Re:The real cause of the financial crisis -- An MIT Blackjac...
by jderick on Wednesday January 14, 2009 @09:02PM
(#434695)
This is the best explanation of how to get short term gain at the cost of long term ruin I have seen.
However, let's not get caught up in the details. These bankers knew what was going on. Wall Street told shareholders around the world that they had their best interests at heart, when in fact they were selling them up the river. There is a word for this kind of deception: fraud.
And yes, it is still illegal, even if "everyone is doing it".
The SEC should have stopped this a long time ago, and there is a name for that too: corruption.
However, let's not get caught up in the details. These bankers knew what was going on. Wall Street told shareholders around the world that they had their best interests at heart, when in fact they were selling them up the river. There is a word for this kind of deception: fraud.
And yes, it is still illegal, even if "everyone is doing it".
The SEC should have stopped this a long time ago, and there is a name for that too: corruption.