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Financial deregulation already in progress
Nooo, consumers don't need protection from Wall Street nor banks..

Quote:When residents of Puerto Rico funneled their life savings into funds that were largely made up of the island's bonds, they were told their money would be safe. They were told that they would receive interest payments that were higher than many comparable opportunities. They were told income would be tax exempt. And when those investments began to evaporate four years ago, they were told not to sell, that the market would rebound, and they would recoup their losses — eventually.

"To have this type of carnage being born on this small of a population in this small of a geographic territory is something that we'll likely never see again," said attorney Jeffrey Erez, whose law firm Sonn and Erez has filed hundreds of securities cases on behalf of Puerto Rican investors. "You have the complete investing class on a very small island having lost 50 percent, 60 percent, 70 percent, 80 percent of their retirement savings within a few years." A CNBC investigation found that UBS was not forthcoming about the extent of the risks of those bond funds from both its clients and brokers, even as the values of the funds plummeted. By the end of 2012, more than $10 billion in assets were invested in UBS' bond funds. That represented about 10 percent of the island's gross domestic product at the time. Today, those investments have been nearly wiped out.
Broken bonds: Wall Street's role in wiping out Puerto Ricans' savings

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