May 18, 2015

Schaudenfreude Alert!

The lords of finance can act spectacularly dumb, such as putting a bow tie on unsecured, no-down-payment mortgages and making huge bets on them or by backing Obama in '08:
When the lords of finance gazed at Obama, they saw a version of themselves: a product of the meritocratic elite, a self-made Ivy Leaguer, a hyper-rational sophisticate transcending the hoary dogmas and histrionics of conventional party politics. [CEO Jamie] Dimon was so smitten that he spent three days in Washington with his family during the inauguration. It all smacked of puppy love. 
But once Obama took office, the romance went south fast. Like many other businessfolk, the Wall Streeters disparaged Obama’s team for lacking anyone with a meaningful background in the private sector.
From Mark Halperin's Double Down.  He goes on to say how much the Wall Streeters eventually grew to loathe Obama.

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