David Dayen: Wall Street's greatest enemy: The man who knows too much

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David Dayen: Wall Street’s greatest enemy: The man who knows too much

David Dayen: Wall Street’s greatest enemy: The man who knows too much

What Michael Winston knows about corporate crimes will horrify you. That’s why financial giants want to destroy him


Salon-

You may know Michael Winston’s story from a series of articles by Gretchen Morgenson in the New York Times, or from a celebrated Frontline episode, “The Untouchables,” about the lack of prosecutions on Wall Street. He was a Ph.D. who rose to the corporate elite, with stints at Lockheed Martin, McDonnell Douglas, Motorola and Merrill Lynch. He was recruited to mortgage originator Countrywide Financial with the promise that it wanted to become the “Goldman Sachs of the Pacific,” a full-service global financial corporation.

“They talked about the importance of ethics and principles, and they said they heard I was a high-integrity guy,” Winston tells Salon, noting his father had a vanity plate that read “HONOR.” Winston initially succeeded as enterprise chief leadership officer at Countrywide, getting promoted twice in 14 months and building a team of 200 working on corporate strategy.

But he could not ignore the rot at the heart of the company’s profitmaking approach.

Continue reading [SALON]

image: Anne Cusack, Los Angeles Times

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2 Responses to “David Dayen: Wall Street’s greatest enemy: The man who knows too much”

  1. patrick farrell says:

    So why bother with lawyers? Just kill them all as Shakespeare said.

  2. Sarah says:

    There was Countrywide, and then there were other lenders, or thrifts.
    These articles are cathartic entertainment on one level, and that’s about it. Not much in the way of prosecutions, convictions, justice, fairness or compensation however.

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