By Stephen Blumenthal, CEO, CMG Capital Management Group
Have you watched any of the great Netflix TV series House of Cards? Set in present-day Washington, D.C., House of Cards is the story of Frank Underwood (Kevin Spacey), a Democrat from South Carolina’s 5th congressional district and House majority whip who, after being passed over for an appointment as Secretary of State, initiates an elaborate plan to get himself into a position of power. The series is primarily about ruthless pragmatism, manipulation, power, and doing bad things for the greater good.
Kevin Spacey is simply amazing. I love it when he looks into the camera and speaks directly to us, revealing who’s paying off whom or how much pork is needed to secure a particular vote. I can’t help but wonder how close this is to today’s reality given last week’s passing of legislation that puts banks’ future derivatives losses squarely on your back and mine (the U.S. taxpayer).