Ratings Agencies still selling Ratings and selling out Investors

Billboard located on the corner of 6th and Canal in New York City.

November 17, 2017. New York. Ten years ago at the dawn of the global economic collapse, it was revealed that America’s three ratings agencies had defrauded the entire investing world and helped bankrupt tens of millions of innocent people. They did it by taking hundreds of millions of dollars to certify that worthless investment funds created by Wall Street banks were safe investments. Now, they’re accused of repeating the same fraud on behalf of the same banks. This time with junk municipal government bonds.



By Richard Lawless

According to the latest New York City billboard (see above image), Moody’s, Fitch and S&P sold unjustified credit ratings on tens of billions worth of municipal bonds and then Citibank, Wells Fargo and many other large banks knowingly sold these worthless municipal bonds to their best customers.

Once uncovered, Secretary Lew, the former COO of Citibank put pressure on Congress for a taxpayer bailout. When that failed, he convinced US House Speaker Paul Ryan (R-WI) to support legislation that would limit or eliminate the victim’s rights and give control over this financial mess to many of the people originally involved in the issuance and sale of the fraudulent bonds. Speaker Ryan then surprisingly received significant contributions from many of the same companies that profited from this criminal enterprise.

Wow, there it is in a nut shell. Much more than you would expect from a billboard.

The billboard asks a basic question, “How Corrupt is Wall Street?” and then refers everyone to a simple website at www.wallstfraud.com.  Although initially, I found the website to be unimpressive, it wasn’t until I viewed the sixty-minute press conference video that I fully understood what this was all about. 

The video is a recap of FBI and Securities and Exchange testimony in which the presenter details all the alleged criminal acts that lead up to the theft of $34 billion dollars.  I found it detailed and compelling.  The only question I was left with is why the Department of Justice and Securities and Exchange Commission did nothing in response to all these criminal complaints.

This was a textbook ‘follow the money’ investigation that uncovered how truly pervasive corruption is on Wall Street, in Congress and within the DoJ.

Watch the 60-minute video below:

 


Richard Lawless is a former senior banker who has specialized in evaluating and granting debt for over 25 years. He has a Master’s Degree in Finance from the University of San Diego and Bachelor’s Degree from Pepperdine University. He actively writes for several finance publications.  Billboard pictured is located on the corners of 6th Avenue and Canal Street, in New York.



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