The Big Short

World Bank Spins Out Of Control: Corruption, Dysfunction Await New President

"With 188 member countries and an army of 9,000 employees and consultants, Kim will lead one of the worlds most powerful institutionscharged with saving the worlds poorbut also one of its most dysfunctional. It is an endlessly expanding virtual nation-state with supranational powers, a 2011 aid portfolio of $57 billion and little oversight by the governments that fund it. Andaccording to dozens of interviews over the past few weeks, atop hundreds more over the past five years, plus a review of thousands of pages of internal documents problems have gotten worse, not better, at the World Bank despite more than a decade of reform attempts."

read more at http://www.forbes.com/forbes/2012/0716/feature-world-bank-robert-zoellick-too-big-to-fail.html
 
mmm....shiney! said:
JulieW said:
Yes I did but in my opinion it doesn't support the contention that government caused the GFC and not Wall Street corruption and fraud.
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That's because you are clutching at straws.
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Maybe you're right Shiney. Government caused the GST by allowing all the laws controlling risky behaviours, fraud and conflicts of interest which were introduced in the 1930s, to be removed.
 
JulieW said:
Yes I did but in my opinion it doesn't support the contention that government caused the GFC and not Wall Street corruption and fraud.
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The contributing elements in government were either donor recipients, ex-Wall street, or retired into wall street. While government is not innocent, it has been effectively infiltrated and enough of the individuals with influence within the institution serve the financial overlords, not the voting public.
It's not enough to fleece joe average's pension, who has no recourse when his mortgage fails after a bubble bursts and jobs get scarce. Now services are cut to cover the taxpayer funded bailouts. Not a problem for those getting million dollar bonuses for making it happen.

Governance is ineffective at best and complicit at worst when the madmen run the asylum. This is the result of greed, with the facade of government only there to lubricate the sodomy. I'm not convinced that removing the facade will make anyone sit any more comfortably in the morning.
How do we expect a company who has a history of flagrant disregard for regulation to act when allowed to operate without any rules? Even in a truly free market, too big to fail would distort the dynamics sufficiently to render the concept of free as fundamentally false. When the supply / demand equation has less influence on price than the financial instruments which speculate on these markets, trade is not free, it charges a premium.

It's a pity we've been disarmed to the extent that forming an angry mob is so pathetically ineffective. Even our last remaining weapon, our vote, is worth less than a floppy stick of celery. The bloke we have in charge? Granted, the competition is piss weak, but he's ex GS, made a killing off the tech crash, and while charming isn't beneath the ruthlessness of forcing his way into power in the same way that upset so many when the other side ran the maneuver not so soon before.

He did well under Howard setting up water trading in 2007 (when GS was getting right into it), and now holds the environment portfolio. Carbon cap and trade will be here soon enough, another win for GS. And lets not forget...

OPPOSITION Leader Malcolm Turnbull looks set to emerge from his long court case over HIH Insurance with his former employer, the Goldman Sachs merchant bank, making a confidential settlement on his behalf.
http://www.theaustralian.com.au/arc...tled-for-malcolm/story-e6frg6no-1111119117953
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" so we know what we are
talking about (pages 9+10). Dr. Gruber has not received his
portion for 47,000MT of gold and $68B in HSBC Brunei under
umbrella of HSBC London. I still give him some time to ponder his
options.

By the way, I am the right hand man, the left hand man,
private secretary, and speaker of the house for Dr. Floro E. Garcia
who is with us every day, in good spirits and good health. His
memory for things past is phenominal. WS"

https://s3.amazonaws.com/khudes/Twitter2.3.16.3.pdf
 
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