Monday, October 19, 2009

More on Our Looters

Matti Taibbi has written a great article on the looter-bankers in New York that are working in concert with Washington. Wall Street's Naked Swindle exposes the corruption rampant in our banking and investment world.

His conclusion ought to give you pause if you are actually investing money in the stock market right now:

"The nation's largest financial players are able to write the rules for own their businesses and brazenly steal billions under the noses of regulators, and nothing is done about it. A thing so fundamental to civilized society as the integrity of a stock, or a mortgage note, or even a U.S. Treasury bond, can no longer be protected, not even in a crisis, and a crime as vulgar and conspicuous as counterfeiting can take place on a systematic level for years without being stopped, even after it begins to affect the modern-day equivalents of the Rockefellers and the Carnegies. What 10 years ago was a cheap stock-fraud scheme for second-rate grifters in Brooklyn has become a major profit center for Wall Street. Our burglar class now rules the national economy. And no one is trying to stop them."
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