Longtime readers of Liberty Blitzkrieg will know that I think the greatest parody of Wall Street ever created is courtesy of SNL about a made-up firm called Global Century Investments. Before I provide a link to the video, I want to highlight a stunning quote from Gretchen Morgenson’s excellent New York Times article detailing the extraordinarily shady relationships between private equity firms and public pension funds. The quote comes in at the end of the article:
Kristi Huller, a spokeswoman for K.K.R., initially denied that it could reduce or eliminate its fiduciary duties. But after being presented with an excerpt from the agreement, she acknowledged that its language allowed “a modification of our fiduciary duties.”
What K.R.R. spokeswoman Kristi Huller does is straight up lie about the firm’s fiduciary duties, only to backtrack once she realizes she has been caught.
That is exactly what happens at the end of the SNL spoof. Yes it’s official, Wall Street has become a literal parody of itself.
Watch the video here and compare it to the quote above. Remarkable.
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The effort to recreate the disaster of 2008, but on an even more colossal scale, is moving along at a brisk pace. In the past several months, we have seen the triumphant return of many of the worst practices of 2006/07 to such an extent that I have made it a key theme of this site in 2014. For those of you playing catchup, I suggest reading the following: