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Beware the Ides of March
Warning to Wall Street:
It ain't over 'til the fat lady sings
March 1, 2011
It's not quite "the Ides of March" yet (that would be March 15), but I do get the sense that the tide might be turning and it's possible that the Wall Street gangster CEOs and their henchmen may not exactly ride off into the sunset scott-free loaded down with saddlebags of loot.
1. Big players like PIMCO are starting to make serious noise about the junk mortgage securities they were stuck with.
It's one thing for me and you to bitch about being robbed. What can we do about it? We're represented by a Congress and a President who could not possibly care less about us.
But PIMCO can afford lawyers. MASSIVE quantities of lawyers. And the stakes are so high, it's worth their while to fight it out and fight it out they will.
Add deep pockets insurance companies, states, pension funds and, lo and behold, even certain quasi-government agencies that bought the Wall Street-packaged garbage and the fight is not looking so one-sided any more.
2. The Academy Award for Best Documentary this year went to "Inside Job." The winner stood up and said in calm, even tones in essence that Wall Street bankers need to start going to jail. The audience applauded and hundreds of millions of people who never watch or read the news (or understand it it they do), got the message.
3. Even though it came out after the "reform measures" and was woefully underfunded, the recently released report by the Financial Crisis Inquiry Commission (FCIC) is pretty good and is turning into a best seller.
All this adds up to the slow, but steady formation of a critical mass of informed and outraged people. Something you can help by sharing this video and site with friends and colleagues.
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