There is something sick about the priorities in financial markets.
First, we have the New York Times reporting that bankruptcies across the United States has turned into a goldmine for accountants, lawyers and restructuring experts. Just Lehman Brothers and General Motors alone have delivered them hundreds of millions of dollars. The vultures are getting rich. They would have a vested interest in the US economy continuing to tank, it's making them rich.
And then there's Goldman Sachs. While Americans were losing their homes and jobs, Goldman Sachs was cheering about the US housing market going down the toilet as it pocketed billions of dollars in bonuses.
The Times reports that Goldman Sachs was paying its London staff $1 million each, and handed them new share options worth a fortune. All made possible by the firm shorting the market and betting that it would collapse.
Not surprisingly, President Obama's pay czar Kenneth Feinberg says the bonus culture of Goldman Sachs contributed to the firm's bad behavior that has landed it in so much trouble. Greed did the damage.
You want to know why the market is screwed? Follow the money!
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