Matt Taibbi: Wall Street's Naked Swindle

[Paranoid Pessimist]

"Wall Street now serves, in the words of one former investment executive, as "Lucy to America's Charlie Brown," endlessly creating new products to lure the great herd of unwitting investors into whatever tawdry greed-bubble is being spun at the moment: Come kick the football again, only this time we'll call it the Internet, real estate, oil futures. Wall Street has turned the economy into a giant asset-stripping scheme, one whose purpose is to suck the last bits of meat from the carcass of the middle class."

Boy is that ever true. The latest is carbon offset trading which the bankers are touting as a green decrease-the-carbon footprint without hurting profits economic device. It is their way of exploiting climate change by turning it into another bogus "product" like derivatives and credit default swaps.

I don't know what I hope to accomplish by continually posting my view that the large financial institutions are criminal conspiracies, but . . . I'm just sayin'.

http://www.rollingstone.com/politics/story/30481512/wall_streets_naked_swindle/1

[targetpractice]

1. The carbon offset trading schemes were invented by the same woman...

...who came up with credit default swaps, right? That should tell us something right there.

Upon edit: I found a source.

[grasswire]

2. "the burglar class now rules the nation"

well said.

[Poll_Blind]

3. Matt Taibbi is an exceptional chronicler of our troubled times. n/t

PB