Monday, October 14, 2013

Jed Morey: 'The Book Of Morgan'

Yes, this video is an ad for a book. But the assertion Jed Morey makes is breathtaking: Morgan Stanley owns and/or controls most resources required for the delivery of gasoline to the pump, hides everything behind offshore corporations, trades on offshore exchanges whose operation is not visible to ordinary mortals, and makes bundles of money... your money... by doing this. Cynthia Kouril of FDL provides the video:

For me, there is real irony here. Back in my working days, when I began to accumulate a bit of money (it happens if you have an overpaid occupation, no house and no kids), I phoned around to find an advisor to help me do "socially responsible" investing. After considerable telephoning I fould one guy... one investment advisor in all of Houston... who was known to be willing to put up with the eccentricities of someone like me. He was a veep at Morgan Stanley (actually Morgan Stanley Dean Witter in those days).

The story does not have a happy ending: if you are a millionaire or above, Morgan Stanley probably takes the trouble to make money for you, 'cause you're "one of them." If not, well, your money is just fodder for the monster. The best I can say is that I did not lose too much of my hard-earned cash. But, socially responsible or not, I didn't provide myself a very good retirement, either. Younger folks, take note.

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