Fraudonomics

[Joanne98]

The big dirty secret of why you should worry about a fraud crackdown more than Goldman Sachs—revealed for the first time by an anonymous private equity 'hypocrite' and 'liar.'


There was a strange moment last week during President Obama’s speech at Cooper Union. There he was, groveling before a cast of Wall Street villains including Goldman Sachs chief Lloyd Blankfein, begging them to “Look into your heart!” like John Turturro’s character in Miller’s Crossing…when out of the blue, the POTUS dropped this bombshell: “The only people who ought to fear the kind of oversight and transparency that we’re proposing are those whose conduct will fail this scrutiny.”

The Big Secret, of course, is that every living creature within a 100-mile radius of Cooper Union would fail “this scrutiny”—or that scrutiny, or any scrutiny, period. Not just in a 100-mile radius, but wherever there are still signs of economic life beating in these 50 United States, the mere whiff of scrutiny would work like nerve gas on what’s left of the economy. Because in the 21st century, fraud is as American as baseball, apple pie and Chevrolet Volts—fraud’s all we got left, Doc. Scare off the fraud with Obama’s “scrutiny,” and the entire pyramid scheme collapses in a heap of smoldering savings accounts.

That’s how an acquaintance of mine, a partner in a private equity firm, put it: “Whoever pops this fraud bubble is going to have to escape on the next flight out, faster than the Bin Laden Bunch fled Kentucky in their chartered jets after 9/11.”

http://nypress.com/article-21163-fraudonomics.html

The argument basically is that "The whole country runs on fraud" and if you start throwing people in jail the economy would collapse. I don't buy it. We could always SEIZE ASSETS!

[DJ13]

1. I read that just before you posted, and it reads like an excuse for fraud

Even though its written as being against it.

Very good propaganda by the financial crowd I must say.

[jotsy]

2. I got too mad to finish it!

What a mess. The attitude on this ring kissing gopher to endorse the criminality of the corporate mindset as though it's gospel. A house of cards is going to fall with the slightest of breezes anyway. Take these bozos down like building 7.

Your link did more to open my eyes this morning than three cups of coffee, and I drink some pretty stiff and sturdy stuff. What a jolt.

A reluctant kick.

[fasttense]

3. This is such BS.

First, we could confiscate all the wealth from these fraudulent deals. Break up Wall Street banksters' havens and take 10 to 50% as a service tax. Let all of Wall Street collapse but make sure the federal government gets their cut out of the collapse.

If we had used the Trillions we gave, and continue to give, to CEOs and fraudulent banks, we could have easily covered every US savings account up to $200,000 and every retirement or pension account in the country. Then take the confiscated wealth from the banksters and pay off every citizen's loan. Every citizen who had/has savings less than $200,000 gets their loans paid off, because you know the credit cards, the liar loans, the pay day lenders, they are all one big con and basically stole money right out of your pocket.

Yeah, it's all one big con, one giant fraud, thanks to RepubliCONS, but that doesn't mean the wealth has all disappeared. It's still there. It's less than what Wall Street pretends but it's still there.

That wealth in the hands of the upper 1% is only one revolution, one mass riot, one world wide uprising, away from being redistributed to the rest of us. And they know it.