If there is one excerpt that can sum up the failure or soon to be failure of the financial industry. It would be this excerpt below from this NY Times piece.

The humbling moves, which reshape the landscape of American finance, mark the latest chapter in a tumultuous year in which once-proud financial institutions have been brought to their knees as a result of hundreds of billions of dollars in losses because of bad mortgage finance and real estate investments.

Get your front row seat to see them all come tumbling down. They do deserve this there’s not doubt about that. The only people I feel sorry for are the employees of these corporations who will be out on the street. As someone who was stuck for three years working at Wachovia (the economy was horrible and I could not get out and into the field I was studying in school) and had to witness this profit motive before people (sales, sales, sales and meet your numbers garbage) I’m quite happy to see all these executives fall because of their greed. Ken Thompson met his demise. Kerry Killinger met his demise. Lehman Brothers can’t find a buyer. Who’s next?

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