Some of the first juicy details from the first trial of senior banking executives related to alleged fraud stemming from the financial crisis are starting to leak.
Cross-posted from Zero Hedge
More than ten years have passed since Lehman Brothers filed for bankruptcy, ushering in the most acute phase of the financial crisis. And while the punishing affects of the crisis have permanently harmed the finances of middle-class Americans and citizens of other Western nations – savings rates remain at post-crisis lows and fewer adult Americans own stocks than at any point in recent memory – no bank executives have faced criminal penalties – that is, until very recently.
The first trial of a group of banking executives pertaining to fraud that occurred during the crisis began earlier this month in a London courthouse. And while it has nothing to do with sales of the toxic mortgage backed securities and…
View original post 281 more words