Oct. 18 (Bloomberg) — Nassim Taleb, author of “The Black Swan” and a New York University professor, discusses the “Occupy Wall Street” protest and his view of the global banking system. Taleb, speaking with Erik Schatzker on Bloomberg Television’s “InsideTrack,” also discusses the need to apply the principles of “Hammurabi’s Code” to the banking system.
Some great quotes:
“It’s like a tax on all American citizens.”
“Risk compensation: the banks take no risks because the taxpayer backstops them. Our military faces death everyday, they don’t get bonuses.”
“In 2009 they were insolvent; they’re insolvent now, but no one knows to what extent because unlike everyone else, they don’t have to mark-to-market.”