Tuesday, August 18, 2009

They can’t bang ’em all up!

US banker found guilty of fraud

"A former Credit Suisse banker has been found guilty of fraud after deceiving investors into buying risky investments that led to $1bn (£610m) of losses. A jury in New York needed less than a day's deliberation to find against Eric Butler. His co-defendant, Julian Tzolov, had already pleaded guilty. The two sold high-risk US sub-prime investments to people who were told they were buying much safer products. They did this as it meant they received much higher commissions." Sound familiar? The Option ARM timebomb interests me. With that and other high-risk activity how many more cases like this will be unturned over the next two years?

Posted by happyrenting @ 09:49 AM (591 views)
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