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I was talking about this movie last night, and apparently this is a true story. That shows just how unregulated wall street was before it crash, people could get away with anything. The main character started a company and got people to give him money by saying he was the little guy battling the big boys on wall street.
Exactly, but the government should have been keeping an eye on this stuff, which they weren't. The fact that this guy was moving 1,000,000,000's of dollars and no one knew and or cared says a lot.
If you watch the film "Inside job" it really shows how unregulated things were, banks were literally taking failing mortgages and selling them as AAA securities. Ridiculous
Great movie, but the problem is, its very one-sided. It doesnt show how the system truly worked on the inside. I am in no way defending the actions of the BHCs involved, but truly some of these individuals did not understand how much clout they held with their actions. They honestly believed that nothing could go wrong. There was a Michael Lewis article in Vanity Fair a few years back on AIG that was extremely interesting. http://haraldhau.com/The_Man_Who_Crashed_the_World.pdf