Insights in the Wall Street Mega Rip Off
James Kidney: “Tales of a Whistle Blower”
Total immunity for Wall Street
You won’t hear this guy on the financial news.
The ONLY SEC public whistle blower…
James Kidney author of “Tales of a Whistle Blower”
He’s a retired SEC attorney and in this talk he tells the story of how Goldman Sachs and other Wall Street criminals were allowed to skate away from their multi-billion dollar crimes.
One fun fact: Only four junior lawyers were put on a high profile Goldman Sachs subprime fraud case.
Investors lost $1 billion. A “friend” of Goldman Sachs, John Paulson, made $1 billion on the deal.
The scam involved packaging the worst mortgages on the market and designed to fail.
Goldman then marketed these toxic bundles of loans to institutional investors looking for a safe, conservative investment to fund school, pensions, hospitals and local governments.
John Paulson was allowed to place a bet that the loans would fail (which after all that’s what they were designed to do) and when they failed Paulson collected $1 billion.
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