Greed, Recklessness and Illegal Behavior

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.

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Read more in The New York Times