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The Vampire Squid Strikes Again: The Mega Banks’ Most Devious Scam Yet


Spartan of Truth

From Rolling Stone Magazine

Banks are no longer just financing heavy industry. They are actually buying it up and inventing bigger, bolder and scarier scams than ever

February 12, 2014 11:00 AM ET
The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet
Illustration by Victor Juhasz

Call it the loophole that destroyed the world. It’s 1999, the tail end of the Clinton years. While the rest of America obsesses over Monica Lewinsky, Columbine and Mark McGwire’s biceps, Congress is feverishly crafting what could yet prove to be one of the most transformative laws in the history of our economy – a law that would make possible a broader concentration of financial and industrial power than we’ve seen in more than a century.

Matt Taibbi on the Great American Bubble Machine

But the crazy thing is, nobody at the time quite knew it. Most observers on the Hill thought the Financial Services Modernization Act…

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Author:General Maddox

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