MERRILL LYNCH COMMITTED BLATANT FRAUD.
Like other Consent Orders, this one reveals the banks as pursuing an on-going pattern of fraud, deception and theft. The problem is that people still can’t quite believe the entire scheme is fraudulent and that the base transactions don’t exist. The banks get away with this because the complexity is so great that nobody but a select few at trading desks understands the true nature of these transactions.
The financial markets are said to be based upon “trust.” The truth is that the only thing anyone on Wall Street trusts is that everyone else will pursue any business model that makes them money, blurring the lines of legality with a cover-up built entirely on creating meaningless complexity.
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