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The Wall Street Scandal of All Scandals

Business  (tags: abuse, americans, banking, business, consumers, corruption, dishonesty, economy, finance, government, investing, investments, marketing, money, politics, society )

- 2145 days ago -
What's the most basic service banks provide? Borrow money and lend it out. You put your savings in a bank to hold in trust, and the bank agrees to pay you interest on it. Or you borrow money from the bank and you agree to pay the bank interest.

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Michael T (82)
Tuesday July 10, 2012, 10:42 am
Excellent choice Kit! Personally, I always knew it could and would surface that things are even worse among the greedy than the last report.

They have proven they can't ethically and morally handle anyone's money.

If they bet instead on the economy, the results of which would inevitably pay them huge dividends for decades to come, by bringing success and monetary wealth to everyone who would continue to use the banks what an improved world it would be. The sad thing is, is that they find a few, a very few to blame for what's happened, make a big deal about them, fine them and put them in jail. But there is no restitution to the world for the problems the excesses created. Am I alone in seeing that this doesn't square a circle somewhere?

We have done nothing to pave the way for banking like this to never happen again. One of the main reasons there was stability after the depression of the past century was that very strict laws were passed regulating bank behavior. We can thank mostly the republican party, Alan Greenspan most notable among them, for taking away every last bit of regulation that would have prevented what we are seeing now and have seen over the past 2 decades from ever happening.

paul m (93)
Tuesday July 10, 2012, 2:13 pm

Frist it's the Governments who lie to us, Now it's the Banks, you try falsifying any document and yo'll
be in Prison before you know it,,,where as them ?

Michael T (82)
Tuesday July 10, 2012, 3:13 pm
Hear Hear Kit. And not only that, I would force each and every one of these institutions to make restitution to everyone whose life has been harmed, distorted and undone by their actions, and make them continue to turn over their earnings for years to come with interest. Putting hundreds of these thieves is one thing and neessary, but making these institutions return the world to its former state is also an imperative.

Talya H (10)
Tuesday July 10, 2012, 6:27 pm
Thanks for the article~

Wednesday July 11, 2012, 12:57 pm
Great article Kit. This present economic crisis has provided the American people with an opportunity that haven't exsted since the last great depression. The matchup between Obama and Romney is very similar between the matchup between Roosevelt and the person, his name escapes me, Roosevelt ran against.

Obama fell short his first term by picking the likes of Summers, Geithner, Emmanuel, and other left over Clintoneseters in his cabinet. Because of these picks, Obama and the American people suffered. At last Obama is confronting Romney and the Banksters.

It's up to us to continue to point out the contradictions in the Federal reserve and organizations like Goldman Sach's. What's also important is to state clearly that capitalism as a viable economic system can no longer serve America or the world. Worldwide trends in Latin America, and Europe show a move away from the capilalistic market economies.

Sheryl G (360)
Wednesday July 11, 2012, 3:50 pm
"Libor"....thanks for getting this out there Kit, I've already watched or read this on other C2 members, and had read this particular article earlier on my own. But as we are not all connected, and as this is very important, I am glad you got this on.

I knew there was more to come out, those in the Financial Markets, who cared, that were shouting before the crash, during the crash, and since the crash have been saying, there is more to come. We haven't seen the fat lady sing so to speak.

We haven't seen the dust settle yet, and many more are going to get hit broadside before it is all done. Until we have more Police and Firefighters being asked to work for minimum wage like those in Penn. are being asked to do, until some of the people who think they are safe start to realize they are not so safe, once it is dawning on the politicians that those they helped along or protected also screwed them too, then we will start to see some changes.

The most vunerable are always some of the first to go, and there have been too many people that thought they were safe and above the unraveling. A lot of others are trying to figure it out, they know something is wrong, just not sure what, where, and who is truly at fault. Denial for others, shell shock for some more, eventually a mass of people will awaken and realize that most people need guidelines, rules, and regulations. The ole' let the rooster mind the hen house doesn't work.

Lois Jordan (63)
Wednesday July 11, 2012, 6:43 pm
Noted. Such important info; thanks, Kit! Since we now live in this "TRICKLE UP" economy, how do we get the masses to understand this when MSM Corporate news isn't "on the bandwagon?" CurrentTV has had some great interviews and segments regarding the LIBOR theft this week, but I don't know about the others. I, too, was extremely disappointed when Obama picked the 3 Stooges: Geithner, Summers & Bernanke, to "oversee" the financial markets....straight out of the Clinton Admin, and the major reason I didn't vote for Hillary.

Mary Donnelly (47)
Wednesday July 11, 2012, 6:45 pm
Thanks Kit. Great Post and comments.

Ancil S (175)
Sunday July 22, 2012, 6:40 pm
Thanks Kit for the post,sad,but not shocking.
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