Econ. collapse was really 'a con'
With regulators accusing global institutions of fraud, patterns emerge.
The global financial crisis, it is now clear, was caused not just by the bankers' colossal mismanagement. No, it was due also to the new financial complexity offering up the opportunity for widespread, systemic fraud. Friday's announcement that the world's most famous investment bank, Goldman Sachs, is to face civil charges for fraud brought by the American regulator is but the latest of a series of investigations that have been launched, arrests made and charges made against financial institutions around the world. Big Finance in the 21st century turns out to have been Big Fraud. Yet Britain, centre of the world financial system, has not yet levelled charges against any bank; all that we've seen is the allegation of a high-level insider dealing ring which, embarrassingly, involves a banker advising the government. We have to live with the fiction that our banks and bankers are whiter than white, and any attempt to investigate them and their institutions will lead to a mass exodus to the mountains of Switzerland. The politicians of the Labour and Tory party alike are Bambis amid the wolves.
Top Goldman Leaders Said to Have Overseen Mortgage Unit
By LOUISE STORY
As the bank deals with a fraud suit from the S.E.C., former workers say that in 2006, executives sided with traders who thought home prices would decline.
Democrats Seize on Financial Oversight After Goldman Suit
By JACKIE CALMES
Democrats are emboldened to ratchet up pressure on Republicans who oppose the financial overhaul bill.
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