Update On Private Equity's Scam And Wall Street Screwing Of Our States & Municipalities

I have an equally high disdain for the private equity crooks as I do Wall Street. It's part of the same cabal. We were a lone voice writing of the sham that is private equity and their coming doom when CNBC was pumping the brilliance of the con artists running many of these firms. Firms which used Wall Street backing to sack legitimate companies, load them up with debt, pay themselves billions of dollars then leave it up to the "free market" to collapse. Private equity has simply become a scam where Wall Street bankers go to pay themselves ridiculous salaries to steal from society and leave a wake of destruction in its path. Additionally, we have written about Wall Street's scams meant to defraud our cities, states, schools and the like.

How does any of this make your life better? Even remotely? Investment banks, private equity (or as we labeled it years ago, private debt) and Wall Street in its current form serve absolutely no constructive purpose to society.

None of this would have happened with a public banking system. Zero. Zilch. Nada.

Updates on both below.

The fraud that is private equity.

Wall Street colluded to screw our cities and states.