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Rolling Stone Expose: Why Isn’t Wall Street in Jail?

February 16, 2011

Finally, we have someone calling the bankers on the carpet. Matt Taibbi, author of Griftopia, has written a scathing article on Wall Street bankers and lawyers who have gotten a free pass, a get out of jail free card after selling toxic mortgages as AAA rated paper and doing the Credit Default Swap dance. All of this plus insider trading, fraud, are revealed. I am listening to Matt right now on MSNBC.

Go out and pick up the recent issue of Rolling Stone — today!

This article appears in the March 3, 2011 issue of Rolling Stone. The issue is available now on newsstands and will appear in the online archive February 18. Here is an excerpt:

The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted. Their names by now are familiar to even the most casual Middle American news consumer: companies like AIG, Goldman Sachs, Lehman Brothers, JP Morgan Chase, Bank of America and Morgan Stanley. Most of these firms were directly involved in elaborate fraud and theft. Lehman Brothers hid billions in loans from its investors. Bank of America lied about billions in bonuses. Goldman Sachs failed to tell clients how it put together the born-to-lose toxic mortgage deals it was selling. What’s more, many of these companies had corporate chieftains whose actions cost investors billions — from AIG derivatives chief Joe Cassano, who assured investors they would not lose even “one dollar” just months before his unit imploded, to the $263 million in compensation that former Lehman chief Dick “The Gorilla” Fuld conveniently failed to disclose. Yet not one of them has faced time behind bars.

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