In this essay, former Wall Street Investment Banker, Michael Thomas, expresses his frustration and disillusion with our current economic system. His credibility comes from three decades on Wall Street. In 1961 he landed a job with Lehman Brothers
to begin what for the next 30 years would be an involvement—I hesitate to call it “a career”—in investment banking. I would promote and execute deals, sit on boards, kiss ass, and lie through my teeth: the whole megillah. In consequence of which, I would wear Savile Row and carry a Hermès briefcase. I had Mme. Claude’s home number in Paris and I frequented the best clubs in a half-dozen cities. But I had a problem: I was unable to develop the anticommunitarian moral opacity that is the key to real success on Wall Street.
He is not optimistic about the future.
As 2011 slithers to its end, none of the major problems that led to the crisis point three years ago have really been solved. Bank balance sheets still reek. Europe day by day becomes a financial black hole, with matter from the periphery being sucked toward the center until the vortex itself collapses. The Street and its ministries of propaganda have fallen back on a Big Lie as old as capitalism itself: that all that has gone wrong has been government’s fault. This time, however, I don’t think the argument that “Washington ate my homework” is going to work. This time, a firestorm is going to explode about the Street’s head—and about time, too.
This former Wall Street insider thinks the fallout will be messy. Perhaps even violent.
At the end of the day, the convulsion to come won’t really be about Wall Street’s derivatives malefactions, or its subprime fun and games, or rogue trading, or the folly of banks. It will be about this society’s final opportunity to rip away the paralyzing shackles of corruption or else dwell forever in a neofeudal social order. You might say that 1384 has replaced 1984 as our worst-case scenario. I have lived what now, at 75, is starting to feel like a long life. If anyone asks me what has been the great American story of my lifetime, I have a ready answer. It is the corruption, money-based, that has settled like some all-enveloping excremental mist on the landscape of our hopes, that has permeated every nook of any institution or being that has real influence on the way we live now. Sixty years ago, if you had asked me, on the basis of all that I had been taught, whether I thought this condition of general rot was possible in this country, I would have told you that you were nuts. And I would have been very wrong. What has happened in this country has made a lie of my boyhood.
Is the moral purity he longs for possible? Did it ever exist? But even if there is a hint of utopian nostalgia here, surely it is possible to do better than we have in recent years.The OWS crowd surely has its problems, but they seem to be identifying (if in only piecemeal ways) the problems more clearly articulated here (assuming this writer’s description of the facts is correct). If he is right, though, the fix is going to require either a) a complete overhaul of the current system, or b) a complete overhaul of our collective moral and political culture, and perhaps both.
H/t Rod Dreher