"¢ Engineering phony financial products
"¢ Misleading the public
Financial frauds and other crimes are on the rise in the United States reports the Economist. "Over 730,000 counts of suspected financial wrongdoing were recorded in America last year, according to recent data from the Treasury Department's Financial Crimes Enforcement Network. Institutions such as banks, insurers and casinos are required by law to report suspicious activities to federal authorities under 20 categories.
No wonder Senator Ted Kauffman insists fraud is behind the whole crisis but, so far, the financial reformers in Washington, The White House, most of the media, and even the progressive movement have downplayed the issue even as far more Banksters went to jail in the S&L years than now.
Today, some on Wall Street are calling for justice. Asks billionaire Jim Chanos, "Where are the perp walks? How long does it take before we see any investigations?
"Three years after the subprime crisis first hit and 18 months after Lehman's bankruptcy there haven't been any arrests, any indictments, nor any convictions at major banks. How do you lose trillions of dollars in the most lax regulatory environment without somebody, somewhere, at some time lying or stealing? It makes no sense."
News Dissector Danny Schechter has made a new film, Plunder The Crime of Our Time (Disinfo) and written a companion book The Crime of Our Time treating the financial crisis as a crime story. See plunderthecrimeofourtime.com