“I’m happy to report, as a retired member of the criminal underworld, that fraud is good. The fraud business is easy and fraud is getting easier. The fraudsters have reached the top 1% of the American society….Democrats and Republicans alike are doing their best to make fraud even easier.”
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Retired Fraudster on the ABC’s of Financial Fraud and why it’s Easier than Ever!
Welcome to Capital Account. The dark Knight rises as dark pools of liquidity traded by robot computer algorithms went awry and threatened Knight Capital’s stability, costing the firm $440 million. This is just one more issue with broker dealers and markets, and one more blow to confidence in the US financial system. We hear from a former fraudster, Sam Antar, and the Commodity Customer Coalition Founders, James Koutoulas and John Roe, about how to restore faith in a broken system.
Remember ‘Crazy Eddie,’ home to the one of the largest securities frauds uncovered during the 1980s? The criminal CFO, Sam Antar, who helped mastermind the scheme, said he did it for fun and profit, and if he had not been caught, he would still be doing it today. What does this mean for the bigger picture about what is happening on Wall Street? The bad and arguably criminal actions at firms that helped cause the financial crisis have gone largely unpunished. We talk to the former Crazy Eddie CFO, Sam Antar, about it.
Plus the ECB disappoints today as Mario Draghi fails to deliver a “whatever it takes” plan. Is this back to crisis as usual and how is the private sector dealing? Well one company seems to hope sex not only sells but also shames people back into Spain’s ailing real estate market.
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People need jobs. Why aren’t regulator’s being hired.
We spend so much on alleged defense. How about defending us from fraudsters?
Financial criminals are considered innocent until proven guilty, but petty street criminals are often beat to death before even making it to booking.