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Wednesday, February 11

Growing up in banking

"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," Sen. Claire McCaskill, D-Mo., recently said from the Senate floor. "I'm mad," she said. "Everyone I work for is mad."

Being that my dad was a very successful VP in one of the world's largest banks, I grew up schmoozing with millionaire bankers... but it was a lot different back then. They didn't flagrantly piss away money and they were more charitable and gracious. If they lived in castles, had a few homes and yachts it was because they came from old money and most of them did. They didn't make 300 times the average worker's salary either.

If they get newspapers in heaven, my dad must be rolling over in his grave.

I ended up working in banking after I graduated from art college. (I needed the money.) Sure, we had corporate credit cards, we earned vacations and bonuses, but at the time, the bank was making a profit and shareholders were getting dividends. I worked in investment banking in the 80's. The young bankers on Wall St were drug addicts who would burn out by the time they were 30. The old time bankers who had ethics were retiring and the young hot shot MBA's were taking over... regulations be damned.... profit sharing be gone!

Now Michael Moore is seeking whistleblowers from the banking industry for his next expose. I just can't wait to see what is really going on behind the scenes. I'm sure it's a far cry from what I saw back in the day.

Today the bank leaders will be meeting with congress. They are taking mass transportation to get there. hmm. They will be quizzed on how they spent the taxpayer money. They will answer for their great big bonuses. Back in the day, you only got bonuses for MAKING MONEY and turning a profit. I don't understand how it works today. Do you?

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