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Study: Credit Credit Crisis Was Caused By Bankers Who Got Off On "Painful But Exhilarating Losses"

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Were you one of the bankers whose firms racked up billions in losses and brought the global economy to its knees just two years ago? Have you been happy to let people assume that it was merely a matter of greed-- that you didn't set out to lose the money, you just saw the potential dollar signs and couldn't help yourself? Well your cover is blown. We all know the truth now-- you wanted to lose, big time, because you're sick, sick fucks.

In an article published in Angelaki: Journal of the Theoretical Humanities, Dr Crosthwaite says that the willingness of banks to deal in subprime loans and related derivatives, which were bound to result in disastrous losses, can only be understood if the bankers unconsciously desired the destruction of their own institutions. Dr Crosthwaite argues that such catastrophic losses can be sources of masochistic pleasure for those who experience them.

Sure, it felt nice to make it rain in the years prior but after a while taking home fat paychecks no longer did it for you. You needed something more intense to get the tingling sensation. To feel alive again. So you came up with stuff like the the Merrill Lynch Enhanced Testicle Clamp CDO^4 Fund, strapped it on and said asked-- no, begged-- the market to make you its bitch.

[Crosthwaite] points to evidence that there is an element of masochistic satisfaction in the experience of running up losses, and that a full-blown crash is a source of euphoria as much as despair. His findings suggest that bankers and other investors take on excessive risks not simply because of an urge for high returns, but also out of an active desire for painful but exhilarating losses.

Bankers Derived 'Erotic Thrill' From Credit Crisis [Telegraph]


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