Some people earn their money by honest means. Others do so at the expense of one another. If you borrowed money from a bank between 2005 and 2009 to buy a house or car, to pay for school, or if you happened to use a credit card during that time, you’ve likely been duped by a collaborative price rigging scheme courtesy of the big banks.
No doubt, this is quite a revelation. In short, what it means is that nearly everyone – including businesses and investors – who used credit between 2005 and 2009 was swindled. What’s more, they were swindled in a major way.
“This dwarfs by orders of magnitude any financial scams in the history of markets,” said Andrew Lo, a professor of finance at the Massachusetts Institute of Technology.
Charles Ponzi, Bernie Madoff, Kenneth Lay, Bernie Ebbers, Dennis Kozlowski, can’t hold a candle to the price fixing scheme the big banks orchestrated. What Ponzi and the like did were small potatoes by comparison…they just scammed their clients and customers. The big banks, on the other hand, scammed everyone.
Obviously, we wish we were making this up…but, alas, we are not. What follows is a brief review of this insulting racket… Continue reading
