Monday, April 29, 2013

Weird's Deep Thoughts (Monday Morning Insight Edition) :Wall Street's full of 'crooks'

Corruption, insider trading and criminal behavior are rampant on a vast scale on Wall Street today as financiers and Washington play the same greedy games that brought us to the brink five years ago, according to one of the world’s most influential economists.

Wall Street is full of “crooks,” and it never properly cleaned up its act after the financial crisis of 2007 and 2008, Columbia University professor Jeffrey Sachs told a distinguished gathering of bankers and professionals in bombshell remarks at the Philadelphia Federal Reserve building earlier this month.

What’s behind this, says the high-profile academic twice named one of Time magazine’s 100 Most Influential People in the World, is “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.”

Sachs pulled no punches. “What has been revealed, in my view, is prima facie criminal behavior,” he said.

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