Financial advice for Occupy protesters

Some former Wall Street financial experts are annoyed by the Occupy movement's unsophisticated understanding of the markets. So they're helping the movement understand the markets better to be more forceful in their criticism.



Three of The Current

Whitehorse Promo

Anna Maria Tremonti is in Whitehorse this week. She's hosting a special event called Fathers Without Fathers: Aboriginal Men in Canada. That forum will air here on The Current Thursday. If you happen to be in Whitehorse, the event takes place Tuesday night - so please come and join us.

One of the stories you'll hear is from Pat Marr, a single father, and his daughter Shenisa, from the Indian Brook First Nation in central Nova Scotia. We aired a clip with part of their story. It was produced by the CBC's Mary Lynk.

Financial advice for Occupy protesters

We started this segment with a clip from CNN broadcaster Erin Burnett speaking with an Occupy Wall Street protester she identifies only as "Dan". Comments like Dan's haven't exactly polished the image of the Occupy protesters. It's led some people to believe the protests and the movement itself is uninformed-- even irrational.

Our next guest had the opposite reaction when she listened to the Occupy protesters. Cathy O'Neil thought they were on to something. She worked on Wall street, and was in the belly of the beast when the financial crisis hit. She used her math and statistical skills at one of the most prestigious hedge funds in the country.

Now, however, Cathy O'Neil works as a facilitator with a branch of Occupy Wall Street... the Alternative Banking Group. The group is about 60 people strong and includes investment bankers, traders, and lawyers -- all sympathetic to the Occupy cause. Cathy O'Neil was in New York City this morning. And David Sauvage is s a commercial director, with an MBA, who is also working to lend his professional expertise to Occupy. He's launching a website called Occupy.com David Sauvage was also in New York City.

Related Links:

Last Word - Financial Meltdown Rap by Michael Bird

We've been talking today about how some professionals are starting to lend their expertise to the Occupy movement including Wall Street insiders who believe protesters will be more effective if they have a better understanding of the world of finance. Some people however just don't have the patience required to fully understand a credit default swap.

For those people, rap artist Michael Bird has a Financial Meltdown Rap to end our program today.


Other segments from today's show:

Comments are closed.