$30,400 Buys Wall Street A Three Course Meal In Vilification

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Paying $30k per head for the privilege to attend a dinner where your employer is the only thing truly feasted upon is a bit steep even by Manhattan standards. The brave few from the big banks who attended last night's Democratic fund-raiser probably had a good idea of what the President had on the menu beforehand ,but may not have expected a full three courses of what Wall Street did wrong.

The President started with a spicy appetizer to grab everyone's attention.

"We also know we should never again have to face potential calamity because of reckless speculation ... and shortsightedness and self-interestedness from a few," Obama said.

Reckless speculation, shortsightedness, and self-interestedness- how tasty. It really leaves you wanting more and BO delivered when it came time for the focal point of the night, the main course.

"So if there are members of the financial industry in the audience today, I would ask that you join us in passing what are necessary reforms."

Ok. Now we see how the main course should make up for the appetizer. But something is missing. We need something for dessert that will leave a good taste in everybody's mouth.

"When I hear stories about small businesses and medium-sized businesses not being able to get loans, despite Wall Street being profitable, that tells me people aren't thinking about their obligations," Obama said, chastising bigger banks.

Time for some Pepto.
Obama scolds Wall Street over reforms, lending [Reuters]


Matt Taibbi Is Disappointed In Wall Street

The next hedge fund manager to invest in Apple gets a horse semen pie to the face. ...all those super-rich people who turned to hedge funds with their millions in the hopes that bunches of Whiz-Kids from Wharton and Harvard and Yale would find unseen and wildly creative investment ideas to fatten their fortunes – all those rich clients are actually finding out now that those same Whiz Kids are buying Apple just like the rest of us [...] Jesus. After all that craziness in the last decade or so, after MF and the London Whale and all that nuttiness, this is what it comes down to? These guys are buying Apple? Couldn't we have just started off doing that and saved ourselves all that trouble? [...] Someday we'll get back to the time when the really smart guys from the best schools went to work for companies that built actual products, engineered more efficient cars, cured diseases, etc. Because it seems like our best minds kind of suck at investing. More Evidence That Wall Street Is Overpaid [TAIBBLOG]