Wall Street Pimps and WhoresTuesday, June 19, 2012
Mish, otherwise known as Mike Shedlock, has quoted extensively from an article written by Eric Englund and I titled, “General Motors and the Intellectual and Moral Bankruptcy of Wall Street,” which ran on LewRockwell.com in 2008. To quote Mish:
Underwriters get paid to pimp garbage. They do not care what fools, pension plans, or widows on their last dime they sucker in. All they are concerned with is pimping the bond, pimping the IPO, and pimping whatever “trading” portfolio the corporation has to whatever suckers they can find.
This year, all the hoopla has been around GM reclaiming the title of world’s top-selling automaker. Yet a recent story on Seeking Alpha noted that GM’s “stock price is down by 28% over the last 52 weeks and down by 22% since Feb. 17.”