Wall Street goes back to selling crap again.
Oh, pardon me, I meant to call them by their official name, “structured notes.” They are opaque, difficult to understand securities promising high yields but with minimal disclosure. Sounds familiar, doesn’t it? They’re just a new version of the toxic waste that blew up our financial system.
Some of the slithering pond scum involved are already setting up hedge funds to profit by buying back this slop from distressed investors for pennies on the dollar.
The new financial regulation of course thoughtfully provided giant loopholes so the same old thievery could continue as usual.