Investment Banking is Legal and Poker is Gambling?

While sitting and playing online the other day I was watching the Senate hearings on the banking crisis and listened to a few hours of bankers from Goldman testifying. I really couldn’t believe it. At best they are low life used car salespeople, and I apologize in advance to all used car salespeople. At worst they are lower than common criminals, stealing from unsuspecting investors. It will be interesting to see how it all shakes out.

If the US Congress and Courts calls poker gambling, what in the world is what these “investment bankers” do? The only difference between high stakes poker and what these guys were doing is that the stakes are much higher and they were using other people’s money.

When compared to black jack, craps and roulette, I believe you have a larger percentage of winners than in the derivatives market. The banker’s who promoted a company to many of their investors while shorting it themselves, were the winners, and many of us watched our investments go down the drain. The huge bonuses they received came from the profits of just plain ripping off their clients. Then we the taxpayers bailed them out because they were too big to fail. What utter nonsense. It was kind of like a winner take all poker tournament with a stacked deck.

I hear they may be hiring at Goldman Sachs, as it would appear they should have a lot of vacancies pretty soon, and it appears that the one thing Democrats and Republicans can agree on is that those responsible at the various institutions should be held accountable.