Italian family values Minister Carlo Giovanardi this week blamed cocaine snorting investment bankers for ruining the world’s economies as he announced plans to start drug-testing financiers working at the Milan Stock Exchange (Borsa).
"The idea of giving drug tests to people with great responsibility is absolutely acceptable," he said in a statement posted on Youtube, "I rather doubt that an investor would entrust his or her savings to an alcoholic. And the same thing holds good for cocaine." (Guardian: http://bit.ly/psOPZC )
Details of the plan emerged after drug experts in New York warned that scores of Wall Street financiers are taking cocaine, opiates and ecstasy with many traders using despite snatching record bonuses.
"It's like they're chasing a dream,” Harris Stratyner, a psychologist at Caron's New York Recovery Center told Reuters, ”Even when they make tremendous profits, they're still worried," he said. (Reuters: http://reut.rs/mfY0h3 )
Financial news organization Bloomberg ran a special report on the rampant drug culture in the City of London following the economic crash of 2008, and painted a similarly graphic picture of traders running riot.
“Doing cocaine or drinking heavily is part of the City culture; you work hard and you play hard and you get rewarded because your bonus is fantastic,” Philip Hopley, a psychiatrist from the Priory told Bloomberg.
(But) when the bonuses are cut and many of your friends lose their livelihoods, things no longer look so good,” he added.
``A number of people now tell me: `I finally realize what a shit job I have got. If it wasn't for the bonus, I wouldn't be working these hours and I wouldn't be working with these people.'''
(Bloomberg: http://reut.rs/mfY0h3 )
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