One year on, Wall Street hasn't changed: Michael Moore

[marmar]

One year on, Wall Street hasn't changed: Michael Moore
(AFP) – 8 hours ago


TORONTO — Wall Street has learned little from the failure of Lehman Brothers and the ensuing global financial crisis, filmmaker Michael Moore said Monday on the one-year anniversary of the US investment bank's collapse.

"I think the financial sector has learned that they need to become more crafty to keep pulling off the Ponzi scheme," Moore said on the sidelines of the Toronto film festival.

"They're still trying to come up with new ideas for (financial) derivatives and now they're going after life insurance. They're doing derivatives on life insurance."

The stunning implosion of the US investment bank Lehman Brothers over the weekend of September 13-14, 2008 has come to mark the beginning of a crisis that reshaped the financial sector and deeply scarred the global economy.

Moore lamented that one year after "shit hit the fan" little has been done to reform what he described as the root of the problem: "capitalism itself." ..........(more)

The complete piece is at: http://www.google.com/hostednews/afp/article/ALeqM5i3QQNkaWgH4JYiwNWW1Sp7kjAxHA

[Ruby the Liberal]

1. Thats because TARP was passed without regulation.

[Deja Q]

2. By Dubya.

Let's not forget.

And let's hope.

[Ruby the Liberal]

3. No question. I just hope Sen. Dodd can provide the fortitude.