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Wall Street Grins as Washington Fiddles

April 28th, 2010
Categories: News, Economic, Politics

Link: http://www.truthout.org/jim-hightower-wall-street-grins-washington-fiddles58929

Performing a public service was undoubtedly the last thing on the minds of the geniuses who created Abacus 2007-ACI - but I, for one, am grateful to them.
Abacus is an infamous investment package created by the financial alchemists at Goldman Sachs. It fell into infamy because it is the convoluted scheme that has recently caused mighty Goldman to get its tail caught in a crack. According to fraud cops at the Securities and Exchange Commission, Abacus is a scam. Yet I find it an enormously useful tool, for it sheds light on a dirty little secret that the banking behemoths definitely do not want us outsiders catching onto: They have become casino dealers - only without the ethics.

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