Finance

Just more of some of the usual crimes

Via Michael Roberts

“The finance sector is really just a criminal conspiracy to steal from the public. So much for regulation rather than public ownership and control.

Take the Wirecard scandal. Wirecard, which started out processing payments for adult entertainment and gambling websites, filed for insolvency on June 25 after the discovery of a 1.9 billion euro hole in its accounts. German prosecutors have since opened investigations into suspected money laundering, fraud and market manipulation at the company. Markus Braun, the company’s former chief executive, was arrested. The company's accountants failed to carry out basic obvious auditing of the accounts and the German government ignored whistleblowers about the company and instead tried to prosecute them!

Then there is the Apple tax dodge. With the connivance of the Irish government, Apple booked huge amounts of its global profits in Ireland where tax rates were deliberately kept very low. This saved the company over $12bn, at the expense of taxpayers in Ireland and around the world. But don't worry, the European court just decided that it was ok for Ireland and Apple to connive in this tax dodge!

Finally, there is the revelation of the US FBI that vast amounts of criminal and tax dodging cash is being invested in so-called respectable private equity companies globally. This 'money laundering' continues without control.

It's the never-ending story of banking folk and shows that 'regulation' does not work.”