Subprime Crooks
Two executives from Bear Stearns are being indicted today for their part in the subprime market crisis:
Barclays accused Bear Stearns of knowing for months that certain assets in the Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Master Fund were worth “far less” than their stated values.
Now, really. Isn’t this sort of like suing your friend because you got hurt when you jumped off a building after him? The market collapsed because loans were being given to people who could not afford to pay those loans back. Everyone knew that part of the equation. And I guess the reason why the Bear Stearns guys are being indicted is because they claimed to have a magic formula where you could make money off of something that cost more than it was worth. While they should not be rewarded for claiming they had magical powers, anyone who bought into this scam should also accept responsibility for believing they had magical powers.
It has somehow become a sign of strength in our culture to point the fingers at others when you’re caught making a mistake. Well, I’m sick of it. Starting right here and now, I am going to fess up to everything I have done wrong in the hopes that my small gesture will create a Pay It Forward-esque shockwave that will permanently affect America’s value system. Here we go …
- To Matt Rasmussen: in 7th grade gym class, I told Brad something-or-other to throw a basketball at you because I was afraid he would throw it at me instead. And I am sorry.
- To Alan Head: Mike Tygeson smashed your graphing calculator and threw its pieces all over the hall when he removed it from our locker, and I let him, because I wanted him to think I was cool. And then when you asked me about it, I lied and told you I didn’t know what happened. For this, I will always be sorry.
- To Jon McCarron: I blew up at you when your dad called and asked me when you were going to get your copies of Danger City II, and I am still mighty embarrassed by it. I’m sorry.
- To Jon Harmon: Sometimes in high school I was kind of just a dick to you for no good reason. You were a good friend and I’m sorry.
- To Don Brewer: I could get pretty snippy and condescending sometimes when we were roommates, and I hope you know I’ve matured and I’m sorry.
- To Jeff Rosenberg: I talked to you on the phone at Silvio’s two summers ago and said I was going to call you. I still haven’t. You were one of the best friends a guy could have and I have totally lost touch with you and it’s easier to not call than to think about catching up on 8 years of lost time, and I’m sorry about that almost every day.
- To Ginni Biggs: you wrote me an email about 6 months ago saying you missed me and wanted me to come to Flagstaff, and it’s still sitting, unanswered, somewhere in my inbox. I miss you too and I’m sorry.
That pretty much covers it. I’ve done 7 wrong things in my life, and now they’re all better. If, however, I’ve wronged you somehow and forgotten about it, please feel free to write to me and get your very own well-deserved apology. The buck stops here.
June 19th, 2008 at 11:22 am
All is forgiven. Well, about high school, at least. I still blame you and your Nadering a little for Bush, and that’s unforgivable.
June 19th, 2008 at 11:24 am
Oh, I’ve found that buying random people drinks (and explaining why you’re doing so) is an easy way to Pay It Forward. I can’t remember the story now, so this isn’t going to be very good, but I did that and then later heard from one of the drink recipients about how they paid it forward, and it felt really, really good.
June 23rd, 2008 at 10:03 am
I’ll go to my grave believing that Nader had nothing to do with Bush becoming president. Check out the documentary Ralph Nader: An Unreasonable Man — it probably won’t change anyone’s mind, but it might give you a little more respect for the man and what he’s accomplished.
And I’m pretty sure that Gore won New York, the state I voted in … how did he do in Texas, again? I can’t remember …
June 23rd, 2008 at 12:39 pm
I believe both he and Kerry won Travis County, the bastion of blue from whence my campaign contributions go out to places like Florida.
I have plenty of respect for Nader’s accomplishments outside of Presidential races. I just wish he’d run for an office that he could realistically win, rather than helping people like Bush.
June 23rd, 2008 at 2:05 pm
I’d recommend watching the documentary, I think it might give you a new perspective on how Nader ran his campaign and the actual impact he had on the election.
June 27th, 2008 at 1:25 pm
Jeffrey, in honor of your self revelatory introspection, I too would like to unburden myself and apologize to Jeff somebody who is the younger brother of Chris something. In sixth grade I found your glasses and took them outside and crushed them with my feet just to see what would happen. The guilt over this vandelous act has burdened me since that day and I sincerely apologize.
Interestingly enough, if Gore had simply won his home state this discussion would be moot.
And Jeff how can you not respect a guy who had Phil Donahue MC his traveling rally’s? That’s just good stuff.
June 27th, 2008 at 1:27 pm
*rallies*
June 28th, 2008 at 11:31 am
Well done! I’m very proud of you, Jeff. Thanks for keeping the dream alive.
This isn’t Jeff Cassidy from Clio, is it?
And I’m all for Donahue and anything he does. A fine point about Gore winning Tennessee, but I’ve come to understand that people who blame Nader for 2000 tend to think of him as the straw that broke the camel’s back. I’m sure Harmon knows that a million things went wrong with the election, that there were voting inconsistencies all over Florida, and I’m sure if pressed he would probably admit that Al Gore did not run a very good campaign or try very hard to appeal to the liberal voters. But somehow Nader’s role is always given more weight than Gore losing Tennessee or the fact that every third party candidate on the ballot in Florida received more votes than the difference between Bush & Gore or that Al Gore ran an uninspiring campaign or most importantly, the fact that half the country believed George Bush might make a competent president.
June 30th, 2008 at 4:30 pm
Jeff Cassidy, class of ‘93, Clio Mustangs.
I took a certain measure of pride typing that, but upon reflection, I don’t think I have very much school spirit anymore, if I ever had any at all. The most spirit I have nowadays is…nope, no spirit. Wait a minute…Johnny Spirit!!! There we go.
July 6th, 2008 at 9:41 am
Jeff Cassidy! Nice to hear from you! Where has your life taken you?
July 6th, 2008 at 1:11 pm
I have traveled the world far and wide and settled down in a nice little condo with my wife in South Lansing. We both work for the Michigan Senate and do our best to provide a valuable service to Michigan taxpayers. She is a legislative analyst for the non-partisan Senate Fiscal Agency and I am the legislative director for State Senator John Pappageorge (R)-Troy. I realize that my status within the MI GOP may get me banned from this board, but I take pride in the fact that I did NOT vote for W. in the ‘04 election, although I didn’t cast my ballot for Kerry either. Why is it that the choices we are given every four years seem to always be between a douchenozzle and a complete jackass? I can’t stand the fact that our presidential choices are packaged and marketed just like mainstream music and movies to appeal to the widest possible audiences. **Steps off of soapbox** Anyway, I enjoy your site. Keep it up. How goes the job hunt?