28 Sep '11, 2pm

Why was it so hard to believe that 'tell-it-how-it-is trader' Alessio Rastani was for real and not a hoax? Short piece:

Why did people find it so hard to believe that Alessio Rastani was the real deal and not a hoaxer? He’s the trader, a real one, whose brutal candour in a BBC television interview revealed the utter disregard of financial markets for the well being of the broader economy and society. We shouldn’t have been surprised, of course. It was the economist J K Galbraith who wrote in his classic analysis of the Great Crash of 1929 that “The sense of responsibility in the financial community for the community as a whole is not small. It is nearly nil.” Now we are living through the greatest economic crisis of modern times, rooted in the reckless behaviour of speculative finance, and the financial community is bitterly resisting virtually every proposal for reform.

Full article: http://www.neweconomics.org/blog/2011/09/28/alessio-rasta...

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