The Lombardi Law Firm Blog

Wall Street Banksters Are Proud to be Greedy

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? The title implies that it's wrong to turn in someone who is breaking the law. The title implies the wrongdoing is with the person who assisted 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 those on Wall Street have 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 that 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?

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. We could go on about our lives as if it didn't matter to us.

IT SHOWS A LACK OF CHARACTER DEVELOPMENT

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 a loser. And I've written about rampant greed being confused with capitalism. Do you think maybe there's a connection to a society that rewards people for exhibiting loser behavior? And what about shame; is this an outdated concept in the minds of those who are rewarded for not working hard? Here is what I've previously said on the subject.

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 then here comes the NFL. This past week 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? There's not 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 and learn how to become a winner.

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 BOTH WITH THE CHEATERS AND THIS WRITER

Shame is a necessary component to having the right foundation for good character. Without it the foundation of a person's character is no different than the basis 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.

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.

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

FINANCIAL MISCONDUCT: Y2K, a bigger fraud than Madoff ever thought ...

... FINANCIAL MISCONDUCT: Y2K, a bigger fraud than Madoff ever thought to be. ... Well let's see how smart you really are. Remember Y2K? ... 101k

US Chamber "Madoff" With the Truth | InjuryBoard Des Moines

... Together they brought us Y2K, Enron, Worldcom, Health South, Wall Street bonuses, Madoff, Davis Investments, hedge funds and now CDO's backed by liar's ... 101k

The Media On Trial: Did the Media Fail us with reporting Madoff? ...

... one knew was occurring? Was this scheme, like the Y2K scam just too far above the average journalist's intelligence? Or has the ... 101k

I'm in the wrong business... | InjuryBoard Des Moines

... Let's see we've had Y2K scam to prop up income statements, the backdating of stock options accounting fraud, the sub prime mortgage meltdown, the ... 101k

Who is the AIG April Fool? | InjuryBoard Des Moines

... Arrogance is with you and those who are being paid hundreds of millions to billions of dollars in bonuses for doing nothing. (Y2K, stock options back dating ... 101k

FINANCIAL MISCONDUCT: INJURYBOARD in APRIL is all about financial ...

April on the InjuryBoard will be focusing on financial torts; torts like those that have blanketed the news lately. There have been an incredible number of ... 101k

Baby boomers cap damages with made in China cheer | InjuryBoard ...

... In the end money isn't security. You should have learned that after the Y2K fraud practiced on those who invested in Internet stocks. ... 101k

Welcome to the Lombardi Law Firm website. Knowing your rights and how to protect yourself is important. Always be alert to risks that can cause you injury or get you killed.  Steve Lombardi provides commentary and insight on this blog, The Verdict and also writes for the Des Moines market of the InjuryBoard.com and on occasion on the Des Moines Register web site. Steve Lombardi has more than 30 years in civil litigation including death and injury cases for workers and their spouses for all types of accidents and injuries. Attorney Steve Lombardi is a personal injury lawyer. Join us in making the world a safer place. (515-222-1110 or sdlombardi@aol.com )

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