Today I'd like to talk about ACCOUNTABILITY in the financial industry.
I have read a couple disturbing articles lately and I would just like to provide a perspective from the outside looking in.
Everyone seems to be well aware that we are in a financial crisis, except the financial industry? In an article by Corky Siemaszko of NYDailyNews , Jamie Dimon, CEO of JP Morgan, is humiliated by the President of France, Nicolas Sarkozy at the World Economic Forum in Davos Switzerland. Dimon defends his dear banking industry by calling Sarkozy's criticism "unproductive and unfair." Are you kidding me? This sounds like a school yard defense. Instead of owning up to the fact that they created a monster paper derivative market that has no home for its HUNDREDS of TRILLIONS of dollars in numerical value, and suggesting a solution, Dimon says it's "UNFAIR." What's unfair is the multi-million dollar bonuses some CEO's got for failing! Dimon also has the gall to ask for more FLEXIBLE regulations in banking? It's like a kid in a candy store complaining, the store is not big enough. NO Accountability!
Then, in an article from Advisor.ca, we have Don Reed, the CEO of Franklin Templeton, one of the largest mutual fund companies in America, questioning the intelligence and character of Canadians because "his company's survey" found that many Canadians are still "suspicious" of the market? Maybe someone should introduce this guy to Bernie Madoff? Mr.Reed goes on to say that he doesn't understand how the markets have recovered dramatically, yet investor confidence has not? His company spent two years studying investor's attitudes towards markets, maybe they should have been studying the "MARKETS" instead! Again, it seems that these CEO financial types live in their own world and they are NOT ACCOUNTABLE for anything?
The most disturbing thing is, that all these bankers and financial paper pushers are the first in line to criticize Gold and Silver as an investment. Why? Because Gold and Silver are honest money and they reveal the true nature and condition of the financial industry. Gold and Silver cannot be created out of thin air. Gold has been considered money longer than ANY bank, stock market or currency has ever existed. Gold has shown its true colors over the past eleven years, along with Silver, as the best performing assets in the entire industry. 5000 years of history prove that Gold is the ULTIMATE currency!
Folks, the financial system is broken and all the bankers and politicians are just patching things up like a handyman with duct tape. Until we get someone to professionally analyze the problem and come up with a solution to replace the broken parts, we will see Gold and Silver go much higher and there will be more civil unrest around the world. It happens time and time again throughout all of history, politicians and bankers push their limits until something SNAPS and a war breaks out. Egypt anyone?