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59. Re: Morning Legal Briefs Oct 30, 2012, 23:35 Beamer
Wowbagger_TIP wrote on Oct 30, 2012, 18:49:
Beamer wrote on Oct 30, 2012, 18:35:
Wowbagger_TIP wrote on Oct 30, 2012, 16:07:
Beamer wrote on Oct 30, 2012, 15:51:
Mr. Tact wrote on Oct 30, 2012, 09:39:
Beamer wrote on Oct 30, 2012, 08:52:
Traders, not bankers. Investment bankers had nothing to do with this entire crisis. For some reason our media, and therefore population, seems to think investment bankers and traders are the same people doing the same thing. One is never in a position, really, to do any wrong-doing, the other can totally blow things up every single second. One works for clients, the other works for greed.
I strongly disagree. The investment bankers were making a killing on selling the packaged mortgages. I've heard mortgage lenders testify how people from Wall Street called them looking for more and more loans to buy up so they could package them. It was greed on both ends. The mortgage lenders making the loans and selling them to the Wall Street guys, who turned around and packed them up and sold them.

Those were traders, not investment bankers.
Picking at nits here really. Traders working for all the big investment banks, who were all up to their eyeballs in this business and had entire units dedicated to it.

I hate PC gamers. They just sit around, hunched over their mouse, clicking away at their FarmVille or their MafiaWars or their other random Zynga game.

See the difference? Two may be similar, from the outside, and they may be part of the same machine, but they do vastly different things and have no real contact with each other.
What are you talking about? The biggest investment banks in the country were doing this. They directed their employees to do this. How are they not responsible for doing this?

Traders, not investment bankers. They're different things. That was the whole point of what started this line of conversation.

Investment bankers: deal solely with companies and actual assets. If a company wants to get more liquid they guide a company through selling assets or debts. If a company is too liquid they guide a company through expanding or buying another company. They actually buy and sell things that exist in more than just paper (though debt is just paper, they deal with it by having a company issue it, not telling them to buy it.)

Traders: deal with less tangible assets. They're the guys that buy pork bellies low and sell high, all within fractions of a second.

One of those actually adds value to an economy. The other just keeps turning things around that it never actually owns. One of those was involved in this crisis. The other has nothing to do with it.
They are not the same thing and the term is not interchangeable.
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