Wall Street is a fraud. Since 2009, Wall Street has paid over 200 billion in fines
and settlements. Let that sink in. And with quite a few of those fines, firms got off easy.
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Since 2009, Wall Street has paid $204,000,000,000 in fines and settlements.
This is the equivalent to writing a $640 check to every man, woman and child in America including all undocumented residents. It's hard to imagine an industry running up such a liability unless its basic business model was deeply flawed.
They violated laws by the facilitation of money laundering for drug cartels and rogue nations, illegally evicting homeowners, selling fraudulent mortgages and mortgage backed securities, manipulating vital interest rates, insider trading, and facilitating off-shore tax evasion.
The damage done to homeowners and those who lost their jobs during the Great Recession is arguable far worse than the problems caused by drug trafficking. Yet millions have been arrested, fined, convicted and jailed through the failed War on Drugs, while not one of Wall Street's top banking executives has gone to jail or even paid a fine. (Conveniently, $204 billion have been paid by the companies, not by the top executives.)
2. Profits Extracted through Pay Day Lending
Loan sharking is something from the Sopranos. But payday lending, the legalized form of loan shaking, is a mainstream Wall Street activity. An estimated 120 million payday loans are issued annually worth a total value of $42,000,000,000. One study reports:
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http://www.huffingtonpost.com/les-leopold/hillary-not-truthful-abou_b_9185412.html
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