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THE WALL STREET FINANCIAL CRISIS: A MISTAKE OR A CRIME?

By Implode-Explode Heavy Industries

``In their testimony before Congress, Goldman bankers defended themselves by saying all big banks did what they did. A weak alibi at best, it nonetheless seems to be working for them. The assignment of criminal liability is hardly underway. As one lawyer said to Bloomberg News, ?In order to proceed criminally in a case, you need to have very clear evidence of lying, cheating and stealing.? In plain English: Don?t get your hopes up. The government has not declared war on Wall Street even after Wall Street declared war on Main Street. The housing bubble was built on a bedrock of fraud linking shady subprime brokers and appraisers to an industry of financial products that were then resold with misrepresented values thanks to the connivance of unethical ratings agencies.''

Full post as published by Mortgage Lender Implode-o-Meter on January 25, 2011 (boomark / email).