If you don't know Matt Taibbi, you should get acquainted with him. Everything he writes is great (I especially enjoyed his recent takedown of Tom Friedman) but you should really read his new piece in Rolling Stone on the financial crisis. Remember recently when LTG said the following right here on this blog?
I choked a bit on my latte. Are you shi*ting me? When did bankers become alpha males? Bankers were always in popular lore buttoned-down milquetoast types who wouldn't loan you five bucks for a sandwich unless you proved you already had a ten in your pocket. The kind who would give you a $20 savings bond for your 10th birthday, or weigh bananas at the store before buying them. But of course, alpha male is what happened to the banking industry. A friend in NYC (a lawyer) reported that he used to listen to 25 year olds deriding him for doing "women's work" (preparing the legal paper for their deals). In my world, that talk would get you fired, not get you a bonus.Well, Taibbi feels the same way:
These same "alpha male" attitudes probably explain the big bonuses we are seeing being paid to wall street folks even as they take taxpayer money to cover for their massive collective screwups.
The best way to understand the financial crisis is to understand the meltdown at AIG. AIG is what happens when short, bald managers of otherwise boring financial bureaucracies start seeing Brad Pitt in the mirror.Excerpting doesn't do it justice -- go read the whole thing.