Xing Xiao crooks no, rich crooks yep, it's always been that way poor crook u get busted rich or celebrity u evade justice celebrity and rich u are given get outta jail free card
doesn't matter what happened in 2008... what matters is the fact that nothing changed since 2008... that means we are going to get a crisis harder than the legendary Great Depression
Whether RF knew about REPO 105 or not, surely the chairman of a company knew that $50B dollars was regularly being off shored and then re shored after filing, if not he should be jailed for incompetence, either way he was a conman.
Clearly he knew. The architects of this disaster should have been jailed and had their money confiscated or both and legislation should have been enacted so that it doesn't happen again. It's outrageous that the financial system was teetering on destruction because of the antics of these greedy fuckers. Of course, nothing will change...especially when political donations are at stake...and it will happen again.
I pledge allegiance to the rich of the United States of America, and to the corporations for which they stand one nation under capitalism with inequality and injustice for all.
per aspera ad astra ¿ good stuff bro, I agree with you. Got my undergrad in electrical eng, working at Fortune 500 and own two businesses. I agree it can be done and there’s no where better than America to do it.
per aspera ad astra ¿ good stuff, the day a lot of lawyers, MBA, etc start of in EE. My company does operations and Lean Six Sigma consulting and training. Jceharvey.com, drop me a line in the contact section. I’d love to chat more.
I find it hard to believe that the reason no one was jailed was simply because "regulators didn't understand what was going on". I wonder how many lives were threatened / people were paid off
Finance is such a more lucrative career that it will attract almost all of the best and brightest in the field. Unless we raise SEC salaries to prohibitively high levels the banks will always be two steps ahead
The loop is starting again. 11 years and already forgotten. We’ll soon have the next financial crisis. It could very well be irreparable the next time it hits.
This is cases like this that would validate the use of vigilante measures against the people responsible! If the government of a society fails to protect and defend its country’s “citizens” interest then those responsible are enemies and traitors of the state! And should be dealt with by the military of the country!
The end where he says he wouldn't trust the books of big Wall Street firms. The stock market is heavily inflated with many companies not making a profit to match their stock price. Many new IPOs happening soon like Uber, Lyft, Slack, Pinterest are not profitable.
So when I fill out FASFA and CSS forms for college, it is a NO NO for me to move funds out of my account, complete the forms and then move back but they did it.🤮
Apparently, the people working for the SEC did not understand the material given to them and couldn't charge people for the unlawful practices - WHAT A JOKE
Unfortunately, that's artificial control which goes against free market capitalism, the "holy grail" to most in the industry and many in the country/western world. But even more unfortunate, the capitalist system tends to concentrate wealth in the hands of a few, meaning a small group of companies will indeed get very large, "too large to fail" in many instances.
“The Lord has made everything for its purpose, even the wicked for the day of trouble.” Proverbs 16:4 ESV “but the Lord laughs at the wicked, for he sees that his day is coming.” Psalms 37:13 ESV
People talk about "letting the banks fail". That would be utterly idiotic and pointless. Our economy depends on major pieces of the economy like banks. It's not the same as letting your local lemonade stand fail. The government did the right thing saving the banks. We only had a recession instead of a depression. What the government failed at was regulating beforehand and punishing the criminals after hand. CEOs should have been fined and jailed, and the companies should have been heavily fined as well, in addition to paying back all government money with interest.
let this sink in... the big banks are 3x's bigger now than during the crash, and 5 out of 8 biggest banks in the USA failed the stress test this summer. Corp Debt(which relies on bonds market to buy back the debt) is at a all time high!!! We have a massive issue about to blow up. And its going to get worse in feb 2019.
If someone one fails their own Stress test and then proceed as if they did not see the results. Two things are for certain Either they are very liquid And waiting for the inevitable act right that will be run into head frist so they can pick up stressed out assets at bargain prices. Or they are extremely stupid with extravagant appetites that is content with riding the temporary wave with their fingers crossed that there will still be available funds for 5 star lawyers to ensure at worst a few months stay in club fed when the wave hits the rocks that is if the preoccupation with the appetites hasn't eroded the lawyers fund. Either way does not spell out win for whoever invest In companies that fail their own Stress test beacuse they are the ones that gone be taken to the cleaners. I guess the old street rule applies as insurance even in high finance. Which was if something that is non tangible is called a product and is made to sound too complex then it actually is and comes with lot's lot's of fine print that probably span's pages that might not be soundest of gambling but if person really must has to scratch itch for gambling with the odds they be better off playing blackjack against a dealer atleast that route there is a slim chance you might walk away with atleast what you came with.
If by "we" you mean the tax payer, that's not actually true. The bails outs those banks received were loans, those loans were paid back, with interest. The American tax payer made a 50 billion dollar profit from those bail outs. The people that got hurt were the people that lost their homes. Those people should not have taken out loans they they could not pay back though, make sure to read the fine print. The loans were immoral The people taking out the loans were stupid. Immoral people didn't get punished. The stupid people lost their home.
After you look closely to what's happening around you come to realize everything is just an act... people, companies and the state... just a movie playing in real life.
SEC doesn’t want to press the issue. They hired people with little understanding to question the issues. Which is extremely scary. Let’s not forget.. the same issues that caused the crash, mainly bundled securities that have been been manipulated in a way to make them look like safer packages. From what I understand is they changed the name. The same problem is still going on. I hope I am wrong but I fear I might be right.
if you look at the sign and compacity of each one of the officers for Lehman Brothers they was in their proper status where they was alleviated for any individual wrongdoing of any sort
None of the actions described here by Lehmann Brothers caused the crash-that was the government and poor lending practices. All the claims here are just that Lehmann didn't acknowledge they were bankrupt sooner. It wouldn't have stopped the crash.
The hypocrisy of the law is sometimes impossible to understand particularly in the financial services industry especially when the government and the taxpayer are the insurers of last resort. And Lee is right when he says the financial services contractual opaqueness makes them inscrutable except to the drafters of these instruments . In sum it's like being in the Amazon thickets without a map a compass never mind gps. How could Fuld not know ? Maybe he did or did not understand the papers he was given or relied on the international shell game to deny what was evident. Deutsche bank employees manipulated the LIBOR rate but got caught . Fined. But you know how they think money in hand today is more important than money lost tomorrow. So 26,000 employees were left bereft of resources work and the taint of that association . But the real losers were the tax payers who had to fill the breach of hundreds of billions of dollars . Madoff wasnt enough .
What many people don’t know is that recessions are normal. They happen every ten years. You can trace this trend all the way back to the Great Depression. However, in 2008, because of Leman and AIG, there was a huge crisis that made every property lose value cause they couldn’t sell cause banks had no money to loan. Apparently this hadn’t happened in 70 years when it was the last Great Depression. Once in a lifetime moments. Unfortunately for me, I was too young to take advantage and it probably won’t happen again till I’m very old. Moral of my comment? Don’t let the media scare you. Recessions are normal and best believe Trump will do anything to prevent it. His presidency depends on it. So bank on it happening in 2020. Side note, idk how wars affect recessions but I will look into it. Me thinks Iran and US will go to war after Trumps re-election.
Actually this all started in 2000 Democrat bill Clinton spearheaded his China Trade Act in 2000. At the same time Clinton wanted everybody to own a home in his speeches. What went down in Bill Clinton era Banks and mortgage Ins Co wanted to "combine" need permission from Congress so to speak so its not an monopoly. Pres Clinton basically said he wont block it IF the banks get "credits" To get them banks needed to make so many loans across the red line "red line districting" Democrats voter base bad areas. Banks response to Bill Clinton People saying Those people wont qualify Clinton administration said we can help your banks to streamline the criteria so people can qualify Banks response was would the loans be back by Fredie Mae and Fannie Mac. Clinton say yes. This worked for a while UNTIL the effect of Clinton China Trade act in 2000 U.S. from 2000 to 2009 lost over 42,400 factories By 09 US had less factories then before the bombing of pearl harbor Most loans going bad was because Millions lost their jobs Democrats are solely responsible for the banks collapse and the U.S great recession
"It's only money and we can't help ourselves." How true that statement is from the show, "Margin Call." It's only pocket change to the top 1 percenters and hard-earned life-time savings, investments, and retirement funds for the middle class.
Unfortunately the deregulation starting in the 80s and finished in the 90s lets banksters gambling with the money of the savers. Regulators should establish the net distinction between commercial (the ones that manage our savings) and investments banks (the ones who speculate on the most sophisticated and risky financial products) back. Savings, pensions are not guaranteed anymore, politician should do something about it re-instroducing the same rules which were in place after the great depression of 1929.
Wall Street, Hedge funds, investment firms, etc all make sectors of business like this far too difficult and unintuitive to really understand everything and find the real facts. Just like the government's capitol gains tax and their loophole where you don't have to pay the capitol gains tax if you take the money you received after selling a property and invest it back into another property within 90 days and you don't touch that money. To do that you need to give your money to a qualified intermediary until you reinvest or pay the tax. That law created a whole new sector of business which is easy to cheat because of the lack of rules to govern that sector.
And here we are again, the SEC doing nothing about naked shorting and the greed and corruption gaining ground. Crash 3.0 is going to be one for the history books...
Borrowing $44 for every $1 in assets. I'd say that was criminal recklessness. But money talks and the public walks.
"steal a little and they'll put you in jail, steal a lot and they will make you king" Bob Dylan
but why did Bernie Madoff go to jail? maybe he scammed the wrong people
Instructions unclear: now in charge of the United States and don't know how to properly contain the covid-19
@@_Wai_Wai_ Exactly you gotta steal a lot but from people who are always working to pay taxes.
@@_Wai_Wai_ madoff stole from the rich, dude. You gotta steal a ton of money from poor people in order to get by free. Get on with the program, dude.
@@_Wai_Wai_ he scammed people In taking money. These were security investments that were being handled inappropriately,
Thus causing a collapse.
Seems crooks have better lives than men with integrity after the scandal. Crazy world!
Xing Xiao crooks no, rich crooks yep, it's always been that way poor crook u get busted rich or celebrity u evade justice celebrity and rich u are given get outta jail free card
Xing Xiao - white privileges
Lee should the FOOL and LB in 9th circuit court. Or NY Fed court.
Crooked systems robbery without violence days banks are numbered
no such thing as better or crook or not, perfx lx no matter what
But you can do six months in jail for petty theft or a DUI.
In DUI u r caught red handed.
In this crash no one was caught red handed. These crooks used that fact to their advantage.
doesn't matter what happened in 2008... what matters is the fact that nothing changed since 2008... that means we are going to get a crisis harder than the legendary Great Depression
Whether RF knew about REPO 105 or not, surely the chairman of a company knew that $50B dollars was regularly being off shored and then re shored after filing, if not he should be jailed for incompetence, either way he was a conman.
"Tell me the difference between stupid and illegal and I'll have my wife's brother arrested."
Clearly he knew. The architects of this disaster should have been jailed and had their money confiscated or both and legislation should have been enacted so that it doesn't happen again. It's outrageous that the financial system was teetering on destruction because of the antics of these greedy fuckers. Of course, nothing will change...especially when political donations are at stake...and it will happen again.
60 minutes is such an important institution of our global society. Wish you all the best.
That is nice of you, next
They all got away with crime. They were too big to fail!!!!
Charles Glasspy this entire video was about a bank that did fail....
wrong
"To Big To Fail" good movie.
That was A.I.G.
no one went to jail. wow.
are you sure, I think they all went to prison. 💥
@@MominNz why would u think that?
@@snoopy_peanuts_77 Because there was an article in "The Onion" that said so.
Shrinidhi Ghatpande I wish that was true.
Dentatus Dentatus lol
Matthew Lee, the British fellow, is a hero.
Herman47 at least one person had some integrity in their position.
Great guy
Remember when they all still got their bonuses? You know, to retain the best talent.
Gotta keep em at the end of the day. Yet so wrong but they already had crossed that line, next
If this happened in China, they would be hanging in front of the public.
It was a long time ago and still makes me sick to my stomach the criminal actions. People should go to prison and be broke.
Erik 567
If you can’t beat them, join them pretty boi
@@marcuslance5883 why would he want to join you?
For the rich & powerful crime does pay.
Evil ALWAYS gets away with it...when evil is committed by the obscenely wealthy...is this REALLY a shock?!
This is the very best investigation I have seen on the subject
Government of the rich, by the rich and for the rich.
Oscar Banuelos when has it been anything other than that??
I pledge allegiance to the rich of the United States of America, and to the corporations for which they stand one nation under capitalism with inequality and injustice for all.
per aspera ad astra ¿ true bro, we all can...are you? Just curious.
per aspera ad astra ¿ good stuff bro, I agree with you. Got my undergrad in electrical eng, working at Fortune 500 and own two businesses. I agree it can be done and there’s no where better than America to do it.
per aspera ad astra ¿ good stuff, the day a lot of lawyers, MBA, etc start of in EE. My company does operations and Lean Six Sigma consulting and training. Jceharvey.com, drop me a line in the contact section. I’d love to chat more.
They did the same thing as Enron executive who got prosecuted. I wonder why Fuld and company didn't get charges as they did they same crimes?
It's like they copied to a T the methods Enron used. Hiding in pain sight.
Enron's entire staff later became George Bush's cabinet.
The Enron gang practiced outright fraud. Lehman engaged in reckless speculation. The two aren't the same.
“I’m not permitted to be bothered by that.” Wow.
soooo government workers can't be prosecuted?!?! along with these crooks?!?! What is wrong with this world. God knows all.
I find it hard to believe that the reason no one was jailed was simply because "regulators didn't understand what was going on". I wonder how many lives were threatened / people were paid off
Finance is such a more lucrative career that it will attract almost all of the best and brightest in the field. Unless we raise SEC salaries to prohibitively high levels the banks will always be two steps ahead
they are not the best just the most corrupt
I worked there and sadly didn’t leave when others did cost me a great deal and no one went to jail as they should have
Total scam !!!! These guys cheat , lie & steal ... unbelievable!!!
ROBERT NARDONE well keep getting loans then and expect these crooks to rip you off. Lol
Only a chump would give in to them
And let me tell ya.
There's plenty of chumps that have access to alot of money!
The loop is starting again. 11 years and already forgotten. We’ll soon have the next financial crisis. It could very well be irreparable the next time it hits.
8:00 If you need to READ a statement verbatim that says "I do not recall," then you are basically admitting you are lying. WTF!
Thank you for sharing this video !! makes the case for using open decentralized ledgers stronger so that fudging and deceiving is a non starter.
Laughs in FTX😂
The top Lehman executive held a lot of Lehman stock. He refused to take $21 per share. So the value went to 0.
You know a company has lost touch with reality when they turn the outside of their building into a giant LED TV.
💛
Ernst & Young was involved?!
Why weren't the guilty prosecuted & punished ??? ----------WHY??? ------------WolfSky9, 71 y/o
This is cases like this that would validate the use of vigilante measures against the people responsible!
If the government of a society fails to protect and defend its country’s “citizens” interest then those responsible are enemies and traitors of the state! And should be dealt with by the military of the country!
absolute power corrupts absolutely
Nice👍🏽
I was thinking exactly the same thing.
Why would anyone go to jail when the rats are guarding the cheese.
THEY all NEED to go to JAIL. But NO ONE Will THAT'S HOW it's GOING. Go to JAIL..
These CEOs shouldn't be allowed to keep their wealth. They should have the shirts sued off their backs. America is an unjust nation.
Matthew Lee is the man.
The end where he says he wouldn't trust the books of big Wall Street firms. The stock market is heavily inflated with many companies not making a profit to match their stock price. Many new IPOs happening soon like Uber, Lyft, Slack, Pinterest are not profitable.
The SEC does not have the top lawyers or accountants, the banks do.
I love the photos of Lehman Bros. where the window is broken. So symbolic.
So when I fill out FASFA and CSS forms for college, it is a NO NO for me to move funds out of my account, complete the forms and then move back but they did it.🤮
How does no one go to jail for this???
Money, that's how.
Apparently, the people working for the SEC did not understand the material given to them and couldn't charge people for the unlawful practices - WHAT A JOKE
They abandoned their fiduciary duty
Rob a bank you'll get life,buy a bank and rob the World you'll get golden parachutes....
This just in...the UK is the number one spot for banks now in 2021.
we need to keep companies from becoming too large.
Unfortunately, that's artificial control which goes against free market capitalism, the "holy grail" to most in the industry and many in the country/western world. But even more unfortunate, the capitalist system tends to concentrate wealth in the hands of a few, meaning a small group of companies will indeed get very large, "too large to fail" in many instances.
The football players in the SouthEast Conference understand finance just as well as the employees of the Securities and Exchange Commission do.
Ernst & Young was also involved in Olympus case indirectly, and Japanese government didn't do anything against them.
The US should applogize to the hundreds of thousands if not millions world wide victims. b/c the US government was ultimately responsible.
And the banks still operate under the same conditions and deregulated ideals today.
“The Lord has made everything for its purpose, even the wicked for the day of trouble.”
Proverbs 16:4 ESV
“but the Lord laughs at the wicked, for he sees that his day is coming.”
Psalms 37:13 ESV
Not one conviction. Not one. They will not prosecute and put in jail one of their own.
Not even charges ... stunning!
Yet years later we are repeating past mistakes. We will never learn.
SEC is a joke....they also ignored multiple warnings about Madoff
Who is here watching this in 2020?
I've been binge watching videos like this for about an hour.
2024...November
People talk about "letting the banks fail". That would be utterly idiotic and pointless. Our economy depends on major pieces of the economy like banks. It's not the same as letting your local lemonade stand fail. The government did the right thing saving the banks. We only had a recession instead of a depression. What the government failed at was regulating beforehand and punishing the criminals after hand. CEOs should have been fined and jailed, and the companies should have been heavily fined as well, in addition to paying back all government money with interest.
This will soon be the most liked comment in all of Lehman video history. I shall go first
let this sink in... the big banks are 3x's bigger now than during the crash, and 5 out of 8 biggest banks in the USA failed the stress test this summer. Corp Debt(which relies on bonds market to buy back the debt) is at a all time high!!! We have a massive issue about to blow up. And its going to get worse in feb 2019.
good, I would love to buy some cheap stocks
If someone fails their own Stress then if they close their eyes and proceed as if they didn't see then they have forfeited their right to
If someone one fails their own Stress test and then
proceed as if they did not see the results.
Two things are for certain
Either they are very liquid
And waiting for the inevitable act right that will be run into head frist so they can pick up stressed out assets at bargain prices.
Or they are extremely stupid with extravagant appetites that is content with riding the temporary wave
with their fingers crossed that there will still be available funds for 5 star lawyers to ensure at worst a few months stay in club fed when the wave hits the rocks that is if the preoccupation with the appetites hasn't eroded the lawyers fund.
Either way does not spell out win for whoever invest
In companies that fail their own Stress test beacuse they are the ones that gone be taken to the cleaners.
I guess the old street rule applies as insurance even in high finance. Which was if something that is non tangible is called a product and is made to sound too complex then it actually is and comes with lot's lot's of fine print that probably span's pages that might not be soundest of gambling but if person really must has to scratch itch for gambling with the odds they be better off playing blackjack against a dealer atleast that route there is a slim chance you might walk away with atleast what you came with.
I was a Vice President at Lehman Brothers. I was the manager for the Tape Library. I had a nice office, great salary, and a staff of 23.
Repo 105 , how can SEC investigation team which conducted oversight of Lehman Bros fail to pick up on this con? We're they themselves bought ?!
Knowing many employees of Ernst and Young. The guilty and corrupt are in a home somewhere far away fron there.
justice only for ordinary citizen. Big guys won't get punishment at all. This is call Democracy. Good Job.
EY is always in the middle of every financial shenanigans.. This firm should be closed...
Impressive! Thanks for this information
To paraphrase: Too big to go to fail? No, too big to go to JAIL.
What is that saying, "Who watches the watcher?"
Sec totally failed the country
Unknowingly skip a traffic signal, you will be standing in front of a judge coughing up a fine, but here... What is this? A free ticket?
Fuld busted out the civilian sector not the military. That's why he's free and filthy rich and not sitting in a jail cell.
The banks and the investors didn't get hurt, they got bailed out. We got stuck with the bill. So we lost twice.
If by "we" you mean the tax payer, that's not actually true. The bails outs those banks received were loans, those loans were paid back, with interest. The American tax payer made a 50 billion dollar profit from those bail outs.
The people that got hurt were the people that lost their homes. Those people should not have taken out loans they they could not pay back though, make sure to read the fine print.
The loans were immoral
The people taking out the loans were stupid.
Immoral people didn't get punished.
The stupid people lost their home.
I love 60 min
Banking industry regulates itself?
After you look closely to what's happening around you come to realize everything is just an act... people, companies and the state... just a movie playing in real life.
Yes and politicians are paid actor's, democracy and having a vote is a scam too.
It's 2019.. Does anyone know if the FCC has acted on it yet?
Hosé TV! FCC....?
SEC doesn’t want to press the issue. They hired people with little understanding to question the issues. Which is extremely scary. Let’s not forget.. the same issues that caused the crash, mainly bundled securities that have been been manipulated in a way to make them look like safer packages. From what I understand is they changed the name. The same problem is still going on. I hope I am wrong but I fear I might be right.
A shell game... Was a gimmick, which never got prosecuted
if you look at the sign and compacity of each one of the officers for Lehman Brothers they was in their proper status where they was alleviated for any individual wrongdoing of any sort
Wonder if that guy found a job. He'd probably make a great auditor.
He should be president of America!
Which is why no one wants to hire him.
None of the actions described here by Lehmann Brothers caused the crash-that was the government and poor lending practices. All the claims here are just that Lehmann didn't acknowledge they were bankrupt sooner. It wouldn't have stopped the crash.
I'm not an expert, but to me that sounds about right.
who got hurt? - everyone but the people responsible and those who allowed it -
Damn. Crazy that that transaction is allowed and in the books
The stock market is totally corrupt
The hypocrisy of the law is sometimes impossible to understand particularly in the financial services industry especially when the government and the taxpayer are the insurers of last resort. And Lee is right when he says the financial services contractual opaqueness makes them inscrutable except to the drafters of these instruments . In sum it's like being in the Amazon thickets without a map a compass never mind gps. How could Fuld not know ? Maybe he did or did not understand the papers he was given or relied on the international shell game to deny what was evident. Deutsche bank employees manipulated the LIBOR rate but got caught . Fined. But you know how they think money in hand today is more important than money lost tomorrow. So 26,000 employees were left bereft of resources work and the taint of that association . But the real losers were the tax payers who had to fill the breach of hundreds of billions of dollars . Madoff wasnt enough .
The entire board should have gone to jail - its there job to know. - but they all walked away with hundrets of millions.
There should have been no bail out.
Did we learn from it? I don't think so. Almost 12 years since this happened and there's a sign of recession.
What many people don’t know is that recessions are normal. They happen every ten years. You can trace this trend all the way back to the Great Depression. However, in 2008, because of Leman and AIG, there was a huge crisis that made every property lose value cause they couldn’t sell cause banks had no money to loan. Apparently this hadn’t happened in 70 years when it was the last Great Depression. Once in a lifetime moments. Unfortunately for me, I was too young to take advantage and it probably won’t happen again till I’m very old.
Moral of my comment? Don’t let the media scare you. Recessions are normal and best believe Trump will do anything to prevent it. His presidency depends on it. So bank on it happening in 2020.
Side note, idk how wars affect recessions but I will look into it. Me thinks Iran and US will go to war after Trumps re-election.
It's the system but also the people don't change.
Actually this all started in 2000 Democrat bill Clinton spearheaded his China Trade Act in 2000. At the same time Clinton wanted everybody to own a home in his speeches. What went down in Bill Clinton era Banks and mortgage Ins Co wanted to "combine" need permission from Congress so to speak so its not an monopoly. Pres Clinton basically said he wont block it IF the banks get "credits" To get them banks needed to make so many loans across the red line "red line districting" Democrats voter base bad areas. Banks response to Bill Clinton People saying Those people wont qualify Clinton administration said we can help your banks to streamline the criteria so people can qualify Banks response was would the loans be back by Fredie Mae and Fannie Mac. Clinton say yes. This worked for a while UNTIL the effect of Clinton China Trade act in 2000 U.S. from 2000 to 2009 lost over 42,400 factories By 09 US had less factories then before the bombing of pearl harbor Most loans going bad was because Millions lost their jobs Democrats are solely responsible for the banks collapse and the U.S great recession
No one ever gets punished!!!
"It's only money and we can't help ourselves." How true that statement is from the show, "Margin Call." It's only pocket change to the top 1 percenters and hard-earned life-time savings, investments, and retirement funds for the middle class.
Greed and corruption.
Good points!
lets remember that Lehman was not the only one involed in this it was everyone ... and no one went to jail.
Unfortunately the deregulation starting in the 80s and finished in the 90s lets banksters gambling with the money of the savers. Regulators should establish the net distinction between commercial (the ones that manage our savings) and investments banks (the ones who speculate on the most sophisticated and risky financial products) back. Savings, pensions are not guaranteed anymore, politician should do something about it re-instroducing the same rules which were in place after the great depression of 1929.
Gru saved us from those evil bank businesses
the only way this kind of thing slows down is if people go to jails like san quin or terminal island....... plus put them in gen pop
Wall Street, Hedge funds, investment firms, etc all make sectors of business like this far too difficult and unintuitive to really understand everything and find the real facts. Just like the government's capitol gains tax and their loophole where you don't have to pay the capitol gains tax if you take the money you received after selling a property and invest it back into another property within 90 days and you don't touch that money. To do that you need to give your money to a qualified intermediary until you reinvest or pay the tax. That law created a whole new sector of business which is easy to cheat because of the lack of rules to govern that sector.
Since no one was prosecuted, could this happen again?
And here we are again, the SEC doing nothing about naked shorting and the greed and corruption gaining ground. Crash 3.0 is going to be one for the history books...