Grand grincome on your sentences!

September 18, 2013 § Leave a comment

grand-grincome-180913

I don’t even think Holder takes Holder seriously anymore; this is about the fifth time he’s said something like this. They’ve been busy propagating the myth that this is the first virgin crisis, conceived without sin…

We’ve got a million people that work in the criminal-justice system and 2300 of them do elite white-collar crime… they only come when there’s a criminal referral and banks don’t make criminal referrals against their own CEOs, which is why, in the Savings and Loan débacle we, the Office of Thrift Supervision, made over 30,000 criminals referrals… Flash forward to this crisis over 70 times larger in terms of losses and fraud and the same agency, the Office of Thrift Supervision, made zero criminal referrals; the Office of the Comptroller of the Currency made zero criminal referrals; the Fed appears to have made zero criminal referrals; the FDIC was smart enough to refuse to answer to the question…

Risk has virtually nothing to do with vast aspects of this crisis, at least risk as we conventionally talk about it in finance. If you follow the accounting control fraud recipe you are mathematically guaranteed in the near term to report record profits…  watch

ART: Tilman Hornig

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