"The wealthy, not only by private fraud but also by common laws, do every day pluck and snatch away from the people some part of their daily living. Therefore, when I consider and weigh in my mind these commonwealths which nowadays do flourish, I perceive nothing but a certain conspiracy of rich men in procuring their own commodities under the name and authority of the commonwealth.
They invent and devise all means and crafts, first how to keep safely without fear of losing that which they have unjustly gathered together, and next how to hire and abuse the work and labor of the people for as little money and effort as possible."
Thomas More, Utopia
Saturday, October 31, 2009
Meanwhile on the Wall Street fraud front...
Commercial real estate is the next shoe to drop in our ongoing financial crisis and in order to protect the reckless the (alleged) regulatory agencies who did such a bang up job as the underlying conditions for the present debacle developed, have relaxed the accounting requirements for banks holding the notes on those underwater shopping malls littering the country. And in whose face are these time-bombs set to blow up in the not too distant future? You guested it, the taxpayer.