Ex-Jefferies & Co. trader Jesse Litvak’s former customers told a jury during his fraud trial in Connecticut that lies and misrepresentations are a common part of the give-and-take of bond trading.
Litvak, 39, is on trial in New Haven federal court accused of defrauding investors of $2 million by lying on trades of mortgage-backed securities. He’s the only person charged with fraud in connection with an initiative to distribute more than $20 billion from the Troubled Asset Relief Program, which the U.S. government created during the 2008 credit crisis to help bail out banks.
Litvak is obviously one sacrificial lamb in an industry of sociopaths.
Behold an example of those who get multi-million dollar bonuses, then turn around and buy politicians so they can do it on a grander scale AND get bailed out with taxpayer money when things go wrong.
Imagine the temptation for those who are already morally-compromised when they get an official status that they’re “too big to fail”; they get to envision all the massive potential profit from their lying and skimming, with virtually no consequences.
The entire system stands upon the Federal Reserve, which counterfeits currency, and feeds it to men like this to “invest.” The Fed needs to be dismantled, and hundreds of Litvaks need their assets seized, and themselves put into a life of indentured servitude to the American people as restitution for all they’ve stolen.
Here’s a fact for you to consider:
This isn’t just a manufactured meme; it’s true:
According to a new study at the University of St. Gallen seen by SPIEGEL, one contributing factor may be that stockbrokers’ behavior is more reckless and manipulative than that of psychopaths. Researchers at the Swiss research university measured the readiness to cooperate and the egotism of 28 professional traders who took part in computer simulations and intelligence tests. The results, compared with the behavior of psychopaths, exceeded the expectations of the study’s co-authors, forensic expert Pascal Scherrer, and Thomas Noll, a lead administrator at the Pöschwies prison north of Zürich.
“Naturally one can’t characterize the traders as deranged,” Noll told SPIEGEL. “But for example, they behaved more egotistically and were more willing to take risks than a group of psychopaths who took the same test.”
Particularly shocking for Noll was the fact that the bankers weren’t aiming for higher winnings than their comparison group. Instead they were more interested in achieving a competitive advantage. Instead of taking a sober and businesslike approach to reaching the highest profit, “it was most important to the traders to get more than their opponents,” Noll explained. “And they spent a lot of energy trying to damage their opponents.”
I have no doubt a similar study of members of the U.S Congress would produce identical results—and working together, these two groups are leading the nation to total financial and cultural ruin.