Massive Wall Street Fraud a Ponzi Scheme
According to Howard Davidowitz of Davidowitz & Associates, what connects the hearings and the Reg reform debate is the lack of focus on the real underlying cause of the financial crisis: Fraud. "It was a massive fraud... a gigantic Ponzi Scheme, a lie and a fraud," Davidowitz says of Wall Street circa 2007. "The whole thing was a fraud and it gets back to the accountants valuing the assets incorrectly."
Tags: Financial Frauds, Ponzi Schemes, Rigged Markets, Wall Street Greed
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