When was the last time you heard of a company firing over 5,000 employees due to fraud? My answer is never. I’ve never heard of a company firing 2% of their workforce and citing fraud. Outside of a recession or a merger, a company announcing they are firing 5,000 employees is rare. If I had to give you one guess what industry such a company came from I’m willing to bet you’d guess the financial services industry…and you’d be right. Continue reading Wells Fargo Institutionalizes Fraud – Gets Slapped On Wrist
I finally was able to see the critically acclaimed documentary, Inside Job. The documentary was written, directed and produced by Charles Ferguson and recently won an Academy Award.
I had heard good reviews, but also heard that is was heavily slanted toward a view that Republicans were essentially the main cause of the crisis. I don’t believe this too be accurate, the Democrats share just as much blame. In fact, the two parties worked very hard to be non-partisan in one area – Wall Street.
Inside Job does a great job of boiling down many of the root causes of the financial crisis (though not all of them). It was entertaining, educational and rightfully outrageous. Anger is the primary emotion I felt while watching. The one thing Inside Job does NOT leave you with is Hope. As I’ve stated many times over the past few years, Wall Street has become even more concentrated and powerful than ever, the exact opposite effect the crisis should have had.
We have a crisis in America, and it is only growing larger. That crisis is the control Wall Street has over our nation and its people. This is not a left wing or right wing observation, it’s the reality. Until the banking industry is brought to heel, our nation will continue to be held hostage by Too Big Too Fail banksters.
Inside Job demonstrates the rise of the powerful financial industry and how deregulation fueled the fire. But it wasn’t just Wall Street, Government failed the people and continues to do so. Both parties share responsibility, yet neither are willing to accept.
Few have been prosecuted, there is no Pecora Commission and financial reform was essentially defeated by the big banks.
I give Inside Job top ratings, its a great documentary that everyone should watch. You don’t have to agree with Ferguson’s politics to be outraged by what you will see.
While the movie offers little hope of change (how’s that for irony), the fact that a movie like this was made at all and has gained so much fame is a positive sign.
Inside Job is available to rent now, I encourage you to watch.
Scott Dauenhauer, CFP, MSFP, AIF