Thursday, 1 December 2011

"US financial industry is a machine to enrich itself"

Good warning for all other countries in the world: keep tabs on the financial industry: it should be nothing more than an intermediary.

"The financial industry has strayed far from being an intermediary between companies that want to raise capital so they can sell people things they want. Instead, it is a machine to enrich itself, fleecing customers and widening income inequality. When it goes off the rails, it impoverishes the rest of us. When the crises come, as they inevitably do, banks hold the economy hostage, warning that they will shoot us in the head if we don’t bail them out."

"On Wall Street, Some Insiders Express Quiet Outrage"

By Jesse Eisinger, Propublica

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