Day -29

a short reminder why global economy is suffering and why me and so many others are unemployed today: the bankers of Wall Street.

Banks in State gave mortgages basically to anyone who bear to ask. No matter if you were unemployed or claimed to have a huge salary without a proof. The lower level employees knew that it's a huge risk and against the banks principals and rules to give such mortgages, but higher managers didn't care, because Wall Street bankers were buying those mortgages from banks and selling those further. They did not care if the mortgage could ever be paid back; bankers were getting profit anyway by reselling.

In some banks more than 70% of mortgages where given against the rules. There were inspectors who made risk assessments and reported the findings, but no action were made. Instead, banks adopted they rules to meet findings.

Nice.

Eventually the bubble blew up, the pay back time. The day when poor loan takers needed to pay back the mortgage. And they couldn't. Billions of dollars were
disappeared "over night" in the financial market, many lost their homes. Banks were suffering, some big ones collapsed, and financial crisis started.

That was year 2008. And it wasn't only State which was suffering, it was Europe too. Remember Ireland, where it started? Same story, and big banks are to blame. And actually the blame is for higher managers, those who sit on top and made decisions. Not the ones who sold mortgages, they only followed the managers orders.

But how many of those Wall Street big bankers (those who earn tens and hundreds of millions a year) are convicted for fraud or any other criminal activity? None. And it pretty clearly can be shown as fraud by the eyes of common sense, but.. It has been tried for sure, but after 4 years no prosecutor have succeeded. At the same time thousands of lower level employees have been convicted.

Nice.