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Only a decade ago, sub-prime loans were rare.
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Moreover, the control frauds were routinely able to get a Big Eight audit firm to give them clean GAAP (or Generally Accepted Accounting Principles, the official standard of review in the US accounting industry) opinions for false financial statements.
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They seduced millions of people into signing on the dotted line.
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This article is from the November / December 2007 issue of Dollars Sense: The Magazine of Economic Justice.
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These transformational changes in domestic banking, along with the related effects of economic globalization both in the United States and abroad, have produced recurrent crises in the financial sector.
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