Jeffrey Sachs: Wall Street is full of 'crooks' and hasn't changed since the financial crash

[marmar]

Top economist Jeffrey Sachs says Wall Street is full of 'crooks' and hasn't changed since the financial crash
The IMF adviser also blamed 'a docile president, a docile White House and a docile regulatory system'

Monday 29 April 2013


(Independent UK) In a cutting attack on America's financial hub, one of the world's most respected economists has said Wall St is full of "crooks" and hasn't reformed its "pathological" culture since the financial crash.

Professor Jeffrey Sachs told a high-powered audience at the Philadelphia Federal Reserve earlier this month that the lack of reform was down to “a docile president, a docile White House and a docile regulatory system that absolutely can’t find its voice.”

Sachs, from Colombia University, has twice been named one of Time magazine’s 100 Most Influential People in the World, and is an adviser to the World Bank and IMF.

“What has been revealed, in my view, is prima facie criminal behavior,” he said.

“It’s financial fraud on a very large extent. There’s also a tremendous amount of insider trading - you can even watch when you are living in New York how that works.” ...........................(more)

The complete piece is at: http://www.independent.co.uk/news/world/americas/top-economist-jeffrey-sachs-says-wall-street-is-full-of-crooks-and-hasnt-changed-since-the-financial-crash-8594779.html

[bemildred]

1. Wall Street is a giant government sanctioned and protected racket. nt

[Doctor_J]

2. no motivation for them to change

Put a few hundred of them in real prison for a few years each, and have them blog about the fun they're having there,and a deterrent will have been provided

[mother earth]

3. Everything is rigged, most of all our "democracy" protects & promotes the rigging. nt