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Wall Street nails taxpayers again

Sunday, November 22nd, 2009   8:45 am | Author: Jerry | Economy, Money, Politics/Government | Add Comment
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An article in this week’s BusinessWeek titled “Wall Street Plays Hardball” makes it clear that the taxpayers are taking a hit, again.

 

“Wall Street targeted cities big and small with risky financial products that promised to save them money or boost returns. Investment bankers sold exotic derivatives designed to help municipalities cut borrowing costs. Banks and insurance companies constructed complicated tax deals that allowed public utilities, transit authorities, and other nonprofit organizations to extract cash immediately from their long-term assets. Private equity firms, pointing to stellar historical gains, persuaded big public pension funds to plow billions of dollars into high-cost investments at the peak of the market. Many of the transactions shared a striking similarity: provisions that protected the banks from big losses and left the customers on the hook for huge payouts.”

 

“Now, as many of those deals sour, Wall Street is ramping up its efforts to collect ..continue reading

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