Selling to the ignorant.
Reader comment on: Wall Street 'Takes $4 Billion From Taxpayers'
Submitted by Lyle (United States), Nov 10, 2010 12:37
Here there is a need to consider the level of financial sophistication of the buyer. (Not that of advisors who have a conflict of interest, they all work in the financial services industry) The people who run these state and local governments don't know a lot about this stuff so they rely on their crooked advisors. See house of cards on Stavanger Norway for an example. They mayor said it sounded good when the salesman came, so they bought. Government leaders can't be expected to know this stuff and the story of Orange County Ca, as well as Jefferson County Al, tell the tale, Wall Street is just a big casino and the house must have its cut as well as its vig.
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