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.


Randal Graves said...

Retail, euphemism for frivolity. And 14 mil? That's not even walking around money.

BBC said...

Standard Charter can easily pay the fine after making so much money on the shy.

Did you see what the CEO of that bank makes?

Me thinks the rich and greedy are winning, oh well, I'm going boating.

BBC said...

Got a nice fire east of ya, losing a home to fire sucks, fire is really nasty stuff.

BBC said...

Going to be hot for the next three days, dig out your swimsuit and go enjoy yourself.

Demeur said...

Oh that right I left that 2 billion in my other pants.

Billy do you know what a CEO does? Basically nothing.

The fire's on the other side of the mountains. No worries here. I just need to watch out for idiots with guns.

Swimsuit? With my pasty legs! I'd burn like a lobster.

BBC said...

I know where the fire is, I know this state as well as anyone, I didn't say it was at your door and you had to worry about it.