[lbo-talk] Mark Ames on Fraudonomics, NY Press

Chuck Grimes cgrimes at rawbw.com
Thu Apr 29 12:34:04 PDT 2010


“You don’t get it, Ames. Even Khuzami, the SEC guy in charge of the Goldman case, is a fraud; the fucker was Deutsche’s general counsel when they pulled the same CDO scam as Goldman. You have no idea how deep this goes.”

....if we go after everyone guilty of fraud and theft, the market crash this country would see would make 2008 look like Sesame Street. Open that can of worms labeled ‘Fraud’ and the whole fucking economy collapses. You may as well prosecute people for masturbating. No one will know where the fraud investigation stops and who will be charged next—everyone will try to cash out, and the markets will tank to zero. And guess what happens when the markets tank to zero? Every fucking American with a retirement plan, or an investment portfolio, or a 401k— every state pension plan in the country, every teacher’s pension fund, every fireman’s pension—every last one of them will be wiped out. That’s what the Lehman collapse taught us....

Every single player in finance suddenly had to face the fundamental problem—this whole fucking economy is built on fraud and lies and garbage.

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After this section, the essay-rant went downhill fast.

CG



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