Goldman Sachs and the Woodshed

A number of years ago (how many doesn't matter) I knew someone in Honolulu who was dating a salesman for one of the radio stations. His job was to go around convincing business people that their lives and profits would be infinitely improved if they were to buy advertising time on the air. He was a bumptious type, loud, arrogant, full of himself. Probably he was just young and insecure, but his bravado offended me, particularly when he patronizingly referred to his empoying radio station, the largest and most prestigious in the Islands and at which he was the most junior of sales people, as "a nice little station." It put my teeth on edge.

I was thinking of him the other day as I followed the Goldman Sachs executives trying to tell Congress that they are too ignorant to understand the ways of Wall Street. I already had my prejudicial views of the young turks I imagined to be responsible for the financial manipulations, so I can't say that I was shocked, but it did confirm for me why I dislike (and always have) the testosterone-driven adolescent cant of a certain type of self-centered swinger. I use the latter word because I can't think of anything better to describe the kind of irresponsible, almost gleeful, kicking to the side of any responsibility. It's Kenneth Lay and Bernie Madoff except this time skipping along just inside the law and saying aren't we clever, catch us if you can, and we've stolen granny's savings but look at the bonuses we got.

The only thing I dislike more than them is the lawyer's chorus. I can say the words now before the lawyers can: "My client absolutely denies any wrong doing. He has operated completely within the law." I think the reason I dislike the lawyers is that they also fall into the pattern of adolescent rule-bending. It's as if these guys didn't have any limits put on them as children and don't have any ethics. Some of them needed to go over somebody's knee.

The only good thing about arrogance is that it's consistent. I've never seen anyone I'd describe as arrogant (and on a university campus they abound) who wasn't so consistently. This means they do not see any reason not to let their innate superiority demonstrate itself on every possible occasion. This provides amazing comic relief, as in the testimony before Congress. Who in their right mind, knowing that Congress is considering legislation to curtain their trading, goes to Congress and blows them off. It would be wonderful, if it wasn't our money, our housing, and our jobs they have destroyed so they can retire early.

Frankly, I hope Congress gets it act together and pins Wall Street's ears back. Or if not that, takes them out to the woodshed and teaches them some humility.