Wednesday, April 20, 2011

It Happened Because They Could Get Away With It

Reported by B F Koch
ITITY Financial Correspondent

New York NY

The Senate Permanent Subcommittee on Investigations just released 650 page report, Wall Street and the Economic Crisis: Never Before in the Course of Human Events, Have We Been So Silent, While So Few, Ripped Off So Many, For So Long, documents a systemic “criminogenic culture of corruption” created when bankers who believed they could make their own rules were overseen by regulators who didn’t believe in regulation.

The finding identifies numerous examples of dubious documentations, fictitious fees, artificial appraisals, contrived credit scores, half baked employment histories, inflated incomes, spurious signatures, deceptive derivative instruments, contaminated commodities, tainted trusts, rigged ratings, vague valuations, forged financializations, conjured collateralizations, specious securitizations, egregious embezzlements, fraudulent foreclosures, ambiguous assurances, gratuitous guarantees and totally bogus bookkeeping.

After concluding that Wall Street had indeed engineered the largest financial fraud in the history of capitalism, and before referring to the Department of Justice any recommendations for criminal prosecution, the committee abruptly adjourned so that the Senate agenda would have adequate time to address the serious and pressing issue of doping in professional beach volleyball.

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