I Get Mail
I got an email regarding my recent column in the YDN – I have reproduced it below along with my response (formatting intact, email address redacted).
On Fri, Mar 27, 2009 at 1:22 PM, <M—–@aol.com> wrote:
Assuming that you are not practicing for a job at The Onion, I find it ridiculous that a Yalie should write such a dumb defense of Wall Street at the moment it has collapsed from its own incompetence, greed and criminality.
The sole purpose of the finance sector is to make the most possible money with money rather than providing any tangible product or service. This is accomplished by endlessly leveraging real or fake financial instruments. The result, invariably and predictably, is an asset bubble which eventually bursts bringing pain and destitution to innocent people. In other words, the finance sector is self-destructing. To the extent that they have made their fortunes, those in the finance sector don’t give a damn about the wreck and ruin they leave behind. Vultures and hyenas work hard, too. Your notion of the American dream reads like something out of the Sopranos.
G. Merner, one of the mob
My response below the fold.
Dear Mr. Merner,
I am always pleased to hear from a reader of my work. I am glad you took the time out of your day to email me with constructive feedback regarding my column.
It will, however, be news to my many friends and acquaintances who serve as investment managers and advisers that they do not provide a “tangible product or service”. I’m sure the millions of Americans who have 401(k)s, pensions, and money stored in mutual funds would similarly be alarmed. As for my version of the American Dream, it is not mine that is rife with the intimidation and threats that are hallmarks of the Soprano’s lifestyle.
I am also interested to know what these “fake financial instruments” are that I can leverage endlessly for financial gain. Is a “Pink Unicorn Call Option” a fake financial instrument? Is a “Sasquatch-Backed Derivative” a fake financial instrument. I am intrigued.
Cordially,
Julian
Tags: mailbag