Mr. Wall Street Scott Brown will be on the Cape this weekend at a fundraiser hosted by former Lehman Brothers Managing Director Larry McCarthy and VP Larry McDonald. Both of these guys have been active bashing the head of Lehman Brothers (and rightly so) in the fall of the investment firm. Larry McDonald authored “A Colossal Failure of Common Sense”, which touts itself as an inside story of the collapse of Lehman Brothers.
But that’s where they stop, neither wants Wall Street to be regulated, they blame individuals and ignore the structural problems in the financial industry which created the problem in the first place. This is were Wall Street traders and Scott Brown meet.
A review of Larry McDonald’s book sums it up nicely:
The eagerness of the Street and the media to pin this meltdown, which has ruined millions of lives and cost trillions of dollars, on a couple of old guys (however greedy, vain and stupid they were), rather than on an out-of-control financial system desperately in need of reform, speaks volumes about who creates the narrative in this country, and how much those narrators feel they have to gain by retaining the status quo.
Let’s not forget Scott Brown’s letter to the head of JPMorgan Chase:
While regulations are necessary, it is also very important that when unprecedented mistakes do occur, banks will use the internal policies that they have set up to promote employee accountability
Taxpayer backed financial meltdown based on risky behavior, to Scott Brown, it’s an internal company matter.
The scariest lines in the fundraising newsletter?
Above all, I want Scott on the Senate Finance Committee next year, he’s the right choice, not his opponent.
Yikes. This is what Wall Street is hoping for.