Wall Street professionals are getting a lot of heat in the press lately for the exploits of few. Although we target Wall Street excess in this article, we believe the vast majority of financiers are honorable.
Our view is that the financial shenanigans that you see today are 10-15 years (at least) in the making, largely due to negligent, even reckless, and outdated government policy, regulations, and oversight. Politicians on both sides of the political spectrum are to blame, as are those who elected them.
An aside, though we find many foreign countries and their citizens appealing, we are grateful that we had the opportunity to incarnate as citizens of, what we believe is, one of the greatest countries on Earth. Also, we both minored in economics in college and consequently gained a vast appreciation for, and have absolute faith in capitalism, which your modern way of life depends upon.
As Margaret Thatcher said, “The problem with socialism is that eventually you (the government) run out of other people’s money.” Considering the way the government imprudently spends your tax dollars, it’s clear that the private sector is far more efficient in financial matters. The financial crisis of 2008 and 2009 pales in comparison to the never-ending, out of control spending of the U.S. government.
Furthermore, it’s a myth that fiscal white-collar villains are always white, male Republicans. The desperados hold varying affiliations and are from diverse walks of life. In fact, Democrats accepted just over 50% of Wall Street’s 2008 election contributions.
Also remember that when the super-wealthy get wealthier, it’s your good karma to benefit as well (think Bill Gates and Microsoft). The growth of the world’s economies through private enterprise benefits all, despite what some media sources might tell you. For those of you who live in the U.S.A. and other free market economies, remember that you have the freedom to take advantage of the system in any legal and ethical way you see fit, which will in turn increase your own and the world’s prosperity and standard of living.
Below we offer 7 examples of Wall Street dubiousness from a spiritual perspective.
1) When your derivatives trader acquaintance tells you with a wink and a nod that lack of proper over-sight and dreadful Securities and Exchange Commission regulations (helped along by celebrated Washington politicians, Democrat and Republican, who deal–emphasis on the word deal–with the more than 2000 lobbyists employed by the financial community) has helped create an environment where it’s easier than ever for the scammers to dodge the feds, feel compassion for her as you see a succession of future lifetimes of hers as being on the other side of a bad deal, getting ripped off repeatedly.
2) “Un-checked leveraging and bear-raids on failing companies using suspect short-selling tactics, which is like taking an insurance policy on your enemy, knocking them off, and getting away with it while enjoying the payout, has allowed me to rake in over $100 million this quarter alone!”, beams a trader. As you look at his aura and sense dozens of demons driving the bus, resist the urge to scream and run like hell. As soon as you get home do a spiritual cleanse.
3) You tour the trading floor of a high-profile firm and sense that many pros live on the edge in adrenaline, drug, and alcohol-fueled existences. The battlefields on which they work seem as fierce as any in the Middle East. While the rate of burn-out is high, have heart for these guys and gals who go for the gold. Just don’t get in their way, refuse to allow that rare broker to trade wildly, jacking up their commissions, and don’t pay excessive commissions on trades.
4) As levels of cronyism on publicly-traded firms’ boards escalates, don’t bother telling the CEO who abuses corporate finances that he is sailing a sinking ship. Know he’ll get his karmic punishment in time, even if it’s 50 lifetimes from now. When he says in a speech that his faith is very important to him, try not to laugh out loud and announce to the crowd, “Is that the faith of the Dark Lord of Pilfering you speak of?”
5) Whispers of insider trading and excessively creative accounting in non-private firms, even occasional false invoices used to purchase illicit services and goods, is enough to make you consider retribution. But be strong, it’s not worth your energy. Do what you can to combat the wrong-doing, but be careful to avoid gaining negative karma.
6) Through her bias, or even sometimes in exchange for favors, Alice the high-profile analyst over-inflates the projected worth of the equities she rates, hood-winking 1000s of investors. Nobody will notice, right? Sure, nobody but your spirit, Alice, and you’ll carry these deeds with you into your future lives. “Enjoy!”, you can’t resist saying to yourself. But have faith, she will eventually learn that it’s best to be honest, even when nobody is watching.
7) The train-robber-esque world of unregulated Credit Default Swaps (CDSs), has over the past several years turned speculation on corporate credit into a casino-style sport instead of merely hedging downside risk. “10, 20, 30 or more times your investment in leverage with only the risk of losing your initial capital! Who cares if I wreck a few companies and bring the financial industry to its knees!” exclaims George the gangster. You sigh to yourself as you sense he’ll, on a soul level, chose to endure multiple lifetimes of balancing the spiritual debt he’s acquired. Send him lots of Light, he’ll need it.
Is every Wall Street worker void of all shame and a conscience, you ask yourself? Of course not. Just as with any profession, there exist bad apples. Again, we believe the vast majority of American financial merchants are principled.
Ultimately, investors, employees, and consumers vote with their feet. If you don’t like the way some executives operate, don’t work for the company, don’t buy their products and services, and avoid investing in their equities.
Copyright © 2009 Scott Petullo, Stephen Petullo