Court Testimony From Litvak Case: Lying Is All In A Day's Work

Selling mortgage-backed securities, products at the center of the 2008 market crash, involved lying and misrepresentations as part of the game, according to testimony given by former customers of Jefferies & Company in a Connecticut fraud trial. Jesse Litvak, a former Jefferies bond trader, is the only person charged in a trial where he is accused of defrauding investors of $2 million in an effort to package and distribute more than $20 billion in assets from the Troubled Asset Relief Program (TARP), according to a report in Bloomberg. Fraud charges center around TARP TARP was designed to bail out the…