Money

Video: How Wall Street Cheated Investors

| by Michael Allen

On her TV show Thursday night, MSNBC host Rachel Maddow explained how dishonesty and fraud on Wall Street tanked the U.S. economy. She revealed internal emails that showed how Wall Street firms told their investors to purchase stocks in specific companies because those companies were paying Wall Street firms for "financial advice."

Maddow recalled when Merrill Lynch promoted several clients/companies as "recommended stock buys" while privately stating in internal emails that they were lousy buys. She also documented how then-New York Attorney General Elliot Spitzer had gone after Wall Street investment firms for their scams. Maddow also recalled the dishonest dealings of Citigroup, AIG and others.