7 of the Nastiest Scams, Rip-Offs and Tricks From Wall Street Crooks

[Brewman_Jax]

http://www.alternet.org/occupywallst/153...et_crooks/

From the article:

Quote:How many high-level Wall Street players have been put in jail for the crimes that led to the financial crisis? Not. Even. One.

Last week several executives from the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, known as “Fannie Mae and Freddie Mac,”were sued by the Securities and Exchange Commission (SEC) for civil fraud. They were charged with misleading investors about the quality of the loans they were buying. But this is a civil suit, not a criminal prosecution, so they face no possibility of jail time. And the SEC is notoriously ready to settle these cases, accepting fines without admission of guilt. Meanwhile, last month Bloomberg News revealed that the Federal Reserve secretly loaned $1.2 trillion to banks on Dec. 5, 2008, their neediest day, even as some of their CEOs were assuring investors their banks were healthy. Are these CEOs facing prosecution or even civil fraud suits for doing the very same thing? Not so much.

These stories barely even reveal the tip of the iceberg of financial malfeasance. We have been hearing for years now about the scams, frauds, rackets, schemes, tricks and various other ways that people on Wall Street made gazillions while crashing the economy. The one thing we haven’t heard anything about is anyone at the top being held criminally accountable … for anything!


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Here's the list

1. Fraudclosure/Robosigning
2. Pushing Subprime Loans
3. Betting Against Designed-to-Fail Bonds
4. An “Epidemic” Of Mortgage Fraud
5. Ratings Agencies Gave AAA to CDOs
6. Banksters Who Made Out Like … Bandits
7. Insiders Profiting From Being … Insiders

You can read the specifics. The outrageous part about the whole thing is no investigations when all of this was starting. The people that are supposed to oversee all of this just didn't do their jobs and let the economy crash. No arrests, no prosecutions, no jail time. After the S&L Loan scandal, there were prosecutions and jail time. Not this time. Once again, the 1% gets everything and gets away with it.