Tom Toles for March 18, 2010
March 17, 2010
March 19, 2010
Transcript:
Senator Christopher Dodd: What do you think? Wall Street Man: We'll take an initial position in support, then hedge it with derivatives, insulate ourselves with credit-default swaps, put pressure on with a highly leveraged unfriendly takeover and clean up by massively shorting the resulting collapse... Then demand a bailout...
believecommonsense about 14 years ago
more gets revealed about the miasmatic mess of Wall St. …
Lehman Bros was engaging in accounting fraud; Goldman Sachs traders were selling derivatives to investors that Goldman Sachs hedge fund managers were betting against. And it was all legal …. and it is STILL all legal.
Except now, of course, after taxpayers made them whole, and billions in bonuses were awarded, Wall St. traders and hedge fund managers can borrow billions from the Feds for their betting games at ZERO interest. No new rules, no new regulations, too big to fail institutions are bigger than ever. Wall St., the cause of the meltdown, is the only segment of the economy that has recovered … and resumed their betting games.
I wish some of the right’s energy and tea partiers rants were directed at the Wall St. miasma and not just healthcare.
kreole about 14 years ago
I KNEW IT!
leipsicbob about 14 years ago
So, Nothing New under the sun … .
TruthfulTheocracy about 14 years ago
Those people should be put in jail for what they have done!
ChukLitl Premium Member about 14 years ago
No Wall Street supporters wanted to comment? Unregulated growth = malignant tumor.
Dtroutma about 14 years ago
Three shells and a pea financial management?
davesmithsit about 14 years ago
If a buisiness fails let it. If the buisiness was nessasary another will take its place usualy better for the lesson learned from the last one.