Wednesday, May 20, 2009

Fraud is everywhere these days...

Fraud is rampant in the markets these days and its not hard to spot. I think with the government obviously unequipped to enforce regulations, coupled with a sense of chaos in the markets (think Madoff and all the other ponzis the SEC missed), white collar criminals feel like they can get away with anything. Its one sad but expected consequence of the dark path that we turned down staring about a year ago with the Bear Stearns $2 takeover by the feds. Capitalism is dead, what will replace it? How can the government enforce any laws when they themselves are conducting obviously fraudulent behavior? Meanwhile our prisons fill with stoned hippies who got caught selling a joint. I don't know where this is all going but I have a hard time having hope for a brighter future. I hate to be so damn pessimistic on this blog all the time, but how can one be optimistic in the face of such madness:

Where are the damn cops? (BAC)
FBI probes insider trading by SEC lawyers
Letter from a dodge dealer (robbed by feds)
Insurance companies up vigorously before getting TARP money

Haha, yeah, that pesky insider trading.. But on the bright side, the U.S. may strip the SEC of its powers. Wait is that a good thing or a bad thing? I'll quietly just sigh...

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