The Scam Wall Street Learned from the Mafia
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The Scam Wall Street Learned from the Mafia
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Re: The Scam Wall Street Learned from the Mafia
#2Re: The Scam Wall Street Learned from the Mafia
#3the source http://www.justice.gov/atr/cases/f261600/261602.htm
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Re: The Scam Wall Street Learned from the Mafia
#4> How and when the government got hold of those tapes is still unclear; the prosecution is not commenting on the case
Didn't Wikileaks say they had some BofA documents/conversations that were maliciously "deleted" before they went public?
Re: The Scam Wall Street Learned from the Mafia
#5Perhaps most amazing is many people's apparent assumption that banks would never engage in this kind of behavior.
It seems the most cynical predictions and explanations of large bank behavior are likely to be the ones closest to the truth.
Re: The Scam Wall Street Learned from the Mafia
#6'Wall Street does X' and 'the Mafia does X' does not in any way imply that Wall Street learned X from the Mafia - and there's no evidence in the article, either. Typical Tabibi bombast.
I suspect bid-rigging, while unethical, is pretty common behavior given this type of auction mechanic - all the buyers are knowledgeable and known to each other, while the seller is relatively ignorant and only participates in the market rarely.
Re: The Scam Wall Street Learned from the Mafia
#7'Wall Street does X' and 'the Mafia does X' does not in any way imply that Wall Street learned X from the Mafia - and there's no evidence in the article, either. Typical Tabibi bombast. I suspect bid-rigging, while unethical, is pretty common behavior given this type of auction mechanic - all the buyers are knowledgeable and known to each other, while the seller is relatively ignorant and only participates in the mar…
You don't have to 'suspect' it was just shown. in court. that's what the article was about.
Re: The Scam Wall Street Learned from the Mafia
#8'Wall Street does X' and 'the Mafia does X' does not in any way imply that Wall Street learned X from the Mafia - and there's no evidence in the article, either. Typical Tabibi bombast. I suspect bid-rigging, while unethical, is pretty common behavior given this type of auction mechanic - all the buyers are knowledgeable and known to each other, while the seller is relatively ignorant and only participates in the mar…
You don't have to 'suspect' it was just shown. in court. that's what the article was about.
The sentence you replied to? It doesn't mean what you think it means.
Re: The Scam Wall Street Learned from the Mafia
#9So municipalities tried to game the system by instituting closed auctions instead of the open ones, and then got mad, when it turned out that some parties are willing to pay to peek into the sealed bids? An open auction system would not have created the peeking problem in the first place.
Both parties tried to institute unreasonable complexity to get an upper hand.
Re: The Scam Wall Street Learned from the Mafia
#10So municipalities tried to game the system by instituting closed auctions instead of the open ones, and then got mad, when it turned out that some parties are willing to pay to peek into the sealed bids? An open auction system would not have created the peeking problem in the first place. Both parties tried to institute unreasonable complexity to get an upper hand.
Can you explain further? What do you mean by "closed" and "open" auction?
AFAIK, they outsourced the auction process to a third-party company specializing in conducting auctions. That company and the bidders colluded to defraud municipalities. Corrupt auctioneers also paid bribes to politicians to get hired as as auctioneers.
Do you really not see anything wrong with this picture?
Edit: Removed paragraph with analogy involving ebay. Analogies suck, and it didn't really apply here.