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Friday, April 25, 2014

Another Banker Departs & Crocodile Tears Are Shed

We thought this was kinda interesting..

Today's topic is a bit macabre and has tinges of gallows humor sprinkled about..

If this is not your cup of tea, simply skip and we welcome you back on Monday..  We promise our feelings won't be hurt..

As for everyone else, we continue..

Four months into 2014 and there have been thus far 14 deaths of executive bankers/traders around the world with the most recent occurring Thursday in France; a 52 year woman who after questioning her superiors (over what, we are not certain), jumped out of a window to her demise..
As for the previous 13...

1 - William Broeksmit, 58-year-old former senior executive at Deutsche Bank AG, was found dead in his home after an apparent suicide in South Kensington in central London, on January 26th.

2 - Karl Slym, 51 year old Tata Motors managing director Karl Slym, was found dead on the fourth floor of the Shangri-La hotel in Bangkok on January 27th.

3 - Gabriel Magee, a 39-year-old JP Morgan employee, died after falling from the roof of the JP Morgan European headquarters in London on January 27th.

4 - Mike Dueker, 50-year-old chief economist of a US investment bank was found dead close to the Tacoma Narrows Bridge in Washington State.

5 - Richard Talley, the 57 year old founder of American Title Services in Centennial, Colorado, was found dead earlier this month after apparently shooting himself with a nail gun.
6 - Tim Dickenson, a U.K.-based communications director at Swiss Re AG, also died last month, however the circumstances surrounding his death are still unknown.

7 - Ryan Henry Crane, a 37 year old executive at JP Morgan died in an alleged suicide just a few weeks ago.  No details have been released about his death aside from this small obituary announcement at the Stamford Daily Voice.

8 - Li Junjie, 33-year-old banker in Hong Kong jumped from the JP Morgan HQ in Hong Kong this week.

9 - James Stuart Jr, Former National Bank of Commerce CEO, found dead in Scottsdale, Ariz., the morning of Feb. 19. A family spokesman did not say what caused the death

10 - Edmund (Eddie) Reilly, 47, a trader at Midtown’s Vertical Group, committed suicide by jumping in front of LIRR train
11 - Kenneth Bellando, 28, a trader at Levy Capital, formerly investment banking analyst at JPMorgan, jumped to his death from his 6th floor East Side apartment.

12 - Jan Peter Schmittmann, 57, the former CEO of Dutch bank ABN Amro found dead at home near Amsterdam with wife and daughter.

13 - Li Jianhua, 49, the director of China's Banking Regulatory Commission died of a sudden heart attack

Sorta reminds us of the old lawyer joke but in this case slightly altered:

Q:  "What are 14 bankers at the bottom of the sea?"

A:  "A good start"
Who knows how many of them died of a fractured conscience rather than simply mental disorder or being worked to death..

The number though is quite small in comparison to the number of people around the world who have had their lives systematically destroyed by the banking/credit card industry and the continual priority that national stock markets receive vs the needs of the populace at large..

In 2013, banks foreclosed upon and repossessed on average 44,000 homes per month which the media proudly trumpeted as a sign of continual recovery based on 100,000 homes foreclosed upon monthly in 2012.

In simple math, you take 44,000 x 12 months, that equals 528,000 homes..  Then add 1.2 million which is what you get when multiplying 100k x 12 and in a 24 month period, banks nationally have expelled over 1.72 million families out of their domiciles...
Another 6.5+ million homes were foreclosed upon between 2009-2011 so add everything up and that comes to 8.2 million families kicked onto the street

And yet only 14 bankers globally have had the moral decency to..  um.. you know..

In 2012 and 2013 combined, about 2.5 million Americans were forced for one reason or another to file for Chapter 7 bankruptcy.   In all, since 2009, over 10 million have had to file..

Why did they do it?  Hard to answer for all 10 million+ people but give you a hint..  The banks played a big role in many of them

So its hard for us to shed tears when bankers commit hari-kari.
Its such a dishonorable profession; legally sanctioned usury.

In normal person to person interaction where there's a lender and a lendee, the ultimate goal of the lender is to get back the money lent plus a profit sufficient enough to justify the loan while not so crippling that the lendee is under normal circumstances, put into hardship to repay..

Banks of course do not work that way..

The more you need, the harder it is to receive a loan and the bigger a bind you're in, the higher the interest rate of return for the trouble..

And then there's the matter of collateral..  Banks obviously do not care if you float or sink; live or die as long they have possession of a title or deed which allows them to come out ahead no matter the situation the lendee is going through..
There's no motivation to renegotiate terms or ease payment schedule..  Whatever economic struggles you're going through is immaterial to a bank..

In some countries like Spain, you go bankrupt and the debt still remains with you till you die.  In other countries like Ireland, the only way you escape the debt is by immigrating to another nation never to return.

But we're not expressing anything newsworthy here..   Most people know the score..

That is why we're so deeply peeved to this day that the banks did not crash back in 2008..

Figuratively.. Literally these evil institutions were on their knees..  Hemorrhaging money like the wounded hemorrhage blood..
~ "I hope the camera is capturing this because the Visine really burns"

And politicians even more evil and corrupt saved them and strengthened them at 100 cents on the taxpayer dollar..  Front door.. back door.. side door..  Any "door" the Fed and Treasury could find..

And Americans not only didn't get mad and grab their pitch forks and tire irons, they Cheered and celebrated this as 'Good'

Why?  Because to many, Wall Street and banks and greed and endless profit represent the very best of what America is all about..
So the banks got bigger and more powerful and most went 'Yay!' as their credit card interest rates rose and their ability to get a mortgage dramatically increased in difficulty and as millions were being kicked to the curb literally like pieces of trash..

So.. sorry to shock but we feel no sadness or remorse whatsoever when an executive banker or financier offs themselves..

Its really the only truly honorable thing that people in a truly dishonorable profession can do