Millionaire Hedge Fund Manager Confirms Vahl’s Thoughts on Wall Street Executives
In an article posted today on Drudge, Hedge Fund Manager Andrew Lahde announced his retirement in a letter, and was quoted as saying the following:
“The low-hanging fruit, ie idiots whose parents paid for prep school, Yale and then the Harvard MBA, was there for the taking,” he wrote. “These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government,” he said.
And now, from a March 24, 2008 post … here is what Tony Vahl wrote:
… executives for Bear Stearns selling their shares a couple of months before the ultimate collapse, the iceberg clearly in site as the U.S.S. Titanic rode full steam ahead, the hopes and dreams of the American homeowner riding in the hull.The geniuses on Wall Street have played the system like a fiddle. Their MBA served them well. The ethics training they received at school was nodded and winked at.
The business schools will take the lessons learned and indoctrinate future MBAs with the political wisdom imparted by Henry Paulson and J.P. Morgan … they will learn that the former head of Goldman Sachs can drive the Treasury to give taxpayer dollars to risk-taking banks in exchange for worthless paper … they will learn that the link between government and Wall Street will protect them when they make mistakes … “So, go ahead,” the professor will say. “Take a risk. You won’t pay if you fail.”
Such a corrupt system, where ethics is replaced by a mix of laziness and fortune at all costs, leaves our nation open to outside influence.
So, while this Lahde character made millions off of MBA-powered executives and their greed, the government (led by King Paulson) swept in and bailed out those same execs.
“Save us all from arrogant men, and all the causes their for….”
– Billy Joel
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Great March 24 commentary.
My reading of history convinces me that most bad government results from too much government.
The top 1% dont know where the money they get comes from, nor does it concern them.