Matt Taibbi on the Explosive Investigation Revealing the SEC's Cover-Up of Wall Street's CrimesQuicklink submitted by Sheila Samples Permalink
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|This whole issue of securitization was central to the cause of the financial crisis. All of the banks--not just a few of them-were engaged in this wide-scale fraud scheme to take worthless and/or extremely risky subprime mortgages and sell them as AAA-rated investments to unsuspecting investors all over the world, including pension funds here in the United States and foreigners in Scandinavia, China, Saudi Arabia. Basically, this was a fraud scheme where you're selling garbage as gold.|
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