Tuesday, January 10, 2017

With the constant demand for content to fill the 24-hour news cycle, I wonder if anyone bothers to think about what they have written before they air it.  Case in point: on one of the major business news channels the other day, amid the wringing of hands about the decline of retail store sales among the big chains during the Christmas season, the crawling headline read "Amazon Bucks the Trend."  I guess they were trying to indicate that Amazon had a better season than brands such as Macy's.  Don't they get it yet?  Amazon is the trend!

The headline of an article in the weekend WSJ read "Wells Revamps Pay After Scandal".  In my naiveté I thought to myself "Good, some of the board members and executives are finally going to held accountable for the fraud, misstated public reports, breach of fiduciary duty and probably a few thousand violations of the banking laws.”  What planet do I live on?  The new pay scale was for low-level employees at the branches.  Why are the directors still in place?  Doesn't there have to be some accountability at the board level?  What about the concept of "known or should have known"?  This is reminiscent of the mortgage crisis in 2008, where the only guy personally charged with any wrong doing was a mortgage-backed salesman for Goldman Sachs who worked in Paris.  Are you kidding me?


Great article on the CBS website concerning a study of the housing bubble and subsequent meltdown in 2008 here.

 

This communication is for informational purposes only.  It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction.  All market prices, data and other information are not warranted as to completeness or accuracy and are subject to change without notice. 

Any comments or statements made herein do not necessarily reflect those of R. Seelaus & Co., Inc. its subsidiaries and affiliates.  This transmission may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law.  If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED.