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News Link • Economic Stimulus

Piranha Tank: Financial Crime Rules the World

• Silver Underground
Financial markets have exploded with financial crime since 2009 as an unintended consequence of the moral hazard engendered by the “too big to fail” doctrine of Western governments and monetary authorities. Since “too big to fail” became the norm, there has been an increase in the number and frequency of financial crimes and the crimes themselves have become more blatant and egregious. MF Global’s $1.6 billion plunder of segregated customer accounts suggests that regulators are impotent and that there is no rule of law. The size of financial crimes has grown from the fraudulent dumping of bad mortgages and toxic mortgage-backed securities into U.S. government-sponsored entities Fannie Mae and Freddie Mac, to the LIBOR rigging scheme affecting as much as $550 trillion in bonds, over the counter (OTC) derivatives and other financial instruments globally. The conspiracy and fraud of LIBOR rigging could add up to trillions in illegal, ill-gotten gains for big banks. LIBOR rigging is

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