Peregrine Financial Group – the latest fraudsters

Eric Garland Uncategorized Leave a Comment

Another day, another bank in the news for fraud. Peregrine Financial Group CEO Russell Wasendorf Sr confessed to stealing millions from customer accounts through deceptive practices: IOWA CITY, Iowa (AP) — The chief executive officer of an Iowa-based brokerage firm admitted in a suicide note that he carried out an elaborate fraud scheme in which he embezzled more than $100 …

Here’s why we let bankers get away with it for so long

Eric Garland Generational Conflict, Greatest Hits 2 Comments

As the world slowly realizes just how much fraud, double-dealing and criminality lies at the heart of the banking system, there is a slow-motion horror, a reluctance. My God, the LIBOR, to which $370 TRILLION in assets are tied, everything from mortgages to car loans to credit cards – it’s gamed from the inside out. As I pointed out yesterday, …

One more reason early warning intelligence doesn’t work

Eric Garland Intelligence Analysis 2 Comments

Intelligence and futures studies and allied fields prattle on about the need for “weak signals,” “early warning,” and the ability to “expect the unexpected.” Almost nobody has dealt with the fact that, from the lack of WMD in Iraq to the collapse of the housing market, to the inability of Greece to pay back its bonds, we get all kinds …

MF Global and the lack of the rule of law in money matters

Eric Garland Uncategorized Leave a Comment

Jesse’s Cafe Americain has a sharp run down of the moral situation still surrounding the disorderly bankruptcy of MF Global, which has fleeced customers and given millions of other investors the idea that the rules in America are terribly fluid. That’s the main issue of this story for me – the United States has a number of institutions which supposedly …