Sunday, April 18, 2010

Now we know the truth. The financial meltdown wasn't a mistake – it was a con

From The Guardian.

Will Hutton
The Observer, Sunday 18 April 2010
Article history

The global financial crisis, it is now clear, was caused not just by the bankers' colossal mismanagement. No, it was due also to the new financial complexity offering up the opportunity for widespread, systemic fraud. Friday's announcement that the world's most famous investment bank, Goldman Sachs, is to face civil charges for fraud brought by the American regulator is but the latest of a series of investigations that have been launched, arrests made and charges made against financial institutions around the world. Big Finance in the 21st century turns out to have been Big Fraud...Read more.

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