According to Paul Volker they might be. They claim that their algorithms are worth the 7 and 8 figure bonuses, but their algorithms tell us that they are over paid. The game was to have Greenspan print the debt, and bankers foist it on the unsuspecting. The game now is to have Bernanke print the debt and foist it onto the the suspecting. One is fraud, one is payoff for discovered fraud.
Like an economist in love with the public sector, we need to take these protestations by bankers as nonsense. More power to Volker.
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