About Wall Street
Finally being released from the dungeons of journalistic hell, this
section is being reintroduced to define, explain and elaborate on how
Unicorn Equity Analysts see and feel about the collection of near-criminal
institutions collectively known as “Wall Street”.
We are restricted as a matter of form (and by our Legal Counsel) from
stating the names of any investment banks, law firms, accounting firms or
other Wall Streeters significantly contributing to the destruction of our
national and global financial system; we are, however, again free to express
our opinion of those bandits in general.
We despise Wall Street.
There – the truth is out. It feels good.
Among Unicorns, Wall Street has been the subject of extensive and intensive
research, study and debate. We look into historical roots, key players,
relationships and the evolving role of major Wall Street firms (the few that
are left) to form our opinion.
In short, the sole and only purpose Wall Street serves or has ever served is
to facilitate a massive transfer of wealth from real people, real companies
and real value into their own pockets.
Wall Street does not create wealth. Wall Street destroys wealth. Defenders
claim that Wall Street makes markets liquid, skid the rails of business and
make possible vast numbers of ordinary people to benefit from stocks and
bonds.
We say that is crap. Wall Street takes investor money and keeps it. When
times are good, investors see positive returns regardless of what Wall
Street firms do and in bad times they see declines regardless of what Wall
Street firms do. The only thing Wall Street adds to this picture is the skim
they keep in good times and bad which should be added back to investor
positions.
At least bookies and loan sharks are honest about how they make their money;
such honesty from Wall Street would be refreshing.
As retail investors, we know the skim Wall Street takes off our 401k and
mutual fund holdings dramatically reduce our return over time. As real
people in this world, we know that the bizarre amounts of money Wall Street
firms pay their executives, traders, analysts and cronies in legal or
accounting firms is money that should be additions to our mutual fund and
401k values. The millions spent on art for their walls, corporate suites at
sporting events and “retreats” in Switzerland or Colorado is money that
should be added to investor returns.
In earlier times, people behaving like our Wall Streeters behave produced a
very powerful response. The Bastille, for example, was stormed by peasants
fired up against the aristocracy. American colonials revolted. Goths and
Vandals stormed the Roman Empire from the Alps to the boot heel.
We regret, at times, that violent uprisings and revolutionary fervor are so
out of favor. Such behavior by the most of us might finally get the
attention of the few of them.
In today’s environment, rules and regulations are so completely stacked
against average Americans and retail investors that little hope exists for
any peaceful change ever happening. Wall Street billions buy off Congress,
stymie regulators, out-fox governments and elude detection so well that the
most blatant, overt miscreants (“How are you, Mr. Madoff?”) bilk honest
people for years or decades. Most are never caught and fewer still are ever
punished.
Wall Street was, for some time, lauded for “financial innovation”. We know
now that their innovations did two things: they earned Wall Street insiders
billions of dollars and they undermined the global financial system through
lies, deceit and deception so completely that recovery may take decades.
Recovery, at least, for real people. For Wall Street firms, recovery has
already taken hold. Massive profits, obscene paychecks and bonuses, and a
steadfast return to business as usual is clearly observable. While Main
Street crumbles, Wall Street rumbles.
We despise Wall Street. We despise criminality in all its manifestations but
hold special regard against those so oblivious to matters of conscience that
they willingly ruin lives, destroy families and futures so they can pocket a
few extra million for themselves.
Unicorn is not allowed to say that we believe Wall Street is occupied by
criminals. We can say that we believe the behavior of those on Wall Street
should be criminal, so we do.
We can say that anyone who believes anything coming from a Wall Street firm,
legal counsel protecting Wall Street firms or accountants abetting Wall
Street firms needs heavy psychiatric treatment. Frontal lobotomy comes to
mind as appropriate.
We can say, as retail investors, we will continue our crusade against Wall
Street and their cronies. If populist revolution ever comes back into
fashion, we may even be found at the front of the mob, pelting Wall
Streeters with rotten tomatoes and sharpening a guillotine or two.
Feel free to join us!
