Leave it to Academy-Award winning director Oliver Stone to accept an invitation to speak to a group of lenders and then bash them to their faces.
Stone, whose Wall Street movies were an indictment of the finance industry, spoke freely last week when asked if bankers could ever restore their reputations after the financial crisis.
I dont know if after 2008, theyre ever going to shake that, because of the dishonesty of their practices, Stone told roughly 250 lenders at the Commercial Finance Associations 69th annual convention in downtown Los Angeles, where he was the keynote speaker. The association represents asset-based lenders, factoring providers and others; nearly a quarter of its members are banks.
People like me wonder what these guys are doing we dont like Jamie Dimon, Stone said unprompted, referring to JPMorgan Chases Chairman and CEO.
The Academy-Award winning director of JFK, and Born on the Fourth of July, railed specifically against Goldman Sachs, questioning how the investment firm became a bank.
The idea people resent is that the banks are out for themselves, he said. The purpose of Wall Street was to raise capital and lend to business. The enormous banking system allows them to invest for themselves.