Danny Schecter, "The News Dissector" at the MediaChannel talks with Paul Jay of The Real News Network about the financial crisis in "Media and Bailout Failure." Schecter's website looks to 5 viewpoints in fixing the crisis. On The Real News Network, Schecter tells about Andrew Ladhe, a highly successful investor who closed his firm, “Recently, on the front page of Section C of the Wall Street Journal, a hedge fund manager who was also closing up shop (a $300 million fund), was quoted as saying, ‘What I have learned about the hedge fund business is that I hate it.’ I could not agree more with that statement. I was in this game for the money. The low hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking. These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.”
Watch part 2 of Danny's interview in "One Nation Under Debt."
Monday, October 27, 2008
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