{"id":2338,"date":"2010-11-19T21:15:55","date_gmt":"2010-11-20T04:15:55","guid":{"rendered":"http:\/\/www.jasonapollovoss.local\/?p=2338"},"modified":"2018-08-17T09:00:38","modified_gmt":"2018-08-17T13:00:38","slug":"the-people-that-got-us-here-have-to-change","status":"publish","type":"post","link":"https:\/\/jasonapollovoss.com\/web\/2010\/11\/19\/the-people-that-got-us-here-have-to-change\/","title":{"rendered":"“The people that got us here have to change”"},"content":{"rendered":"

Since October 2008 I have electronically pounded my fist saying that for the “recession” to be truly over required three important things.\u00a0 One of those things of import was that “the people that got us here have to change.”<\/span><\/p>\n

Since October 21, 2004, when I had a life-changing epiphany, I have known that Wall Street was institutionally corrupt.\u00a0 Yes there are always corrupt individuals within any society.\u00a0 But corruption that is institutionalized is a cultural cancer.\u00a0 The stark way in which I saw this led to my retirement from a successful Wall Street career.\u00a0 Not because I was corrupt, but because the corrupt structures of Wall Street were speeding toward a recession, and maybe even a depression.<\/span><\/p>\n

I think I got my first whiff of Wall Street corruption back in 1993 with my first job out of college as a stock broker.\u00a0 The firm I worked for was corrupt.\u00a0 My next big whiff came in 1999 when I was working as a research analyst at Davis Selected Advisers and the dot.com bubble was in full swing.\u00a0 The air around all of that free-flowing capital reeked of excess.\u00a0 Then the bubble burst and I hoped that some of what I saw on a weekly basis would change, or at least, subside.\u00a0 But it didn’t.<\/span><\/p>\n

For capitalism to become an institution of plenty, and not of deep, unfulfilled desires again, then the people that got us here have to go.\u00a0 So imagine the gasp I let out when I saw this late Friday night’s Wall Street Journal headline: “U.S. in Vast Insider Trading Probe.”<\/span><\/p>\n

The gist of the story is that the U.S. Federal Government has concluded a three-year investigation of consultants, investment bankers, hedge-fund and mutual-fund traders, and analysts.\u00a0 It is expected that criminal charges will be brought against many, many people.\u00a0 This is because the investigation has purportedly uncovered many insider-trading rings.\u00a0 Shocking!\u00a0 I am so shocked!\u00a0 Not really.\u00a0 Unfortunately.<\/span><\/p>\n

Investigators have come from many different sources in a collaborative effort and have included: Federal prosecutors, the FBI, and the SEC.<\/span><\/p>\n

Many of the details remain unexpressed.\u00a0 However, as a member of the general public now, I can warn you: prepare to be disgusted.\u00a0 Hopefully those that are truly guilty are exposed, shamed and rightfully punished for ruining the lives of so many other human beings.<\/span><\/p>\n

I will continue to follow this story very closely.<\/span><\/p>\n

Jason<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Since October 2008 I have electronically pounded my fist saying that for the “recession” to be truly over required three important things.\u00a0 One of those things of import was that “the people that got us here have to change.” Since October 21, 2004, when I had a life-changing epiphany, I have known that Wall Street […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3,15],"tags":[],"class_list":["post-2338","post","type-post","status-publish","format-standard","hentry","category-the-blog","category-predictions"],"_links":{"self":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/2338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/comments?post=2338"}],"version-history":[{"count":0,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/posts\/2338\/revisions"}],"wp:attachment":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/media?parent=2338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/categories?post=2338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/tags?post=2338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}