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Sold Out: How Wall Street and Washington Betrayed America
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(IPS) WASHINGTON --
A
new report says that Wall Street has only itself to blame for the
misguided deregulation that led to the current deepening financial
crisis.
Issued March 4 by Essential Information and the Consumer Education
Foundation, the report documents billions of dollars spent by the
financial sector on what would eventually be their own downfall.
The 231-page report, "Sold Out: How Wall Street and Washington Betrayed
America," shows that the financial sector invested more than $5 billion
on purchasing political influence in Washington over the past decade,
with as many as 3,000 lobbyists winning deregulation and other policy
decisions that led directly to the current financial collapse.
"The report details, step-by-step, how Washington systematically sold
out to Wall Street," said Harvey Rosenfield, president of the
California-based non-profit organization Consumer Education Foundation.
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