(NaturalNews) The pervasiveness of Wall Street corruption was laid bare at the outset of the Great Recession of 2009, when scores of banks and financial institutions were bailed out, compliments of the U.S. taxpayer. Hundreds of billions of dollars were doled out after most teetered on collapse because of bad investments and over-speculation driven in large part by a dangerous housing bubble.
More than four years after the government deemed many of these institutions "too big to fail," evidence continues to emerge suggesting that rather than the country failing these banks, these banks continue to fail the country.
Over-leveraged trading and the hiding of criminal behavior
From The New York Times' "Dealbook" section:
Government authorities are planning to arrest two former JPMorgan Chase employees suspected of masking the size of a multibillion-dollar trading loss, a dramatic turn in a case that tarnished the reputation of the nation's biggest bank and spotlighted the perils of Wall Street risk-taking.
The former employees, who worked in London, could be arrested in the coming days, according to people briefed on the matter. The action, the people said, would involve criminal fraud charges.
Read full article here.
0 comments:
Post a Comment