The Payoff

The Payoff

Why Wall Street Always Wins

Book - 2012
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An aide to the Senator in charge of investigating aspects of the financial crisis details unsuccessful efforts to hold financial executives criminally accountable, stop stock manipulation, and break up large banks, and suggests solutions.
Publisher: Westport, CT : Prospecta Press, c2012
Edition: 1st ed
Description: vii, 277 p. ; 23 cm
ISBN: 9781935212966
1935212966
Branch Call Number: 330.973 Con

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StarGladiator
Feb 20, 2013

"Connaughton criticizes Democrats for relying on the very Wall Street technocrats who had failed to prevent the crisis and Republicans for staunchly opposing real reforms ..." This sentence sums up the reframing of events most succinctly! The author is claiming that it was a "crisis" not a planned event - - or series of planned events - - clearly the case given all the groundwork laid out beforehand (lobbying for removal of any and all oversight on credit derivatives and electronic exchanges, removal of "legal risk" with the passage of the Private Securities Litigation Reform Act, and a host of other actions of the past several decades; not to mention JPMorgan's report, "Glass-Steagall: Overdue for Repeal"). The dems, along with the repubs, were involved and both have foiled any real regulatory reform in these matters. I call "balderdash" on this book!

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