All Those Years We Were Racing to Nowhere

Investors Wasted 12 Years

By Kevin Spak, Newser Staff

Posted Apr 9, 2009 11:00 AM CDT

(Newser) – For years, denizens of Wall Street have been living a frantic existence, sleeping, eating and otherwise living at the office, “because whatever it is that had to happen had to happen immediately, or yesterday,” writes Elizabeth Wurtzel in the Wall Street Journal. And what did this feverish “ER-approach” to finance yield? Twelve years of wealth lost in a matter of month.

"Anyone who liked sleeping, or dating, or occasionally walking his own golden retriever" had to get another job. “If you blow the whistle, it’s only to hail a taxi to take you away, because complaining just is not tolerated.” Big firms regret buying this security or striking that deal, but not the rapid-fire, tunnel-vision ethos that got them here. “No one has stated the obvious: the whole system is warped.”

[Images (2)]

[Quotes (3)]

A specialist rubs his eyes as he works on the floor of the New York Stock Exchange, Thursday, March 26, 2009. (AP Photo/Richard Drew)

A stock trader works at the New York Stock Exchange Monday, March 30, 2009. (AP Photo/Mark Lennihan)

« Prev« Prev | Next »Next » Slideshow

A dozen years worth of sleepless nights down the drain like dirty bathwater. Pity these people.
- Elizabeth Wurtzel

Corporate attorneys like me, even those with the eyesight and insight of Mr. Magoo, all should have been able to see this financial collapse coming. - Elizabeth Wurtzel

I would love to call the system despicable or detestable or something evil-sounding, but that would be giving it too much credit. It's really just the march of dunces. - Elizabeth Wurtzel

« Prev« Prev | Next »Next » Slideshow

To report an error on this story, notify our editors.

More Newser Stories

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

(NEWSER) - Matt Taibbi was incredulous when he read a recent New York piece in which Wall Street denizens whined that Dodd-Frank was limiting their bonuses. "I watch what I spend," one banker lamented, "but my girlfriend likes to eat good food," which adds up fast. "Quelle horreur!" Taibbi quips in Rolling Stone , before shredding the argument. Actually, bank compensation is falling because of the European debt crisis. Bankers he knows are saying things like, "If the ECB doesn't come up with a Greek bailout package, I'm going to have to sell my children for dog food." And at some banks (like Goldman Sachs), bonuses are actually up relative to earnings. More»

Lehman Lives on— and It's Getting Bigger

Financial giants refuse to die, Steven Davidoff explains

(NEWSER) - You might remember Lehman Brothers from its starring role in kicking off 2008's financial crisis by declaring bankruptcy, and hence, you might think it is dead and buried. But you'd be wrong, writes Steven Davidoff in the New York Times : Lehman is actually still shambling around, zombie-like, and what's more, it's trying to get bigger. Courts are still trying to work through Lehman's bankruptcy, the biggest in history, and in the meantime Lehman's estate is trying to buy apartment firm Archstone-Smith. More»

Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

(NEWSER) - Elizabeth Warren is the longtime bane of the banking industry's existence, but as she prepares the new Consumer Financial Protection Bureau, the woman who once slammed Wall Street's finest as "the people who drove the car off the cliff" is now killing them with kindness. In many cases, they’re warming to her, reports the Wall Street Journal . “She's been listening to us, and we're not used to regulators listening to us,” notes one banker. More»

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(NEWSER) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian Palmer in Slate ’s Explainer column: “The rampant speculation and eventual crash of 1929 weren't caused by fraud or illegality, but by unreasonable optimism and loose financial regulation.” More»

Feds Ready to Prosecute in Financial Meltdown

Inquiry panel will name names on Thursday

(NEWSER) - It might finally be time to pay for a handful of Wall Streeters, as the Financial Crisis Inquiry Commission prepares to name names for possible prosecution, insiders tell the Huffington Post . The panel, which will release three separate reports on Thursday, is turning several cases over to state and federal authorities, who may prosecute. It’s a leap forward in the US response to the financial crisis, say people involved. More»

NEWS FROM OUR PARTNERS

What is Newser?

Face it: there's too much news. At Newser, we choose the most thought-provoking and entertaining stories from hundreds of US and international sources and reduce them to a headline, picture, and two paragraphs. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »

Partnering with: Slate

View Newser on the mobile website

All Those Years We Were Racing to Nowhere