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Web Letter

Excellent. However, the 12-step program is missing one element: send the fraudsters to jail!

Who are these people, the fraudsters, and what did they do?

Fraudsters (a k a Banksters) enjoy taking in subprime junk mortgages and turning them into AAA rated securities--i.e., turning crap into gold. That sells (sold) like crazy. Crap-to-gold is a much easier buck for banks to make, more so than simply extending credit. It's also led to the worldwide economic meltdown.

In short, the banks, AIG, hedge funds, etc. are quick-buck fraudsters.

Howard Kaplan

Belmont, MA

Apr 7 2009 - 12:03pm