Maddow explains how Wall Street firms defrauded investors

[Playinghardball]

Source: Raw Story
By Eric W. Dolan

On her show Thursday night, MSNBC host Rachel Maddow explained how dishonesty and fraud in Wall Street tanked the U.S. economy. Internal emails show that Wall Street firms told their investors to purchase stocks in certain companies, but not because those stocks had good potential. The stocks were owned by companies that were paying the firms giving the advice.

Watch video, courtesy of MSNBC, below:

http://www.rawstory.com/rs/2011/10/28/maddow-explains-how-wall-street-firms-defrauded-investors/

[bullwinkle428]

1. This was extremely informative as far as telling us WHY this

was so dirty and duplicitous on the part of these banksters...

K&R.

[banned from Kos]

2. this is an age-old boiler room tactic that is actionable with help from FINRA

the investor needs to pursue civil litigation.

[badtoworse]

4. I am new with one of the large investment banks...

...after many years in the power business. This is one of the (many) things we were strongly warned not to do.

[gratuitous]

3. Yep

They packaged and re-packaged stuff, carving it up nine ways from Sunday, churning the value until even the worthwhile investments in their little CDO packages were overpriced. Goldman Sachs executives testified before Sen. Levin's subcommittee in April that they were pushing "shitty" investments.

[Hissyspit]

5. DU VIDEO Here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=385x629254

[indepat]

6. But, but, but I seem to recall a high-ranking member of the administration declaring

to the effect that no laws were broken, just mistakes made, and lax oversight. :patriot: