Friday, September 5, 2008

Willie Sutton Was Right!

"Though bank robberies nationwide dipped last year, to 5,933 from 6,985 in 2006, the loot was virtually unchanged, at $72.8 million, according to recently released FBI data", Barron's, 18 August 2008.

Total 2007 bank robbery (BR) proceeds were 107% of Lloyd Blankfein's bonus, peanuts. The FBI should let local police investigate BRs. See my 25 May 2008 post. Imagine, BRs averaged $12,270 in proceeds. A lot of risk for a small gain. Lucky Luciano (LL) visited the New York Stock Exchange and watching what went on on the floor, supposedly said, "It looks like I joined the wrong mob". A reporter asked LL near the end of his life, if he would do it all over again. "'I'd do it legal,' Lucky replied. 'I learned too late that you need just as good a brain to make a crooked million as an honest million. These days you apply for a license to steal from the public. If I had my time again, I'd make sure I got that license first". Did LL have a Series 6 or 7 in mind? This sounds like something Adam Smith might have said. Some more choice Lucianoisms:

"There is no such thing as good money or bad money. There's just money".
"The world is changing and there are new opportunities for those who are ready to join forces with those who are stronger and more experienced".
"Ever since we were kids, we always knew that people can be bought. It was only a question of who did the buyin' and for how much".
"Behind every great fortune, there is a great crime".


Jesse said...
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Jesse said...

Don Coxe has an interesting institutional conference call this week. Its worth a listen to the recording. He seems to be saying that Hank and Ben just rigged the markets.