The speaker I heard made it clear that not ONE single individual investor was part of their process.
ALL the investors were sophisticated fund MANAGERS with full knowledge of the risks and rewards.
Wall St. let greed and stupidity wipe out our banking and investing system. The regulators and government were right along with them in the ponzi scheme financing we call the derivatives trading system. Trillions of dollars later, these insolvent criminals are all covering their tracks and reinventing history. Nothing has changed. No one but Madoff has went to jail. Secrecy and obscuration as to where all the funny money printed by the FED went to is the norm. The politicians who enabled them are now the ones who are supposedly investigating them. What a joke.
So that excuses fraud?