By Nomi Prins
For far too long, Wall Street has wreaked havoc on people’s personal
financial stability and our economy as a whole. I should know. As a
managing director at Goldman Sachs in the early 2000s, I witnessed
firsthand how the banking industry lined their pockets at the expense of
customers.
Not much has changed since then. After the mortgage fraud crisis of 2007-08, the biggest banks were slapped with $216 billion in fines – a drop in the bucket for firms that raked in a cool $237 billion last year alone. Infamously, not a single banker went to jail. Today, Wall Street banks continue to commit
fraud, enjoy front-row lobbying seats in Washington, write legislation
on their own behalf, and maintain easy access to credit courtesy of the
Federal Reserve.
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Source: Truthout
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