840

hold and wait on energy they have been very good, more than good. lovely. just in in-tray, pointing to eventual revolution, as systemic fraud favored by cb ilaine gets exposure and garners illumination quote I think it's fairly simple to connect the dots. Large financial institutions have been transformed in the past 10-15 yrs. into fiefdoms run for the benefit and profit of their senior managers. The ability in a leveraged environment to cut deals that were enormously profitable to management allowing huge upside while the company and ultimately the CB shouldered the downside was too good to pass up. Governance (I'm a former Board member of a major US investment bank) has been suspect for some time due to the 'buddy system' (I resigned from fatigue of saying 'no'),but the inherent frailty was magnified in the past cycle by the layers of derivatives complexity that left even well-meaning outside directors in the dark. Add to this the symbiosis with then- Republican Washington and you produce a legal but scarier version of a loose-knit Tony Soprano -style scamming of the people and the system with paid-for legislation insuring no interference from regulators.The companies' shareholders and the taxpayers are left holding the bag while phantom profits recorded in earlier periods enrich the cabal of greedy WS senior managers. If the public and courts ever figure this out class warfare (middle v. rich) may emerge on a scale previously unseen in the USA. unquote