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Other comments are making comparisons to asset bubbles or governmental money-printing, which is rather different than immediate bald-faced fraud on the part of
by majormajor 5y ago
Other comments are making comparisons to asset bubbles or governmental money-printing, which is rather different than immediate bald-faced fraud on the part of a single actor.
Do you really think it's that easy? That *nobody else involved in the system ever was like "wait, what if someone tries to defraud us?"? That there aren't various levels of checks and methods to prevent such easy, easy things?
That, say, the FDIC in the US is just telling banks "sure, we'll insure your bank accounts, don't bother sending us verification, we trust you!"
Whenever you hear someone complain about onerous reporting requirements or other such business regulations, remember that those things get put in place to catch shit like this.
- dannyw 5y agoYeah, right. Ask anyone in accounting in a large enough corporation how many millions of dollars go unaccounted each quarter. Ask the Inspector General of the Defense Department how many trillions of dollars are fudged (answer: $2.6 trillion as of 2016).
- landemva 5y agoActually the regulators encouraged backdated deposits to allow IndyMac to appear solvent. https://abcnews.go.com/Business/story?id=6514493 https://abcnews.go.com/Business/story?id=6514493 "The impact of Western Director Dochow's approval to record the capital infusion in the quarter ending March 31, was that IndyMac was able to maintain its 'well-capitalized' status," ... https://www.cnbc.com/2011/11/23/financial-fingerpointing-turns-to-regulators.html https://www.cnbc.com/2011/11/23/financial-fingerpointing-tur... ' Even if regulators are involved in wrongdoing, they have some immunity. Internal disciplinary measures are rarely taken against regulators who perform badly in their jobs, say government officials. '