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Is that mismanagement a scam, though? I mean, if you follow Bloomberg's Matt Levine, everything is securities fraud. Wells Fargo opening charge accounts recent

Is that mismanagement a scam, though? I mean, if you follow Bloomberg's Matt Levine, everything is securities fraud. Wells Fargo opening charge accounts recently, and openly proclaiming a strategy of asset theft during the real estate bubble of 2001-8, all the liar loans and the ratings agency frauds, those were scams. Not rug pulls. Your overall point is about scam, I think, and not the "put your money in as a retail investor and I will just freaking take it" case that is a rug pull. As a percentage of banking, I think the scam activity is low compared to crypto stuff but it really just takes data.

latchkey 3y ago
> Is that mismanagement a scam, though? The leaders of that bank benefitted greatly from what was happening. > As a percentage of banking, I think the scam activity is low compared to crypto stuff but it really just takes data. Globally, crypto fraud is a fraction of banking fraud. Since crypto is global, I take that perspective. That said, here is one data point... you are welcome to keep digging. Mind you, the banking ones are only the frauds that are caught and public, and not actively being manipulated. https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-...