Investment Scandal is Standard Operating Procedure
You Can’t Trust Banks or Brokers
The Madoff scandal seems like many years ago but it was December 2008. Then there was the Allen Stanford February 2009 scandal that the SEC called a “massive ongoing fraud” involving $7 billion. We had to wait to December 2011 for the MF Global bankruptcy. Jamie Dimon of JP Morgan Chase announced in May of this year that the bank lost $2 Billion but as things turned out the amount may be closer to $7.5 Billion. A mere $15 Million is missing in the accounts of an Iowa futures brokerage named Peregrine – the 64 year old founder is suspected of falsifying customer accounts for at least two years (sounds like the Madoff affair). He tried to commit suicide – we should have let him – It would have saved the government the cost of his imprisonment.
Not to be outdone, the banks that set the Libor
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