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Underneath the economic rubble: SEC exemptions led to the current crisis
The always interesting Big Picture blog has culled together quotes and analysis from today’s NY Sun and other sources documenting Lee Pickard, the former director of the Securities and Exchange Commission’s trading and markets division, admitting that the current stock market tumble and credit crisis can be directly attributed to a purposeful SEC exemption that was given to five firms. Those five firms? Goldman Sachs, Morgan Stanley, and the now-belly-up Lehman Bros., Merrill Lynch, and Bear Stearns.
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