5 financial lessons from the banking mess

Financial lessons from Wall Street's missteps
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The billionaires making big-dollar deals in the steel and glass spires of Wall Street may seem far removed from your average American, but they do have one thing in common. Both sometimes make boneheaded financial mistakes.

Yes, these investors may have graduated from Ivy League schools and have been receiving bonuses that dwarf the lifetime earnings of many Americans. But the recent report from the Financial Crisis Inquiry Commission shows many captains of the financial industry making some of the same money mistakes that American consumers make every day.

Here's a breakdown of some of the everyday financial mistakes the titans of American finance made that helped wreck the U.S. economy, and how you can avoid your own personal finance crisis in the future.




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