Category: Industry Insider Had Attack of Conscience, Was Called “Traitor” & Was Ostracized (Cancel Culture)

The Trading Game

[Please note: The word “Featured” on the left side above was NOT inserted by this blogger, but apparently was inserted by WordPress, and it cannot be removed. NO post in this blog is sponsored.]

The Book of the Week is “The Trading Game, A Confession” by Gary Stevenson, published in 2024. This blogger highly encourages the reader to peruse the entire “Wall Street” and Economics categories of this blog in order to gain a better understanding of financial matters and economics.

In March 2007, the 1987-born author began working on the Fixed Income Trading Floor at the Short Term Interest Rates Trading Desk in the Foreign Exchange section of Citibank in its London branch. He had grown up in a tough, poor neighborhood in East London. He beat the odds for someone of his demographic group, considering the fierce competition in both getting accepted to a prestigious university and getting a job in currency trading.

Stevenson nurtured an aspiration to make lots of money. Fortunately, his talent and hard work in mathematics allowed him to score high on standardized exams. He attended the London School of Economics where he rubbed shoulders with mostly male, wealthy elitists whose fathers gave them a leg up in life, and whose futures were almost guaranteed to be bright. At school, when he won a game involving hypothetical securities trading, Stevenson’s life turned around. For, he won an internship which turned into a career.

After a few lucky breaks and bold moves on his part, the author was just hitting his stride in work-experience when he happened to be at the right place at the right time to earn extremely large financial gains from a triple-whammy disaster. In March of 2011, about twenty thousand people died in Japan due to an earthquake, tsunami and nuclear meltdown of three power plants. Amidst the resulting financial turmoil and previous turmoil of the 2008 worldwide financial crises, Stevenson made a percentage of the millions upon millions of dollars he earned in currency trading for Citibank.

Stevenson alone in his department had been correct in gaming the situation. Everyone else had been wrong and they lost money. Nevertheless, he was still emotionally troubled. He bore two major similarities with Alan Turing– another genius: social dysfunctionality, and indifference to how he looked and what he wore.

Stevenson was one of the proverbial three kinds of people (geniuses in the minority)– the kind who knew what was happening and made things happen. The vast majority account for the other two kinds of people– brainwashed, unwashed masses who watched what was happening, and then still wondered what happened.

In the early 2010’s, the author came to the realization that there would NEVER be economic recovery of any financially-struggling countries in the European Union while the Swiss National Bank kept interest rates at or below zero. The other traders in his department optimistically kept repeating that interest rates HAD to rise sooner or later, because they had bet wrong.

But, the tiny percentage of the super-wealthy, super-powerful people of the world sought to maintain the then-status quo, because it made THEM even richer, and the poor, poorer, as the cliche goes. The income inequality of the world would eventually result in a slave-based economy (as existed in ancient times) all over again.

Read the book to learn much more of Stevenson’s personal and professional life, and his times. As is well known, the United States is one of the major economic superpowers of the world, and its politics are part and parcel of that. Here’s a little ditty on its momentary political situation.

LET THE BEST TEAM WIN

sung to the tune of “Let the River Run” with apologies to Carly Simon, BMG Gold Songs C’est Music and Tcf Music Pub Inc.

[Spoken: We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.]

Let the best team win.
Let’s all peaceFULly watch the changes.
Come the new, new Washington.

Brilliant ideas rise.
The media lies, about, and smears them.
And celebs get themselves in your face.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Through the hate and all.
It’s who we are:
Place a trail of desire
on the White House lawn.

It’s asking for the taking.
Just hold on now.
Democratic convention will be a show
you’ve never even seen in political history.

Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

It’s asking for the taking,
blaming, deep-faking.
Oh, Americans are aching.
We’re all on edge,
waiting for the savior,
gaping with alarm
at the immature behavior.

Let the best team win.
Let’s all peaceFULly watch the changes [watch the changes]
Come the new, new Washington.

Flying Close to the Sun

The Book of the Week is “Flying Close to the Sun” by Cathy Wilkerson, published in 2007.

Born in January 1945 in Hartsdale, a northern suburb of New York City, the author spent most of her childhood in Connecticut. At a young age, she was drawn to politics. At Swarthmore College, she joined the group, Students for a Democratic Society (SDS), and engaged in political activism for decades. Many young people were brainwashed into thinking that the revolutions in China, Vietnam and Cuba had been successful in creating a societal paradise.

In turbulent 1960’s America, the counter-cultural attitude was:

“If corporations were stealing from us and selling us products that killed, then we too could steal from them and support the movement.”

As is well known, during the Vietnam War, more than a few American companies were cooperating with the U.S. government to supply the U.S. military with napalm and agent orange, two chemicals toxic to vegetation as well as humans.

In June 1969, SDS held a convention for its chapters across the country. However, there was lots of infighting over ideology and the direction of the movement. Later that month, a few SDS members wrote a paper that said that the United States government should be overthrown because it was imperialist, and oppressed blacks and the poor. The plan was that the revolutionaries would impose Marxist-Leninist socialism so that Americans in the new world order could live happily ever after.

The paper inspired some SDS members, including Wilkerson, to form a new group which called itself the Weatherman. She began to think that the only way to change the world was through revolution. Weatherman started to provoke the local Chicago police the way the Black Panthers had been doing. The former became very focused on the Black Power movement, at the expense of the women’s movement.

Wilkerson gave talks that advocated working with women of all ages around issues of domestic violence and workplace harassment. She was bullied at a self-criticism meeting about not being more against racism. She was told she was being selfish; that blacks were being treated worse than women. SDS leaders said that’s why blacks deserved more attention. The group should focus on the blacks and when they achieved equality, then women’s equality would follow.

In summer 1969 in Columbus, Ohio, two dozen SDSers recruited high schoolers in their hangouts such as streets, beaches, bars, etc. In three not-so-great neighborhoods, they incited blacks to riot and commit violence against the police. Unsurprisingly, the mayor called in the National Guard.

That same summer, SDS member Mike Klonsky resigned. He had realized that violence was a childish way to resolve conflicts, and suggested that instead, people work through their anger about injustice by pressuring politicians to combat racism, and raise awareness in workplaces.

The late 1960’s and early 1970’s saw incidents of unrest that scarred the American psyche; the most well-publicized included: Columbia University in spring 1968, the Democratic National Convention in Chicago in August 1968, San Francisco State College beginning in late 1968, and Kent State in Ohio in May 1970. Wilkerson and others in the “movement” thought that these incidents indicated that activists were catching on and making progress.

As a low-level member of Weatherman, Wilkerson lived in the collective, and did what they did. She learned martial arts, exercised, and discussed and argued for hours about the agenda of the organization. The collective voted to do away with monogamy, as that would allow full participation of all members. The group wanted to have a collective sense of humanity– it was bigger than oneself.

Read the book to learn of a game-changing event that occurred in March 1970 involving Wilkerson, that radically changed her group’s and her circumstances, and of much more about her life and times.

L.A. Justice – BONUS POST

The Bonus Book of the Week is “L.A. Justice, Lessons from the Firestorm” by Robert Vernon, published in 1993.

In 1954, the author joined the Los Angeles Police Department (LAPD). Through the decades of his career, he watched the LAPD become corrupted by the worst aspects of human nature. By the early 1990’s, the department had scrapped the civil service system in favor of using patronage in awarding promotions. This necessitated pleasing local politicians. Always a bad idea.

So at the tail end of April 1992, when the verdict was announced in the Rodney King legal case, law enforcement was unprepared for the rioting that broke out in South-Central Los Angeles.

The author, lately named assistant chief of police of Los Angeles, bragged about helping start a community program in 1990– successful at the book’s writing. It was called “Operation Cul-de-Sac” and involved transforming a high-crime neighborhood into a gated community. It was implemented in about seven hundred households in South Central Los Angeles. The author wrote, “… changing behavior must begin by influencing a belief system.”

The program must have done so, as it created support networks of families and friends, significantly reduced crime, and significantly increased school attendance.

Unfortunately, despite its success, the program was not to last much longer. The reason? It was funded by the LAPD– not special-interest political groups in the community. So local politicians were left out of the loop– unable to hand out patronage jobs.

Read the book to learn of all kinds of other frustrations suffered by the author in his experiences with the LAPD.

Underground

The Book of the Week is “Underground, My Life With SDS and the Weathermen” by Mark Rudd, published in 2009.

March 1969 saw the start of Nixon’s secret bombing campaign against Cambodia. The author wrote, “I was so sure I knew better than my parents; after all, their generation had brought the world to this state of affairs, if only by their acquiescence.”

Rudd became the poster boy for the media as a protest leader at Columbia University during its period of violent unrest in the spring of 1968. He started his degree there in the autumn of 1965. At the time, the school employed African American female maids to clean the dorm bathrooms, a service included with the boarding fee.

Rudd joined the Students for a Democratic Society (SDS) in March 1966. He had grown up in a suburban Jewish family. His father had fought in the Second World War, during which Hitler was perceived as “Absolute Evil.” The United States used its powers for good to defeat the latter. However, twenty years later, when Lyndon Johnson’s war crimes began to be revealed, Rudd became disillusioned with his own country.

Rudd and his contemporaries didn’t support any presidential candidate in 1968 because “Electoral politics was beneath our concern.” He and his fellow political activists were concerned, however, about the deleterious effects of a senseless war perpetrated by the federal government, along with the university’s related and other nefarious activities.

For at least the last half century, hypocritical liberals have sought to “… co-opt the energy of radical young people into working for meaningless reforms…” However, with Vietnam, some would say the protests were justified. For, the American president started a needless war that resulted in tens of thousands of deaths and ruined lives– recruiting cannon fodder against their will. The stubborn, arrogant president didn’t take a lesson from the stubborn, arrogant French, who epically failed in clinging to their fast-fading colonialism in mid-1950’s Indochina.

Columbia University had secret contracts with the U.S. government– researching both war weaponry for the Pentagon and war policy for the execution of the war. In spring 1968, this accounted for 46% (!) of the nation’s budget. The university was also abusing eminent domain in planning both to construct a segregated sports complex in Morningside Park, and more dormitories on West 114th Street off of Broadway near its campus. For years, it had quashed the formation of a union of black and Latino cafeteria workers.

Rudd and his fellow activists held rallies and went on protest marches. He wrote to school publications. The protesting led to occupations of campus buildings by, eventually, thousands of activists in the last week of April 1968.

Although Rudd’s became the most recognized name and face associated with the historical event (possibly because he was a white male), there were plenty of other activist organizations of different ethnicities whose members were arrested and got beaten up by law enforcement sent in by New York City Mayor John Lindsay; those fighting for civil rights, black-power, and peace.

The New York Times propagandized that the destructive and immature hooligans provoked the police; the police were the good guys. It should have come as no surprise to the cynical that the university was in bed with the newspaper. The school’s board of trustees claimed the newspaper’s publisher as one of their own. He was also an alumnus. The Times’ employees were alumni of the Columbia School of Journalism. Nevertheless, the university actually met about half of the six-odd demands of the activists.

After he was expelled from Columbia, Rudd became a recruiter for SDS, visiting various chapters and speaking at universities around the nation. The two major issues were always Vietnam and racism. Various groups within and without SDS, including the Weathermen (a spinoff of SDS), the Maoist Progressive Labor Party, the Black Panthers and the Revolutionary Youth Movement began arguing among themselves and with each other at conferences they jointly held in the next few years.

Rudd was in the Weathermen. He believed that the way to rebel against “the man” was through armed struggle. According to his FBI dossier, he urged college kids to kill cops. But his group was anti-racist, pro-Communist and anti-reactionary.

In the summer of 1969 in New York City, he and his fellow revolutionaries came across as so violent, they turned people off when they spoke at a Central Park rally. The other SDS factions thought the Weathermen (or, as they had renamed themselves, the Weather Bureau) were anarchistic, chauvinistic, masochistic and Custeristic.

In Chicago, there were clashes between sadistic cops and radical protestors. “Cook County Jail was overflowing with the addition of almost three hundred Weathermen, the total number arrested over the three days. The period was named ‘Days of Rage.’ ” After that, Rudd’s group went underground and broke off from SDS.

Rudd’s group’s heroes continued to be: Fidel Castro, Che Guevara, Ho Chi Minh, Vladimir Lenin, Malcolm X and Eldridge Cleaver of the Black Panthers.

By the mid-1970’s, Rudd’s group had claimed responsibility for more than twenty-four bombings, which were intended to destroy only property. There occurred three accidental deaths of its own radicals from a botched bomb-making operation in Greenwich Village in spring 1970.

Read the book to learn a wealth of other details of the tenor of the times, the mentalities of Rudd’s contemporaries, and how Rudd fared after his Chicago arrest.