Cramer's New York Magazine Article on Citi and Goldman Sachs and Merrill

I post the following mainly because it was referred to in another blog I came across.

As usual, however, Cramer makes excellent points.

In this article Cramer makes Wall Street what it is -- run by individual people who have the power because of some historic fluke but then move on to make huge mistakes that are not discovered until the historic blow-up, in this case, in subprime securities. So, Cramer, because he KNOWS the neighborhood, can make Wall Street to be just like your neighborhood where you know the players.

Merrill Lynch slung around all that money in the wrong direction because O'Neal said so.

And in the compartmentalization of Merrill nobody knew what stupid risks were being taken by O'Neal, as each department was focusing on its own job, such as gathering money, or schmoozing clients, etc.


http://nymag.com/news/businessfinance/bottomline/40639/