Wall Street issues $70 billion dollars in fraudulent bonds. The rating agencies issued unjustified credit ratings for these bonds and the banks knowingly sold these faulty bonds to the American people in all 50 states. The bonds defaulted and American’s lost tens of billions.
What American’s don’t know is that both the Congress and the Senate were fully aware of all this fraud. Instead of prosecuting those responsible, Congress passed legislation (PROMESA) stripping all innocent bond holders of their legal rights while prohibiting any lawsuits against the parties who issued these bonds.
According to one of the millions of victims, Commercial Solar Power the FBI and the SEC attended their press conference listing all of these acts of fraud and now have active investigations exploring these allegations.
The list of participating banks looks like Hillary Clinton’s paid speech list while Paul Ryan reversed course after receiving $213,000 from Wall Street firms and voted for the PROMESA legislation. There are no innocent politicians on this one.