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Home Mediji Vijesti Public Enemy No. 1 - The Great American Fraud Factory

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It's All About the Future: The Future is a very convenient political out, because it can never ever arrive. The past is past and can be studied, and today (the present) is always here; but "The Future" has become a political mantra because it can never be attained. The Future is forever locked into something that shall always be "coming" but never does it ever arrive. That's why politicians and scam-artists and so many religions have always turned to this over-used word to justify whichever con their trying to pull off.

After some interesting intro material, Max Kaiser talks with William Black. In just a few minutes you’ll learn more about the reality of the US financial system than you could get from a Harvard MBA.

 

Best line:

"American business schools have all to often become fraud factories. Manufacture profits with doctored accounting so the CEO can get the maximum bonus. If you can do that, you’ll never be lacking a job in the new corporate America. But wait, there’s more... How much bigger is today’s crisis than the Bush I Savings & Loan Crisis? As big? Twice as big? Ten times as big? Try forty times bigger – and the enforcement arm of the SEC is a mere shadow of what it was back then."

 

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The financial crisis has spawned hundreds of criminal prosecutions for alleged fraud. Yet so far, defendants have been mostly minor players such as real-estate agents, mortgage brokers, borrowers and a few low-level bank employees. No senior executives at large financial institutions face criminal charges.

That's in stark contrast to prosecutions during the savings and loan scandal two decades ago, when the government's strategy targeted and snagged some of banking's most powerful players. The approach back then succeeded in sending scores of S&L executives to prison, as well as junk-bond king Michael Milken and business tycoon Charles Keating Jr.

One explanation for the difference may be that key bank regulators; who did the detective work during the S&L crisis and sent more than 1,000 criminal referrals to prosecutors - have this time left reporting fraud up to the banks themselves.

Spokesmen for two chief regulators, the Comptroller of the Currency and the Office of Thrift Supervision, say that they have not sent prosecutors a single case for criminal prosecution.

 

 

"If you show someone the future, then they will have no future; because when you take away the mystery of the future, then you have taken away hope. "





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