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Cost of the Crisis, 72pp
The cost of the Wall Street-caused financial collapse and ongoing economic crisis is more than $12.8 trillion. $12.8 trillion dramatically understates the true costs of the crisis because so much is simply unquantifiable.
to read the 72pp report published on September 15, 2012, click on
Still No Shame on Wall Street for Crashing Financial System & Causing Economic Wreckage Worldwide
Seems like every day now there’s another story about Wall Street’s financiers and their paid mouthpieces complaining about the latest investigation into or fine for their wrongdoing and law-breaking. JP Morgan Chase and its CEO Jamie Dimon are the prime examples for this lately because they are the supposedly being picked on by so many investigations. The whinnying is reaching hysterical proportions, with some now complaining that it’s the regulators who are acting “lawlessly” for finally, years-later enforcing the law. The Financial Times’ Tom Braithwaite and Kara Scannell have a terrific piece in today’s paper detailing this: “Banks Get Ready to Feel the Penalty Pain.”
This article shows once again that these bonus-bloated executives and their well-paid lawyers, lobbyists, PR-spinners, purchased politicians, academics and sundry other hired guns simply have no shame. They all seem to think that the law should only be enforced on Main Street and not on Wall Street.
Let’s not forget that these global too-dangerous-to-fail Wall Street megabanks were on a crime spree for more than a decade; no one enforced the law against them; they created, packaged, sold and distributed trillions of dollars of worthless securities; caused the biggest crash of the global financial system since 1929 and the worst economy since the Great Depression; and yet, not one executive of a major, powerful, well-connected Wall Street firm has been held accountable.
Source: Better Markets