Jump to content
The Education Forum

7 of the Nastiest Scams, Rip-Offs and Tricks From Wall Street Crooks

Steven Gaal

Recommended Posts

7 of the Nastiest Scams, Rip-Offs and Tricks From Wall Street Crooks

How many high-level Wall Street players have been put in jail for the crimes that led to the financial crisis? Not. Even. One.

Last week several executives from the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, known as “Fannie Mae and Freddie Mac,”were sued by the Securities and Exchange Commission (SEC) for civil fraud. They were charged with misleading investors about the quality of the loans they were buying. But this is a civil suit, not a criminal prosecution, so they face no possibility of jail time. And the SEC is notoriously ready to settle these cases, accepting fines without admission of guilt. Meanwhile, last month Bloomberg News revealed that the Federal Reserve secretly loaned $1.2 trillion to banks on Dec. 5, 2008, their neediest day, even as some of their CEOs were assuring investors their banks were healthy. Are these CEOs facing prosecution or even civil fraud suits for doing the very same thing? Not so much.

These stories barely even reveal the tip of the iceberg of financial malfeasance. We have been hearing for years now about the scams, frauds, rackets, schemes, tricks and various other ways that people on Wall Street made gazillions while crashing the economy. The one thing we haven’t heard anything about is anyone at the top being held criminally accountable … for anything!


link http://www.alternet.org/occupywallst/153530/7_of_the_nastiest_scams%2C_rip-offs_and_tricks_from_wall_street_crooks/

PLEASE COMPARE CONTRAST+++++++++++++++++++++

................ After the “S&L Crisis” there were 1,100 prosecutions and more than 800 bank officials went to jail. This time – even with the appearance of widespread criminality in the financial industry – not so much. In fact, not any. ...............................................................

Link to comment
Share on other sites

Please sign in to comment

You will be able to leave a comment after signing in

Sign In Now
  • Create New...