Wall Street's Bailout Hustle

[bcassill]

Another great piece by Matt Taibbi on Wall Street. In this episode (in TV-speak), Matt reviews the great cons that GS and other Wall Street heavyweights have pulled on the investing community and the U.S. taxpayer on their way to ever higher bonuses. And, oh. It's likely to blow sky high all over again...:eek:

http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle/1

[ax]

Re: Wall Street's Bailout Hustle

"Jobless dope fiends bought houses with no money down, and the big banks wrapped those mortgages into securities and then sold them off to pensions and other suckers as investment-grade deals."

That's pretty damn good.

[World Traveler]

Re: Wall Street's Bailout Hustle

An excellent articles, pulls together the multiple ways Wall Street has been bailed out by US gov't and taxpayers. And does so in simple language almost anyone can understand. And even more brilliant, he frames it in the context of "the con", comparing each Wall Street bailout con to street-level scams.

Hopefully, lots of "average citizens" who don't know much about finance, but do understand street cons, will read it.

[don]

Re: Wall Street's Bailout Hustle

Another great piece by Matt Taibbi on Wall Street. In this episode (in TV-speak), Matt reviews the great cons that GS and other Wall Street heavyweights have pulled on the investing community and the U.S. taxpayer on their way to ever higher bonuses. And, oh. It's likely to blow sky high all over again...:eek:

http://www.rollingstone.com/politics/story/32255149/wall_streets_bailout_hustle/1

Thanks for posting, a great read. I try and catch every one of Taibbi's long treatments- a great blend of in-depth reporting, wit and fire (not that FIRE)

[bcassill]

Re: Wall Street's Bailout Hustle

Thanks for the good comments. Glad it is understandable. Most of the people I talk to just don't understand what has happened. I believe I will send this article along by email to those I know.

[thriftyandboringinohio]

Re: Wall Street's Bailout Hustle

Thanks for the good comments. Glad it is understandable. Most of the people I talk to just don't understand what has happened. I believe I will send this article along by email to those I know.

I too have passed Matt Taibbi's pieces to my friends; his style is flambouyant enough to hold the average Joe's interest about awfully dry financial concepts.

[Serge_Tomiko]

Re: Wall Street's Bailout Hustle

I too have passed Matt Taibbi's pieces to my friends; his style is flambouyant enough to hold the average Joe's interest about awfully dry financial concepts.

I could not stop laughing at that stuff today. I hope I sound that sardonic when I am wasted and ranting about the economy.

[DaveHanson]

Re: Wall Street's Bailout Hustle

Taibbi is a national resource. His blog at http://trueslant.com/matttaibbi/ is a worthy read, and today's entry is all about the piece cited in the OP.