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Tuesday, December 20, 2011

Taibbi Vs A Pernicious Meme

Dec 20th, 2011

Matt Taibbi's takes aim at one of worst lies regarding the financial crisis:

"The notion that what Wall Street firms did was merely unethical and not illegal is not just mistaken but preposterous: most everyone who works in the financial services industry understands that fraud right now is not just pervasive but epidemic, with many of the biggest banks committing entire departments to the routine commission of fraud and perjury – every single one of the major banks, for instance, devotes significant manpower to robosigning affidavits for foreclosures and credit card judgments, acts which are openly and inarguably criminal.

Banks and hedge funds routinely withhold derogatory information about the instruments they sell, they routinely trade on insider information or ahead of their own clients’ orders, and corrupt accounting is so rampant now that industry analysts have begun to figure in estimated levels of fraud in their examinations of the public disclosures of major financial companies."

And yet, many of our elected leaders on both sides of the aisle continue to hamper stronger regulation of almost any kind.

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