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Reply by lwllms

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Posted on Getting Screwed Legally

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lwllms

555 posts in 3822 days


#1 posted 09-11-2010 02:21 AM

If I operated my business the same way Wall Street operates, I’d be in jail in a hurry. The biggest scam I know of is Wall Street’s phantom shares scam. For years on any given day, 37.5% of stocks sold didn’t exist and were never delivered to the purchasing portfolio. It was SOP for Wall Street. So when you think of your 401K or other investments shrinking by 40% after the stock market melt-down you’ll know where your money went—to fraud. Don’t believe me? Here’s a link to a .pdf article and it’s not from some left wing organization. It’s from the CATO Institute, which is about as pro-business conservative as organizations come:

http://www.cato.org/pubs/regulation/regv31n1/v31n1-7.pdf


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