Tuesday, December 06, 2011

The WSJ's Blind Spot

You don't have to be particularly sagacious to know that the WSJ plays to a constituency.

Ticker demonstrates.

A former top U.S. official in charge of investigating the financial crisis said the government has concluded that many inquiries of wrongdoing by financial executives can't succeed as criminal prosecutions  --quoting WSJ

But then, there's this:

...Let's remember that Citi's former chief risk officer testified under oath before the FCIC, presenting written documentation, that the firm -- all the way into the executive suite -- was fully aware that 80% of the loans it was writing and selling on in 2007 did not meet quality standards.

Yet they sold them anyway without disclosing this fact to the buyers.

 Animal Farm justice:  some are more equal than others.

No comments: