A classic accounting control fraud, Gowex, has collapsed in Spain. Gowex was a wi-fi firm. It was able to run its scam for at least four years. It was a crude scam that involved simply making up contracts and borrowing to grow rapidly.
Gretchen Morgenson has brought a revealing study to the attention of the public in her article entitled “The CEO is My Friend, So Back Off.” Here’s the bad news – the situation is vastly worse than the authors of the study conclude and the policy advice that experts offered Morgenson in response to the findings would fail where they were most needed.
Theoclassical economists have strange on a wide range of subjects including discrimination.
George Stigler celebrated Gary Becker as theoclassical economics’ schwerpunkt that led their blitzkrieg assault on other social sciences. Stigler proudly called economics the “Imperial” discipline. The idea that imperialism was a desirable trait is a typical example of Stigler’s blindness to history and human suffering.
Libertarians are profoundly anti-democratic. The folks at Cato that I debate make no bones about their disdain for and fear of democracy. But von Hayek’s critique of democratic government has proven to be the most monstrous blood libel of the post-World War II era – falsely declaring that democratic government must end in tyranny and the mass murder of its own people.
Researcher presents a sanitized version of the crisis portraying the controlling officers and traders at the largest banks as helpless victims of raging hormones rather than fraud perpetrators and facilitators.
Overall, the sick joke is that due to OMB’s dominance of cost-benefit analysis the fact that theoclassical economists were the primary architects of our three modern financial crises has led to them gaining ever greater, and more destructive power.
Timothy Geithner has a great deal of competition for the title of worst Treasury Secretary of the United States, but he has swept the field as worst President of Federal Reserve Bank of New York (NY Fed). w
The Black Fraud and Finance Report
The Black Fraud and Finance Report on the Real News Network. Bill is discussing Charles Keating.
The Black Fraud and Finance Report
All this talk about the 99% versus the 1%? I say the easiest—and likely the most useful—thing to do is just forget the 1%. Write them off.
