| The ability of the SDIs to commit fraud with impunity from the criminal laws is a defining element of crony capitalism. The impunity and implicit national subsidies to SDIs combine to make "free markets" an oxymoron. The SDIs' economic power translates easily into dominant political power. Crony capitalism cripples markets and democracy. The ability of the SDIs' senior officers to commit massive frauds with impunity from the criminal laws makes "control fraud" a "sure thing." Control fraud will make the largest banks' senior officers exceptionally wealthy very quickly -- but it will also cause severe harm to the public (and often the bank). Control fraud occurs when the persons who control a seemingly legitimate entity use it as a "weapon" to defraud. |
Read the rest of the story HERE:
At neweconomicperspectives.org
At neweconomicperspectives.org
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