Sunday, May 17, 2009

Financial Fraud is Commonplace

NakedCapitalism blog has a link to William Black's Icelandic lecture he gave last week. It's about all the ways financial fraud can be perpetrated. There is little persecution, so there's little risk in committing it. The figures are astounding, something like 300,000 cases in 2008 while the best the FBI can do is investigate 600 cases a year.

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Hi John

Note I've shifted blogs and am now doing poetry at http://blogentry22.blogspot.com/

Financial fraud or white collar crime is a crime by members of the establishment. Hence the law created by that same privileged entity doesn't prosecute itself much.

Wall Street bailouts are just one "penalty".

Pete
 
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