A LITTLE FRAUD NEVER HURT ANYONE?
I am on vacation this week, but couldn't resist making a quick post after seeing this clip today.
Without more comment other than a brief introduction we have Rick Santelli speaking on CNBC about the Federal Reserve Chairman's off-hand dismissal of the Libor-gate under reporting incidents.
Key take aways from this whole mess are;
1) As long as the fraud you are doing is to save "the banks" it will be seen as ok.
2) As long as you are manipulating markets and it is only a few bps, then it is ok.
3) As long as the Fed knows about the fraud you are doing, it is ok.
4) As long as the markets are close or open, it is ok to commit fraud.
WE ARE NO DIFFERENT - BANANA REPUBLIC HERE WE COME
I don't know why I am so upset by this. In the midst of the crisis there was talk about this happening and it was pretty obvious that it was. I think that I am so disturbed because it really does reveal the level of absolute corruption in our "free" market where if you are connected and big enough, anything goes with the blessing from the government and leadership. We have become a centralized communist state where those in power skim off the top and receive blessings and financial rewards. The people are simply the mechanism to create the wealth that is stolen. Are we Russia or China or perhaps Mexico? Perhaps, it is clear though we are not above fraud, corruption, and manipulation.