posted on Oct, 25 2011 @ 06:39 AM
reply to post by Ultraman2011
This is what the OWS is protesting against:
The financial meltdown cost U.S. taxpayers more than $20 trillion.
As investment banking and record profits escalated from 2000-2007, a massive housing bubble was created which saw mortgage lending quadruple and
housing prices double.
In a three-year period (2007-2010), housing prices dropped 32% and 6 million families faced foreclosure for the first time.
In one year’s time, unemployment doubled from 5% to 10%.
The CEOs and top executives with the financial agencies most culpable in this crisis, received massive compensation packages and bonuses. In one
instance, the head of Merrill Lynch, Stan O’Neil, received a $161 million severance package after Merrill Lynch was purchased by Bank of America.
Financial companies started selling risky bundled securities to clients and then secretly bet against their legitimacy to their own benefit.
No one involved in the 2008 financial meltdown has ever been prosecuted, all have been able to keep and retain their compensation, and many of the
highest profile individuals received positions in the Obama Administration after the crisis occurred.
All of this was seemingly avoidable.