OCCUPY WALL STREET

[AtLast]

Originally Posted by Miss Tick

Yes, many of the unethical and damaging acts of Wall Street were not illegal thanks to the orgy of de-regulation we have seen over the years. But much of what was done by Wall Street was outright fraud. Misrepresenting debt instruments to the public as sound and top-grade while scorning them privately as toxic junk is still very much illegal, criminal acts under existing statutes.

I agree but worry that time is running out to do anything about the acts of fraud leading to what happened. There was such a confusing wall built (of these securities) to protect Wall Street and the banks and housing financial services industries- they wanted this to be a nightmare to even figure out who the hell really owns properties! All of the lobbying paid off for nearly 30 years to get to this place. Those that profited simply put the cash offshore.

I don't think there will ever be trials against those at the core of all of this. I think that each and every mortgage held in this manner should be declared null and void with re-negotiation at todays market values and that any negative financial "marks" on mortgagees since the collapse of the housing market not be allowed to count in the new mortgage.

That is the other side of this- so many people that had good credit now do not due to job loss and the whole damn mess.