How Wall Street and the Big Banks are destroying this county.
Last edited Fri Feb 12, 2016, 12:47 AM - Edit history (1)
I'm sure this list is not complete. How has Wall Street ripped off the American Public:
1. The bailout.
2. Owning interests in for profit colleges that have preyed on students.
3. Buying risky secured student loan debt (paying good rates) but guaranteed by the govt ( tax payers). Hmmm... wonder how much was related to 2 above?
Update: Oh look what I found: The spike in student loan defaults over the last decade has been fueled by students attending for-profit colleges and, to a lesser degree, community colleges, according to a new analysis of millions of federal student loan records.
https://www.insidehighered.com/news/2015/09/11/study-finds-profit-colleges-drove-spike-student-loan-defaults
4. Entering into interest rate swaps with local government, hospitals etc.
Some hospitals are paying millions of dollars in penalties to get out of derivatives contracts, after betting incorrectly that interest rates would rise. Other hospitals are paying higher interest rates. At many, these ill-fated financial bets have contributed to layoffs and scuttled projects. (Hmm. and who help determine those rates?)
http://www.wsj.com/articles/SB10001424052748704545004575353190698790172
5. They've looted pension funds. http://www.democraticunderground.com/12511200528
You can't make this stuff up.....
