Archive for April, 2010

April 7, 2010

The Era of Greed and Entitlement is Over, thank God

We’ve heard a lot of rubbish from these financial emperors who continue to make pronouncements about the state of our economy. When Lloyd Blankfein made the infamous “doing God’s work,” I nearly spontaneously combusted. Did he wink while saying that? He’s got kind of an impish quality right? Maybe I’m confusing impish with pimpish or wimpish.

I’ve noticed something during the past few weeks, the financial emperors and corporate elite have tried out some new material on the hypnotized masses. That is us, in case you were wondering. Yes they are heralding tidings of great joy.  Anxiously we wait for the patriarch CEO of GE to tell us more about their goodness, change of heart. He is the genius who made up the title of this post for me. They make our appliances and the news.

When the going gets tough, the pr campaigns get going. Image is an artificially created construct that we relate to as the other, but there is no substance in image, it is a pure representation of the creator. American business has mastered the manipulation of consciousness for their gain, well for a very long time. Way back, companies just made outright lies about their products like cigarettes, hey smoke this it will give you energy or make you sensual.  Cigarette and other kinds of products would say anything to make you want it, and then came along the nasty issue of product liability. Well that put the kabosh on straight up lying so they had to start using sophisticated mind control techniques.

They made up that shit you know. Banks and Companies want to be trusted, so they can keep you as a loyal customer, brand loyalty they call it.  Somehow sometime banks and corporations stopped caring about getting large numbers of loyal customers, they began to focus on a smaller number of extremely wealthy clients. If they are doing “God’s Work”, its the God of the wealthy, am implicit  rejection of the public general.  ” But even people close to Goldman acknowledge that as long as the bank is making a lot of money, public opinion does not matter all that much. ” NY Times As Goldman Thrives, Some say Ethos has Faded. Jenny Anderson, Dec 15, 2009.

Perhaps they will rethink their recent understanding of the masses, that is gun permits for GS staff and ripping off the teamsters all at once.  The most profitable securities firm in Wall Street history “is actively soliciting bond trades for clients and underwriting credit-default swaps to benefit from a failed exchange and resulting bankruptcy,” Hoffa, the union leader, wrote in a letter authored in Dec. 2009 to Goldman Sachs Chief Executive Officer Lloyd Blankfein.

But I jumped the gun in believing the CEO of GE. There is no abatement of the greed or entitlement, Goldman is like butter, everything just keeps sliding off of them. Over the past months since Hoffa penned his letter the accusations of Goldman’s practice of betting against clients to lose has made big news. Oh and there’s that Greek scandal a la Enron that has not blown up yet.

In the mean time the banks and financial are doing quick time on the pr end Jamie Dimon once again is publicly bemoaning the bad rap bankers are getting, and GS  just issued a letter to their shareholders denying that they bet against their clients.  Naked Capitalism, and ECONNED author Yves Smith skillfully takes the GS letter apart but she’s only one woman and it takes a village to rain the needed kind of justice down on them.

As the Pecora, er Financial Crisis commission has Greenspan on the hot seat we still find our bankers living the high life. Not a one has given back the money or agreed to use it for something better. And the Dow is above 11,000 again, barf bags anyone? Alas greed and entitlement are alive and well. The reports of their demise have been greatly exaggerated.