CNBC’s Mark Haines Stands Up For The Poor Widdle Wall Streeters

3:27 pm EST March 20th, 2009 | Media | 11 Comments

God, the contempt for average Americans is so pathetic. Time to storm the Bastille, it feels like sometimes with these guys.

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11 Responses to “CNBC’s Mark Haines Stands Up For The Poor Widdle Wall Streeters”

  1. Tom says:
    March 20, 2009 at 3:49 pm

    Wow. What arrogance by Haines. He too needs a trip to see Jon Stewart to get his ears pinned back. Rep. Sherman does an excellent job of rebuttal.

  2. Jibreel Riley says:
    March 20, 2009 at 4:04 pm

    they people do live in new york state and are tax payers too

  3. Duros62 says:
    March 20, 2009 at 4:04 pm

    Dude on the left looks like he just ate an orphan.

  4. jr says:
    March 20, 2009 at 4:15 pm

    This is who they are. This is what they do

  5. Dave in SoCal says:
    March 20, 2009 at 5:15 pm

    The Poor Widdle Wall Streeters

    The handful of souls who championed the firm’s now-infamous credit-default swaps are, by nearly every account, long since departed. Those left behind to clean up the mess, the majority of whom never lost a dime for AIG, now feel they have been sold out by their Congress and their president.

    [...]

    Pasciucco cringed at the notion, articulated by many lawmakers and even President Obama, that Financial Products is a firm of nearly 400 reckless and greedy derivatives traders.

    “Everybody, including my secretary and including the guy down the hall that serves lunch, gets a payment,” said Pasciucco, who added that he received no retention payment and has no contract.

    [...]

    Liddy e-mailed a letter to the employees of Financial Products, asking them to “step up and do the right thing.” He asked that anyone who received more than $100,000 in retention payments return at least 50 percent.

    The Financial Products staff met twice Wednesday inside one of the firm’s large, glass-walled conference rooms to discuss the boss’s letter. Numerous employees indicated that they would be willing to return the money, but most wanted nothing more to do with the firm. It was a preview of the possible exodus to come, one that concerns Liddy himself.

    “My fear is that the damage is done,” he told a congressional subcommittee. “That they will return [the money], but that they will return it with their resignations.”

    There is little doubt within Financial Products that he’s right about that.

    “Nobody is going to give it back and then stay,” said one of the firm’s employees. “If they give back the money, then they will walk. And they will walk into the arms of AIG’s counterparties.”

    [...]
    If they did walk out the door, who would volunteer to work at the Chernobyl of the financial world? And what would become of the mammoth portfolio that remains?

    “It would become the biggest naked position on Wall Street,” one longtime Financial Products executive said, “and everybody would exploit it.”

    [...]

    In the meantime, the e-mails from the public have continued to roll in, including death threats and calls to blow up the firm’s Wilton headquarters. Reporters and photographers have camped out in front of the offices in London and Connecticut. They have staked out employees’ houses. The New York Post identified one executive and labeled him “Jackpot Jimmy.” Another employee had to relocate his family after a London tabloid printed his address. A protest group is organizing an “AIG magical mystery tour” Saturday, loading up a 47-seat bus to stop at Financial Products and at the homes of some of its executives.

    Heck of a job, Barack! You too, Congress. And Barney Frank gets extra mention for his “I want a list of employees or I’ll get a subpoena” grandstanding. Bravo, all!

    When the last of the people who had been asked to stay on and help with an orderly shutdown of the troubled arm of AIG have finally bailed out, you can all give yourselves well deserved pats on the back, regardless of any negative repercussions this may have on the already strained economy.

  6. Oliver Willis says:
    March 20, 2009 at 5:24 pm

    Oh no, poor widdle babies. I’m sorry, the entire financial industry is to blame for this mess. ALL OF THEM.

  7. ed says:
    March 20, 2009 at 5:31 pm

    Haines. What a dick.

  8. SaveFarris says:
    March 20, 2009 at 8:52 pm

    First, they came for the Wall-Streeters…

  9. scott_api says:
    March 21, 2009 at 1:53 am

    “If they give back the money, then they will walk. And they will walk into the arms of AIG’s counterparties.”

    Really? They’re hiring?

  10. scott_api says:
    March 21, 2009 at 1:54 am

    “If they give back the money, then they will walk. And they will walk into the arms of AIG’s counterparties.”

    Really? Someone on Wall Street is hiring?

  11. Enlightened Liberal says:
    March 21, 2009 at 4:36 pm

    I don’t understand this meme that they are the only ones that can unwind the trades- we couldn’t trust them then, what makes anyone think they can be trusted now?