A lot has been made about Mitt Romney’s recently released 2011 tax returns. Most of his income comes from investments made in a ‘blind trust’. Some take issue with whether or not the trust is truly ‘blind’. Others have taken issue with his effective tax rate(it’s lower than what many wage earners pay). I . . . → Read More: Wait… Nearly 14 Million from a Blind Trust!?
Wall Street apologists often try to defend Wall Street by pretending that it is somehow the last bastion of laissez-faire capitalism. Even more comical, some wall street traders have even taken to call themselves defenders of free enterprise. The truth is, the big bank bailouts in 2008 was the continuation of a long history . . . → Read More: The 401k is a Government Subsidy for Wall Street
I ran across this “old” testimony from a spokesperson for the “American Securitization Forum”(ASF) to congress in 2003(pdf). The ASF is made up of mostly large financial firms involved in the securities market including the now infamous mortgage backed securities(MBS). Much of the testimony included is a matter-of-fact history of the development of the . . . → Read More: Revisiting the Confidence of our Sophisticated Financial Wizards