- A d v e r t i s e m e n t
Recent headlines coming out of the financial world have been jaw dropping. Here are a few: US faces same problems as Greece, says Bank of England (The Telegraph), World markets rattled by Goldman fraud (The Economic Times), Goldman Sachs faces criminal investigation (Guardian UK), Government Probe into Wall Street Sales Widening (Fox Business), SEC expects early findings on dramatic, 1,000 point market drop next week (The Hill), Feds probing JPMorgan trades in silver pit (NY Post), Federal Reserve lends bucket to EU bailout (Politico),and NY AG investigates if banks misled ratings agencies (WABC).
My favorite headline is Major Wall Street firms face criminal probe (Reuters), because the article goes on to name all of the big players. The Reuters story says, “. . . preliminary criminal probe is being conducted with U.S. securities regulators and involves JPMorgan Chase, Citigroup, Deutsche Bank, UBS, Morgan Stanley and Goldman Sachs Group Inc. The person said the investigation included mortgage-bond deals, that it was in an early stage and that it might not necessarily lead to criminal charges against all of the firms. The person spoke anonymously because the probe is ongoing.”
None of the financial institutions named above have been convicted of any wrongdoing. They all basically say they did nothing wrong. Can all this negative press just be a big overblown mistake? Mind you, the above headlines are recent, as in the past week or so. I say when you put all the headlines together, it sure looks to me like the financial system is corrupt. The financial markets are a rigged game. The game is played to enrich the big fat cat trader and rip-off the little guy of his hard earned savings.
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