Wall Street home to inside sympathizers

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Dealbook offers an interesting commentary suggesting that there are quite a few Wall Street executives who take a surprisingly positive view of the Occupy Wall Street movement.

These tend to be people at the non-bulge bracket firms. They may chafe at the power of the big banks. But still, it is notable that they buy into the criticism that the top banks have lost sight of their main business and have instead focused mainly on personal enrichment, damning customers along the way.

This is not surprising. I would think that the rank-and-file support staffs at many banks are closet sympathizers, but what can they do? They have to support their families and taking a principled stand is not going to get them anywhere. I can't argue with that. Still, it is arresting to read quotes like this one from Richard Kramer, who used to work as a technology analyst at Goldman Sachs before he started his own firm Arete Research.

"There have been repeated fines and malfeasance at literally all the investment banks, but it doesn't seem to affect their behavior much. So I have to conclude it is part of strategy as simple cost/benefit analysis, that fines and legal costs are a small price to pay for the profits," Kramer said, in the Dealbook article. 

We saw a similar dynamic with health insurance companies not too long ago. There were likely some insider sympathizers who bought into the view that some companies had gone too far in denying coverage in the name of profits.

For more:
- here's the article

Related article:
Many investment managers support Occupy Wall Street