Bloomberg asks rhetorically. Did Psychopaths Take Over Wall Street Asylum?
Psychopaths caused the financial crisis ”¦ And they will do it again and again unless they are removed from power
The Independent quotes a UK investment banker:
“At one major investment bank for which I worked, we used psychometric testing to recruit social psychopaths because their characteristics exactly suited them to senior corporate finance roles.”
Market Ticker makes the crucial point that this is essentially another deflection attempt.
So yeah, sure, we have psychopaths on Wall Street. But the real problem doesn’t lie there.
The root of this problem lies in Washington DC, because without their active cooperation there would have been thousands of indictments, trials and prison sentences handed out by now.
But in point of fact there have been none.
Therefore, it follows that the worst and most vicious psychopaths are in Washington. They care not about rule of law, only that the corruption continues and that they profit from it.
I think “sociopath” is a more accurate term. What I see on Wall Street is addictive behavior; these guys care only for an immediate fix of personal profit and the devil take the hindmost.
William Black calls it “control fraud,” the deliberate looting of an entity (it can be a company or a country) by a few at the top.
“The failure of the entity is not a failure of the control fraud,” he says.