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By Stephen Pizzo (about the author) Page 2 of 2 page(s)

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All very amusing, unless of course you're on the losing end of their humor.

Another reason the public seldom gets the full picture in cases of massive financial fraud is because, amid all the generic crookery, reporters often stumble across the finger and foot prints of high public officials, such as regulators asleep at the switch, politicans running protection rackets in return for contributions, and sometimes even spies and spooks loitering around all the loose change.

When editors see that kind of stuff they tend to just shake their heads, get out the red pencils and scratch it out while muttering things like, “Oh great, more Roswell UFO sightings....”

Anyway, I just wanted to share that with you. And to offer you a sampler of what I just mentioned from a chapter in our 1989 S&L book. (Please excuse the scanning errors in some of the text.) Half way through reading this chapter you will surely be saying, "Oh, come on Pizzo, what were smoking?" But every word of it was confirmed by a battery of McGrawHill lawyers. Read it and tell me how much of it you read in your local papers back when you were being asked to bail out the S&Ls. Not much, if any.

It will, or should, also cause you to ask yourself how much of the current bailout mess no one is telling us about.

Have a nice day.

Chapter 9: INSIDE JOB
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Stephen Pizzo has been published everywhere from The New York Times to Mother Jones magazine. His book, Inside Job: The Looting of America's Savings and Loans, was nominated for a (more...)

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