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Y2K + Options Backdating + Madoffs + Insider Trading = Organized Crime

By Steve Lombardi

GREED IS THE NEW SHAME - WHERE "FEELING-NO-SHAME" IS LEADING THE STREET

Can you imagine what would happen to the Wall Street Stock Brokerfensters, the Credit Cardshamsters and with the WS Banksters if everyone sold the stocks they own, withdrew the money, paid off all debts and started using cash and checks again? If that happened I wonder if we'd still be reading headlines like this one from the Wall Street Jerks-nal.

The Wall Street Journal title reads 'Wired on Wall Street: Trader Betrays a Friend', WSJ, Weekend Edition, January 16, 2010 by Susan Pulliam.

Is she serious? Betrayed? A friend? Get a clue as to who is driving this get-a-way car and it's not the guy wearing the wire. The title implies that it's wrong to turn in someone who is breaking the law. Talk about a culture of corruption. Even the reporting invests in this counter culture of crime. The title implies the wrongdoing is with the person who assists the government in turning in those on Wall Street breaking the law. Is this reporter serious? She mustn't have children. Or if she does they have a shelf full of participation trophies for her to dust off.

Is anyone wondering why Wall Street has no shame?

Financial wrongdoing is so bad on Wall Street that I'm wondering whether putting more money into my firm's 401K plan is a good idea. Perhaps I should liquidate all the stocks I own, pay off all debts, including those of commercial real estate, cut up the credit cards Barbara and I use for non-existent frequent flier miles and then enjoy a trip to Ireland.

What if everyone dumped their stocks and paid off debts? Who would Wall Street have to rob? They'd have to get bonuses from an empty vault.

Perhaps everyone should do this; wouldn't we all be better off? Then we could ignore the next story about financial wrongdoing involving our invested money being stolen by some greedy bastard on Wall Street who hasn't an inkling about the concept of shame. We could go on about our lives as if it didn't matter to us what they did.

IT SHOWS A LACK OF CHARACTER DEVELOPMENT - There is no honor amongst thieves.

I've written before about financial shenanigans playing out on Walls Street and especially those involving Silicon Valley. I've also written about participation trophies being handed out to losing teams just to make them feel good about being losers. And I've written about rampant greed being confused with capitalism. Do you think maybe there's a connection between greed, the entitlement mentality and a the lack of shame and society rewarding people for losing? And what about shame; is this an outdated concept in the minds of those who are rewarded for not working hard? "Hey, I showed up!"

The entitlement mentality isn't ashemed to ask for a handout.

Goldman Sachs Redefines Greed - Trial Judges and Juries Need to Take Note, August 19,2007, Steve Lombardi

FINANCIAL MISCONDUCT: Y2K, a bigger fraud than Madoff ever thought to be., April 20, 2009, Steve Lombardi

Only losers want a participation trophy, winners want to win one., August 21, 2009, Steve Lombardi

FINANCIAL MISCONDUCT: Is the answer to frivolous Wall Street bonuses, The Participation Trophy Syndrome, April 21, 2009, Steve Lombardi

And this past weekend an NFL player called out for participation trophies in the NFL; well sort of. We have the Dallas Cowboys getting soundly beaten by the Minnesota Vikings and a Dallas player complained about the Vikings "running up the score". Are you serious? What did you want a participation trophy just for showing up? I want to puke. There's no such thing as running up the score in professional sports. To suggest otherwise is an oxymoron that gives away the fact perhaps the accuser doesn't belong in the NFL. If you lose take your lumps, congratulate the winning team and go back to the basics to learn how to become a winner. And don't ask for sympathy.

http://www.youtube.com/watch?v=q3ykWbu2Gl0

And if you're earning a living on Wall Street or in Silicon Valley and get caught for insider trading, stop whining about the guy who helps the retirees by wearing a wire to expose the fraud being perpetrated on all those who invest in the stock market. And if you're in the business of news-a-tainment stop writing titles that teach children it's not right to have shame and to turn in those who don't.

AND THAT'S WHAT'S MISSING WITH THE CHEATERS - SHAME

Shame is a necessary component in having the right foundation for good character. Without it the foundation of a person's character is flawed and no different than the foundation of a Ponzi scheme. Parents need to invest in their children failing; YES FAILING, but in ways that teach them how to pick themselves up. Watching the other guys win, while you lose and get nothing is necessary to teach young people how to win while building truthful character. And that's why participation trophies are wrong. They don't allow the feeling of being a loser, a necessary experience to building a solid foundation for good character and in turn good honest citizens.

STOP REWARDING PEOPLE FOR BEING LOSERS

http://www.youtube.com/watch?v=CGACsSW4Iqw

Teach your kids that a single play doesn't win the game. It's all about the inches. A guy with a single is just as likely to win the game as the guy who is trying to hit the homerun. Learn to save, not to just spend. Learn to work hard and to be honest. Know what shame is, it's alright to make mistakes, just learn from them. Learn how to be a winner.

And one more time I'll say this because I mean it: Only losers want a participation trophy; winners want to win one.

Okay, that's it for today, I've talked enough. But if you're interested in knowing more about the Participation Trophy Syndrome read the linked articles below.

http://www.youtube.com/watch?v=9rFx6OFooCs

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Originally posted at InjuryBoard by Steve Lombardi

Full post as published by Des Moines Personal Injury Lawyer on January 20, 2010 (boomark / email).