In a recent short, but well written piece in Bloomberg, author and former Wall Street insider William D. Cohan lays out a brief modern history of Wall Street’s continued criminal activity. After being caught red handed at each turn, we are always told, “Don’t worry, we’ve learned that lesson, and it will never happen again.” However, the crimes keep coming….
Most recently, some of us watched as Jamie Dimon testified twice before Congress trying to explain how his bank lost over $3 billion and counting by continuing to make risky, secretive bets. This was all while using some of the $350 billion of their depositors money! Sound familiar?!?! Don’t worry it won’t happen again is what we just heard a few short years ago when Wall Street’s greed nearly destroyed the entire world’s economy prompting a mandatory bailout from Main Street.
We were told the same thing after the bust of the junk-bond market in the 1980s, the internet bubble of the 1990s, the telecom fiasco of the early 2000s, and now the latest seems to be municipal debt. Despite being told that Wall Street’s commission based compensation system that pays huge just to put a deal together no matter how fraudulent or bad it is will no longer do harm, the hits keep coming. The way state and local government officials hire Wall Street firms to raise the billions of dollars their municipalities need to build schools, hospitals, airports and sewers, and provide other essential services is the latest con of the Wall Street mafia.
For more read here.
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