Wall Street: The Culture of Fraud

Here's Matt Taibbi spilling the beans on the rampant corruption on Wall Street. You know, the guys who pay themselves tens of millions, hundreds of millions, even billions a year for all their "hard work"...



You can read more on Yahoo! Finance:

When FBI agents raided the offices of three hedge funds on Monday, the reacton on Wall Street recalled the famous scene in Casablanca where Claude Rain's Capt. Renault character is "shocked, shocked to find that gambling is going on in here."

To Rolling Stone contributor Matt Taibi, author of Griftopia, there's nothing shocking at all about revelations of possible widespread insider trading on Wall Street. (See Massive Insider Trading Probe Could Nab Wall Street's Biggest Names)

"Everybody is trading on the inside somehow or another, so this isn't particularly surprising," Taibbi says. "A lot of sources I talked to suggested this is endemic to the entire culture."

Read more here.