Corruption on Wall Street: The Stolen American Dream
It is a commonly perceived notion that corruption exists because of a prevalence of corruption amongst politicians, however, corrupt governments only breath because they are receiving a constant supply of oxygen through corrupt institutions. Be an engaged citizen and help Crowdholding to raise awareness and make a stand against Wall street. Watch a 1-minute video to understand how.
Most of the US citizens do believe that there is existing corruption in the financial system, but they do not have the accurate approximation of corruption due to the lack of an idea about the corrupt institutions propagating corrupt financial structures. One of the key player in stealing the American Dream is Wall Street and its prevailing corruption, and if you want to know how wall street is corrupt read below for 5 reasons why Wall Street investment practices are becoming fraudulent:
Price manipulation is a known corrupt investment practice and several whistle blowers came forward with evidence suggesting that investment institutions in wall street have openly been manipulating gold and silver prices and regulators are not doing anything about the corruption.
Lack of Accountability
The accountability and transparency regulations to hold corrupt officials of wall street accountable are becoming increasingly weaker. For example, Joe Cassano who was responsible for bringing down AIG was never prosecuted for his corrupt practices.
Back Door Deals
Companies with ties to the US government have openly been making back door deals that are against their clients’ interests, however, those companies are functioning freely without any consequences and one such example is the corrupt practices of Goldman Sachs.
It is believed that major banks of wall street are employing accounting tactics to hide the size of their balance sheets at the end of reporting periods, to avoid tax and legal implications. But is the government doing anything about it? Well, not that we have heard of.
Invasion of Privacy
Credit card companies are believed to be employing invasive data mining techniques to predict their clients’ behavior. Invasion of privacy of clients is unlawful, especially if they don’t know about it. However, it seems like we don’t much about our privacy invasion but the regulatory institutes sure do, but the biased favor given to wall street bankers by the corrupt government practices is giving the freedom of corruption to wall street institutions and there is a need for effective regulation.
Wall Street bankers have been able to earn huge sums of money through corruption and fraud due to the lack of accountability and transparency in the system. The corrupt values and tainted practices of wall street and corrupt government need to be regulated, and one of the ways to do that is to inform the general public on how their American Dream is being stolen without them even being aware of it.
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