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The Best Way To Rob a Bank is To Own One

  • 05-04-2009 2:47pm
    #1
    Sofa_King Good
    Closed Accounts Posts: 857 ✭✭✭


    This is an informative interview with William K Black former US Financial Regulator.
    http://www.pbs.org/moyers/journal/04032009/watch.html
    Black developed the concept of "control fraud" — frauds in which the CEO or head of state uses the entity as a "weapon." Control frauds cause greater financial losses than all other forms of property crime combined. He recently helped the World Bank develop anti-corruption initiatives and served as an expert for OFHEO in its enforcement action against Fannie Mae's former senior management.

    Unfortunately he doesn't name names. But if this is true doesn't it make you angry that these criminals are still walking the streets,? well more likely chauffered driven. Any other opinions?


Comments

  • #2
    Sofa_King Good
    Closed Accounts Posts: 857 ✭✭✭Sofa_King Good


    IMF Managing Director Dominique Strauss-Kahn at the G-20 Summit
    I think this G-20 is still a little too small, because if we really want this G-20 to be a body of governance of the world
    http://www.imf.org/external/np/tr/2009/tr040209.htm

    And here is how the whole Ponzi Scheme may implode.

    http://market-ticker.org/archives/925-Ticking-Financial-Nukes-OTC-Derivatives.html
    There is some gross "notional" (or face) value of $683.7 trillion dollars outstanding as of the end of June 08 (last data available.)

    The lions share of those are not "CDS" on individual names or CDOs like what is going on here with AIG. They are instead interest-rate and/or FX products of one sort or another; $458 trillion worth.

    If even a couple of percent of those swaps are in fact "private lettered" out in the fashion that AIG is alleged to have done with their CDS.....

    (Hint: This is how "notional" amounts end up becoming realized losses!)

    Our Congress had better dig into this hornets nest right damn now because if in fact there is any material amount of this crap going on in the OTC derivative market the $170+ billion blown on AIG trying to cover it up will be a mosquito on an elephant's ass in comparison to what's about to happen to the world's economy and banking system.

    If, in fact, it cannot be proved that this is not the case, given the extraordinary lengths that both government and private parties have gone to in order to cover up what IRA alleges AIG was actually up to, we must ring-fence and cut off any part of the financial system impacted by a potential detonation of that market right now, including the US Federal Government, as such a detonation will, if it occurs, destroy any part of the financial system it infests at the time the unwind occurs.


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