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The number sounds ridiculously large but I'm not surprised that these things happen. The entire financial system is built on fraud. I think that most people un
by jondubois 9y ago
The number sounds ridiculously large but I'm not surprised that these things happen.
The entire financial system is built on fraud. I think that most people understand this at least subconsciously.
Many years ago, being honest and forthcoming was beneficial and people appreciated honesty.
If you made a mistake and were honest about it as soon as it came to your awareness, people would respect you for it and would be more lenient. These days this is not the case, being honest is actually a disadvantage. Lying and cheating is always the best option. People don't give a crap about honesty anymore, only money and social status.
So in a world where the value of honesty is a negative number, it's not surprising at all that fraud is rampant.
- mannykannot 9y agoIt is not clear from the article that this is mostly fraud. It appears that it might cover anything not done strictly according to procedure or documented incorrectly. And 'not done strictly according to procedure' may or may not be a serious issue in any given case. Most bureaucracies have some rules that are incomplete, contradictory or simply infeasible. Audits are a good idea, but I don't expect the $21T figure to stand, except perhaps in a purely formal way.