Banking, Society and Economy
The biggest banking scams in 2011

7 of the Nastiest Scams from Wall Street Banksters

COMMENTARY

Peter Burgess

7 of the Nastiest Scams from Wall Street Banksters

This year - we've seen well over 5,000 American patriots hauled away in handcuffs for peaceably protesting against the high crimes on Wall Street. Meanwhile - not one bankster has gone to jail for those very same crimes. So - in the hopes that some of these banksters will be held accountable for their crimes NEXT year - we're going to recap tonight exactly what these guys are guilty of - and how they did such remarkable damage to our nation. To help us with that list - Dave Johnson joins Thom from the Campaign for America's Futur

These are the seven:

1. Fraud closure robo-signing
2. Pushing sub-prime loans (Countrywide settlement ... current stockholders take the hit ... the original fraud created wealth)
3. Betting against design to fail bonds (Credit Default Swaps (CDOs) ... Goldman Sachs, Citibank and others)
4. Epidemic of mortgage fraud (Remove the FBI agents who work on fraud to handle terrorism!)
5. Ratings agentcies giving AAA ratings to CDOs
6. Banksters who made out like banksters
7. Insiders profiting from being insiders