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May. 5 2010 - 6:53 am | 2,184 views | 1 recommendation | 16 comments

Monkey Business on the Fabulous Fab

I wanted to post this clip from Joel Sucher’s documentary, “A Tale of Two Streets,” showing my friends Eric Salzman and Rich Bennett (of MonkeyBusinessBlog fame) talking about the “French School” on Wall Street. In light of the “Fabulous Fab” story, it’s pretty hilarious.

Note that the interview is from last year.


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  1. collapse expand

    I love French bashing as much as the next guy. It’s got to be that arrogant thing that the French have going on, “ah, my sauce is the best sauce in the world, your American sauce is (laughter), eh, terrible. Interchange the word “Finance” for “Sauce” and I think we know what happened.

    Personally, I cannot take any of these french guys seriously because everytime they open their mouths I am picturing Inspector Closseau misprouncing “Hamburger.”

  2. collapse expand

    Hmm, that explains (maybe) why the Chief Accountant of Legz Diamonds on 57th and Broadway was French, eh? I had some business with them and got to take the elevator to his inner sanctum some stories down. There he was…all French as get out.

  3. collapse expand

    The best metaphor for the financial meltdown I’ve come across happened at the end of a podcast about Michael Lewis’ book, The Big Short. The commentators quoted Lewis’s book-ending metaphor, where he compares the deviled egg that John Geutfreund is eating to the whole mess: a basically simple thing that has been whipped into a complicated, extremely expensive confection.

    But one of the commentators (Gross was his name) protests: Nah, I don’t buy that metaphor, because a deviled egg still looks like an egg.

    “It’s more like a fancy egg salad,” says one of the other guys.

    “A souflee!” Pipes in another guy, getting into the spirit.

    “An egg salad where the chef doesn’t even know what’s in it!”

    “Yeah, and then they just dump a bunch of shit in it!” says Gross. And they all crack up.

    And I thought to myself: That’s it. That’s the metaphor.

    Wall Street got so decadent, only the French could do it justice.

    It became a competition among French chefs over who could make the most outrageous financial concoction. And we let it go on so long, it was no longer impressive enough to conjure masterpieces of complexity out of thin air. No – in order to stun the crowd, one had to actually make them – eat shit!

    The Shit Soufleé. That’s it. That’s what this story is all about.

    I just thought I’d write this on the blog of the guy who came up with the Vampire Squid on the Face of Humanity. It seems only fitting.

    The Shit Soufleé.

    You read it here first.

    • collapse expand

      Speaking of French shit…

      From 2007: “Another dealer announced in a cheeky e-mail the creation of a new structured product: a Constant Obligation Leveraged Originated Structured Oscillating Money Bridged Asset Guarantee, or COLOStOMy BAG. One trader noted on the product – a parody of the increasingly bizarre acronyms that have become commonplace in the world of structured finance – “It’s basically full of shit.”

      From David Oakley, “Traders turn to black humour”, Financial Times, http://us.ft.com/ftgateway/superpage.ft?news_id=fto081720071734509584&page=1

      (btw, Matt, the video says “Filmed October 5, 2008,” not last year as you state.)

      In response to another comment. See in context »
  4. collapse expand

    Not directly related, but just curious if you’ve seen this story?

    http://www.salon.com/news/wall_street/index.html?story=/tech/htww/2010/05/03/wall_street_rage

    Read some of it directly here:http://fillemandbillem.com/2010/04/30/excommunicated-from-the-united-states-of-america

    • collapse expand

      That piece by Andrew Leonard was awesome. Basically, Wall Street mid-level-slaves who screwed everyone else’s pooch twice-over:

      “Hey, we’re wildly successful slaves. Why can’t the rest of you slaves aspire to slave just like we do? You goddamn stupid Poors, we could own you if we weren’t so busy slaving for Blankfein! Why do you think our parents sent us to Harvard?”

      In response to another comment. See in context »
    • collapse expand

      For the author’s response – yeah, come on down and work these jobs: I smell yet another reality show.

      In response to another comment. See in context »
    • collapse expand

      now that’s comedy in its purest form… the past two days i’ve gotten up at 7am and not done working until midnight… no i didn’t take an hour lunch (ate at my desk, so my keyboard is greasy, oh well) and i did it for an hourly wage that, while great to me, would send a Wall Street trader running and crying to mommy.

      I think if those assholes really knew how hard a large portion of Americans work for a minuscule fraction of the compensation they are used to, they would finally understand that some of them deserve to be pushing a grocery cart under one of the freeway overpasses just for assuming such a monumental level of arrogance alone.

      Don’t get up to pee… Oooh!! pussies.

      In response to another comment. See in context »
  5. collapse expand

    Uh oh, back to the dastardly French? Freedom fries and all that? Pretentious intellectuals with silly accents ignoring the importance of good ol’ American common sense? Maybe it’s their fault! Come on, please leave this stuff to the tea parties!

  6. collapse expand

    That’s a great clip, though both guys seem like they’re pretty drunk (not that I’d blame them).

  7. collapse expand

    Hi,

    I wrote an article I think you might be interested in. It’s about Dodd’s new financial regulation bill.

    http://joshfulton.blogspot.com/2010/05/dodds-financial-reform-bill-is-black.html

    Thanks.

    Josh

  8. collapse expand

    As we err oll spunking le minky: not to bring the sowse to a berl, meh, it now seems les Goldhommes may soofer un autre unforceped sack for neglecting to inforum FIRA of receipting a Wells notice regardez M. Fabrulous.

  9. collapse expand

    what happened all the “toxic assets”? We bought them thru AIG and again thru TARP and again thru mortgage bonds. Who’s books have these loses appeared on, the taxpayers, in the the form of national debt. Meanwhile this huge influx of cash and credit has re-appeared as huge bonuses, campaign contributions, and lobby funding. No wonder my butt-hole hurts.

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