3 ms·
UPS drivers, like it or not, produce that much value. Bankers don't, and are instead holding the economy hostage through abuse of insider information [0], regul
by ex3xu 3y ago
UPS drivers, like it or not, produce that much value. Bankers don't, and are instead holding the economy hostage through abuse of insider information [0], regulatory arbitrage [1], and capturing short-term value via liquidity mismanagement [2] or creating long-term systemic risk via post-Glass-Steagall gambling on derivatives that eventually leaves shareholders and taxpayers holding the bag [3], which ultimately comes at the expense of everybody else in the economy.
[0] https://www.goldmansachs.com/investor-relations/corporate-governance/corporate-governance-documents/code-of-business-conduct-and-ethics.pdf https://www.goldmansachs.com/investor-relations/corporate-go...
[1] https://www.atlantafed.org/-/media/Documents/news/conferences/2015/1119-the-role-of-liquidity-in-the-financial-system/luck-schempp-regulatory-arbitrage.pdf https://www.atlantafed.org/-/media/Documents/news/conference...
[2] https://apnews.com/article/silicon-valley-bank-bailout-yellen-deposits-failure-94f2185742981daf337c4691bbb9ec1e https://apnews.com/article/silicon-valley-bank-bailout-yelle...
[3] https://money.usnews.com/investing/stock-market-news/articles/what-is-a-bespoke-tranche-opportunity https://money.usnews.com/investing/stock-market-news/article...