Sunday, October 25, 2009

Government-sanctioned fraud

"JPMorgan, Goldman Sachs, Citigroup, are all engaged in accounting fraud. They are not realizing losses on trillions of dollars worth of bad debts on their books, giving themselves big bonuses this year, deferring losses to next year ....". Max Keiser

Some might ask why we don't have regulation to stop this. But we already do. Fraud is illegal.

However, the SEC itself actually encouraged these banks to ignore their losses, treating them as if they didn't exist.

You can't blame these bonuses on the free market. If the government would have stayed out of it, these companies would be bankrupt, and we'd be on our way to recovery. Actually, if the government would have stayed out of it from the beginning, we wouldn't be in this mess to start with.

-- Posted from my iPhone

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