Playing With Your Money

Wall Street Gamblers
By RALPH NADER

Move over Las Vegas. The big time gamblers are on Wall Street and they are gambling with your money, your pensions, and your livelihoods.

Unlike Las Vegas casinos, these big investment banks, commercial banks and stock brokerage houses are supposed to have a fiduciary relationship with your money. They are supposed to be trustees for the money you have given them to safeguard, and tell you when they are making risky investments.

Because Washington, D.C. has increasingly become corporate-occupied territory, the Wall Street Boys have been taking even greater risks with your money. The more they produce cycles of financial failure, the more they pay themselves through their rubberstamp boards of directors.

With each cycle of failure, the burden of government bailouts grows larger, meaning debt, deficit and your tax dollars. The Savings and Loan collapse in the late Eighties—costing before the bailout instruments are paid off at least $500 billion, looks small by comparison with what is going on today.

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