The financial crisis was caused by criminal behavior that resulted in an extreme transfer of wealth from pensions and savings of ordinary people into the already full coffers of the bankers and other elites who brought us the financial crisis in 2008.
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The Complete Story of What Really Happened Between Goldman, Paulson, ACA, IKB, and ABN
By Courtney Comstock - Business Insider
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A Paulson employee explained the trade in an email in January 2007.
Paolo Pelligrini, formerly of Paulson & Co“It is true that the market is not pricing the subprime RMBS wipeout scenario. In my opinion this situation is due to the fact that rating agencies, CDO managers and underwriters have all the incentives to keep the game going, while ‘real money’ investors have neither the analytical tools nor the institutional framework to take action before the losses that one could anticipate based [on] the ‘news’ available everywhere are actually realized.”
Pg. 6 of the SEC filing against Goldman.