"Banking establishments are more dangerous than standing armies." ~ Thomas Jefferson
June 10, 2005 7:33 AM   Subscribe

Wall Street's Complicity in Financial Scandals. While the blame is parsed amongst the CEOs of companies like Worldcom, Tyco, Healthsouth, Enron, that swindled their investors for billions of dollars, prosecutors are also heading after the banks that funded their rise. Citicorp was just forced to pay $2 billion to investors for their association with Enron (NYT), for encouraging people to invest against good judgment in companies that Citicorp would profit from.
posted by destro (3 comments total)
Saw this last night. I think I want to get rid of my Citi cards.
posted by blendor at 10:56 AM on June 10, 2005

If one considers financial advisors routinely mislead clients, expecially if they're not professional ...2 billion seem little.
posted by elpapacito at 3:36 PM on June 10, 2005

I was not aware of the Frontline special. Thanks destro.
posted by mlis at 6:40 PM on June 10, 2005

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