Wall Street versus Main Street: The “Greedy Bastards” Strike Again

They’re opportunists. That’s how they’ve made their fortunes. Being an opportunist isn’t necessarily a bad thing if it means being willing and able to see an opportunity and take advantage of it by maximising its benefits. But in this case, being an opportunist is not a good thing. Not that they ever stopped, but it seems those “greedy bastards” are at it again.… [Read more]

Another Big Bank Heist

The word is out: The Securities and Exchange Commission (SEC) settled with Citigroup for $285 million.  In yet another case of fraud by a ‘too-big-to-fail’ bank, investors lost millions as the result of being misled — this time, about mortgage bonds.  In the settlement, Citigroup doesn’t admit or deny the allegation that they behaved badly and/or did anything wrong by betting against the very mortgage securities they convinced their investors to buy.… [Read more]