(Telegraph) Bankers derived ‘erotic thrill from credit crunch’
Bankers derived an erotic thrill from the losses suffered during the credit crunch, according to a new academic study.
The bankers who brought the global economy to its knees two years ago may have enjoyed the sensation of losing hundreds of billions of pounds and plunging the world into recession, according to Paul Crosthwaite of Cardiff University.
In an article published in Angelaki: Journal of the Theoretical Humanities, Dr Crosthwaite says that the willingness of banks to deal in subprime loans and related derivatives, which were bound to result in disastrous losses, can only be understood if the bankers unconsciously desired the destruction of their own institutions.
Dr Crosthwaite argues that such catastrophic losses can be sources of masochistic pleasure for those who experience them. The article – Blood on the Trading Floor: Waste, Sacrifice, and Death in Financial Crises – coincides with the second anniversary of the emergency moves to nationalise stricken banks in the UK, USA and Europe.