So, for some time we thought that Satan controlled Wall Street, and that’s why it was so volatile, but it turns out it’s just a few psychopaths who control the top trading firms.
Yeah, it’s a tough choice, do you want Satan controlling Wall Street or an unfeeling, selfish, and greedy banker with no thought for those who he’s potentially hurting around him, managing the majority of the world’s money with highly leveraged bets? It’s one of those lose lose type situations. This is Clive Boddy’s theory in a paper called “Corporate Psychopaths Theory of the Global Financial Crisis“.
He says the unnamed “they” seem “to be unaffected” by the corporate collapses they cause. These psychopaths “present themselves as glibly unbothered by the chaos around them, unconcerned about those who have lost their jobs, savings and investments, and as lacking any regrets about what they have done. They cheerfully lie about their involvement in events, are very convincing in blaming others for what has happened and have no doubts about their own worth and value. They are happy to walk away from the economic disaster that they have managed to bring about, with huge payoffs and with new roles advising governments how to prevent such economic disasters.” (Bloomberg)
One name that might just fall into this ‘psychopath’ category is former Countrywide Financial CEO Angelo Mozilo. Yes, don’t let the ‘angel’ in his first name fool you. And perhaps there’s a reason Mozilo had the ever present excessively tanned skin: he was trying to hide his Satanesque red skin.
This is a man who Time Magazine called one of the “25 People to Blame for the Financial Crisis”. Mozilo’s Countrywide Financial was the leader in sub prime lending throughout the housing boom and Mozilo was paid mostly in stock options which he sold as the stock soared while underneath these sub prime home loans soured.
The SEC charged Mozilo with insider trading and securities fraud and he paid a paltry $67.5 million in fines. I’m guessing his skin is still quite tan and his belly more than full.
Oh, and then there’s this guy called Bernie Madoff. He went to prison for running a little Ponzi scheme for like twenty years.