The Phaserl


Senate: Renaissance Hedge Fund Avoided $6 Billion in Taxes in Bogus Scheme With Banks

by Pam Martens, Wall Street on Parade:

Only one word comes to mind to describe the testimony taking place before the U.S. Senate’s Permanent Subcommittee on Investigations this morning: Machiavellian.

The criminal minds on Wall Street have twisted banking and securities laws into such a pretzel of hubris that neither Congress, Federal Regulators or even the General Accountability Office can say with any confidence if the U.S. financial system is an over-leveraged house of cards. They just don’t know.

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