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“A Gigantic Ponzi Scheme, Lies and Fraud”: Howard Davidowitz on Wall Street

Posted By admin On July 2, 2010 @ 4:15 am In Money Watch | Comments Disabled

Aaron Task
Tech Ticker [1]
July 2, 2010

Day one of the Financial Crisis Inquiry Commission’s two-day hearing on AIG derivatives contracts featured testimony from Joseph Cassano, the former head of AIG’s financial products unit. Goldman Sachs president Gary Cohn was also on the Hill.

Meanwhile, the Democrats are still trying to salvage the regulatory reform bill, with critical support from Senator Scott Brown (R-Mass.) reportedly still uncertain.

According to Howard Davidowitz of Davidowitz & Associates, what connects the hearings and the Reg reform debate is the lack of focus on the real underlying cause of the financial crisis: Fraud.

“It was a massive fraud… a gigantic Ponzi Scheme, a lie and a fraud,” Davidowitz says of Wall Street circa 2007. “The whole thing was a fraud and it gets back to the accountants valuing the assets incorrectly.”

Full article here [1]

A Gigantic Ponzi Scheme, Lies and Fraud: Howard Davidowitz on Wall Street 150410banner7 [2]

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[1] Tech Ticker: http://finance.yahoo.com/tech-ticker/%22a-gigantic-ponzi-scheme-lies-and-fraud%22-howard-davidowitz-on-wall-street-514236.html?tickers=XLF,AIG,GS,JPM,BAC,C,FNM

[2] Image: http://www.homegain.com/housead/homes_for_sale/index?entryid=11502

[3] Must See: Howard Davidowitz Destroys The Recovery Illusion, Debunks The Consumer Renaissance: http://www.prisonplanet.com/must-see-howard-davidowitz-destroys-the-recovery-illusion-debunks-the-consumer-renaissance.html

[4] Ponzi Kingpin Calls U.S. Government a Ponzi Scheme: http://www.prisonplanet.com/ponzi-kingpin-calls-u-s-government-a-ponzi-scheme.html

[5] Top Democratic Election Strategist: Obama Will Lose Unless He Prosecutes Wall Street Fraud: http://www.prisonplanet.com/top-democratic-election-strategist-obama-will-lose-unless-he-prosecutes-wall-street-fraud.html

[6] Failing to Prosecute Wall Street Fraud Is Extending Our Economic Problems: http://www.prisonplanet.com/failing-to-prosecute-wall-street-fraud-is-extending-our-economic-problems.html

[7] Wall Street’s Mortgage Fraud Scandal with David Kreiger: http://www.prisonplanet.com/wall-streets-mortgage-fraud-scandal-with-david-kreiger.html

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