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Related: About this forumJeffrey Sachs: Wall Street is full of 'crooks' and hasn't changed since the financial crash
Top economist Jeffrey Sachs says Wall Street is full of 'crooks' and hasn't changed since the financial crash
The IMF adviser also blamed 'a docile president, a docile White House and a docile regulatory system'
Monday 29 April 2013
(Independent UK) In a cutting attack on America's financial hub, one of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash.
Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to a docile president, a docile White House and a docile regulatory system that absolutely cant find its voice.
Sachs, from Colombia University, has twice been named one of Time magazines 100 Most Influential People in the World, and is an adviser to the World Bank and IMF.
What has been revealed, in my view, is prima facie criminal behavior, he said.
Its financial fraud on a very large extent. Theres also a tremendous amount of insider trading - you can even watch when you are living in New York how that works. ...........................(more)
The complete piece is at: http://www.independent.co.uk/news/world/americas/top-economist-jeffrey-sachs-says-wall-street-is-full-of-crooks-and-hasnt-changed-since-the-financial-crash-8594779.html
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Jeffrey Sachs: Wall Street is full of 'crooks' and hasn't changed since the financial crash (Original Post)
marmar
May 2013
OP
Everything is rigged, most of all our "democracy" protects & promotes the rigging. nt
mother earth
May 2013
#3
bemildred
(90,061 posts)1. Wall Street is a giant government sanctioned and protected racket. nt
Doctor_J
(36,392 posts)2. no motivation for them to change
Put a few hundred of them in real prison for a few years each, and have them blog about the fun they're having there,and a deterrent will have been provided
mother earth
(6,002 posts)3. Everything is rigged, most of all our "democracy" protects & promotes the rigging. nt