Tuesday, August 7, 2012

Matt Taibbi on Wall Street’s "license to steal"

Democracy Now!:

In part two of our interview with Matt Taibbi, he describes recent Wall Street scandals — including a decade-long Wall Street scandal that drained money from every county and state in the United States — and notes not a single bank executive has faced individual consequences. He also explains how Republican presidential nominee Mitt Romney’s former firm, Bain Capital, and others have used private equity to raise money to conduct corporate raids. "It’s just a scheme to take a cash-rich company and move all that cash to a few actors — typically it’s the executives of the target company and the executives in the private equity firm — and then you force everybody else to pay," Taibbi says. "The workers pay by either losing their jobs or taking reductions in salary, and the guys at the top win." Click here to watch part one of this interview.

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