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As regulators impose record-setting settlements on A-List investment banks for financial instruments that set the Great Recession in motion, investors will need more protections and will need to do a better job of due diligence.
The best known aphorism attributed to the late U.S. Senator Everett Dirksen, the honey-voiced Republican Minority Leader in the LBJ era, is “a billion here, a billion there, and pretty soon you’re talking real money.” One wonders what Dirksen would make of the multi-billion-dollar settlements that Goldman Sachs, Bank of America and other giant banks...
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