on fraud
Yves Smith has an excellent piece on some of the financial shenanigans, that is fraud, that occurred to bring about the financial crisis. It's a little technical for the financial unwashed, but I think anyone who reads it can get the basic idea. Particularly in this case, Goldman's selling of what they knew were worthless bonds and then on the backside covering with AIG the losses for when it was found it this paper was worthless.

The term "predatory" in business concerns a company that treats its customers as prey, that is it does not serve their interest, but simply is looking to gain the greatest profit in whatever way possible. The top of our financial system is predatory to the rest of the economy, they serve little interest but their own, and at this point provide little or more appropriately negative value to the rest of the economy, that is to you and me. An essential read.

PS. The AIG email trail is under investigation and it spells F-R-A-U-D.

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