niles, before you get too enthusiastic about chinese fraud, just take a look what happened here in this country with the GFC (Great financial Crash) of 2008.
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the financial activities leading
up to and through the crisis were riddled with fraud. Fraud,
at multiple levels, became normal business practice—from
lender fraud and foreclosure fraud to the practice of duping
investors into buying toxic securities with bait-and-switch tactics,
while simultaneously betting against those securities using
credit default swaps. Every layer in the home finance food chain
was not only complex but also fraudulent, from the real estate
agents to the appraisers and mortgage brokers who overpriced
properties and induced borrowers into terms they could not
afford, to the investment banks and their subsidiary trusts that
securitized the mortgages, to the credit rating agencies and
accounting firms that validated values and practices, to the servicers
and judges who allowed banks to steal homes, and on to
the CEOs and lawyers who signed off on the fraud. Once a bank
has made a “liar’s loan,” every other link in the chain must be
tainted. And that means every transaction, every certification,
every rating, and every signature all the way up to that of the
investment bank CEO is part of the cover-up.
During the thrift fiasco in the late ’80s and early ’90s, the
fraudsters were finally shut down, more than a thousand were
jailed, and the Bush (Senior) administration resolved the crisis
with an infusion of about $200 billion, using the newly created
Resolution Trust Corporation. While this “bailout” was imperfect,
at least it stopped the fraud, closed the worst thrifts, and
jailed many of the crooks. So far, in this much bigger crisis, we
have done none of those things.
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I stole that excerpt from Randall Wray a professor of econ at Missouri-Rolla I believe. It pretty much summs the depressing financial fraud that happened here in the US not too long ago and is still on going.
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