Wednesday, August 15, 2012
Fraud embezzlement and other fun business stuff
Three ex-Chase bank workers admit $4.8 million tax fraud
When I first read this I thought it said Chinese bank workers. Too bad we couldn't send them to China. I'd bet there'd be new meaning to the term "heads will roll". Don't forget to buy some prison stocks.
2 sentenced in $50 million bank fraud conspiracy
Iowa brokerage CEO indicted in $200M fraud scheme
The guy scammed some 24,000 investors over a 10 year period. Jeez how many Madoff clones are out there? Disheartening to think that your retirement fund was being used to buy somebody's yacht.
You say your bills are a little dirty and need to go to the cleaners.
Bank settles money probe
Standard Charter that bastion of honesty and trust was caught laundering money for Iran. Incensed about the matter, one UK executive blurted an expletive deleted about the American investigation. Saying it was only $14 million that was in question.
Well I'm so relieved to know it was just a paltry 14 mil. Any more might be considered real money.
USDA to purchase meat to help livestock producers hit by drought
Haven't seen the meat prices go down much in the last few weeks which makes me wonder if the ranchers aren't holding out for a better price. But considering the story above ( the guy did his fleecing with commodities ) is it any wonder prices never dropped.
Oh well at least we'll have food bank burgers. And maybe it's not such a good time to cut subsidies to the farmers. At least not yet.
Retail sales increased in July more than expected.
This is still a puzzlement to me. Not that sales increased but how they calculate such measures. They take out energy and food because after all who needs to drive or eat? This also excludes sales at auto dealers, building material stores and service stations. So one has to ask what the hell are they measuring? That might leave health care, clothing and entertainment. Not a big boost to the economy when you think about it. Bulk of health care profits goes to insurance companies. Our clothing is made overseas as are most movies.
The Fed is looking at the possibility of economic stimulus. They try to do that by making borrowing cheap by pumping money into the system thereby lowering interest rates. That however doesn't work when there's no demand and the only benefit at this point is to the banks. There's this waiting game going on amongst the "peonage" as Randal call us. We're still waiting for the effects of the euro mess to hit our shores. We saw what happened in Greece and Spain and wonder when we'll get to enjoy the "fun" of more layoffs, wage cuts and general misery.
Okay you caught me again. Late as usual.