Greed, Recklessness and Illegal Behavior
The financial crisis which led to the worst recession in the United States since the crash of 1929 was brought on by a culture on Wall Street of greed, recklessness and illegal behavior, Sen. Bernie Sanders has said. On Monday, a federal judge in New York ruled against two banks which made false statements in selling mortgage-backed securities to Fannie Mae and Freddie Mac ahead of the 2008 financial crisis. The ruling by U.S. District Judge Denise Cote could allow the United States to recover around $450 million. “The magnitude of falsity, conservatively measured, is enormous,” the judge wrote in her opinion concluding that there was misconduct by the banks.
