A French bank claims it has been defrauded of $7 BILLION by an employee trading beneath the radar. “In the interest of transparency” Societe Generale is seeking to rectify its banking methods, but will not reveal the name of the rogue trader. Can you imagine a crime of any magnitude where those responsible are not immediately identified? Why would some white collar criminals rate indemnity?
Up until now the Bank’s “one lone trader” (redundant emphasis, theirs) had accumulated the fortune betting that the international markets would weaken. When the errant speculator reversed his forecast to wager that futures would look brighter, the economy didn’t comply, and the losses exposed his schemes. While fingers are pointed at the mysterious “genius of fraud” and his unsanctioned profit motive, is anyone questioning whether his transactions were serving another purpose, to influence the movement of investments?
Auction houses of lesser repute use phony bidders regularly to drive bids upward. When those stand-ins accidentally get stuck with the purchase, the item finds itself back on the block in short order. Needless to say the auctioneers keep the identity of those house traders close to the vest, or sooner than later those conspirators would become useless. Likewise, if suddenly confronted by hostile auction-goers, the plant could easily incriminate his bosses in the scheme.
As a regular reader of your pages, I’m asking for a courtesy comment on my Friday morning salute to Republicans. This morning I am featuring – not saluting – Colorado State Congressman Douglas Bruce. Any prospective would be appreciated.
Bruce is a pig no doubt, but so is Tom, Dick, and Dubya. So many to choose from! But they are not the particularly slippery pigs either. For that, you would have to go to the oiled up Democratic Party brand of pig.