With all the bad economic news and the Financial disasters I thought I’d bring you some good news!
While most Kiwi’s still labour under the illusion that John Key as a hard nosed businessman will see them right, elsewhere in the world people are beginning to wake up to their antics and I’m happy to announce that this once in a while actually results in arrests and convictions.
In Iceland two bankers were arrested in the aftermath of the Collapse of the Icelandic banking system as the result of fraudulent speculating and they both received prison sentences for insider trading and we are not talking small fry here but the Chairman and the ex-CEO of the Byr bank.
In New York another high flyer Rajat Gupta, Board member of none other than the great Vampire squid Goldman Sachs was found guilty of three counts of securities fraud and one count of conspiracy which is funny because we all know that there are no conspiracies only Conspiracy theories.
By the way a great example of Securities fraud is the Enron case which was cause for four Merrill Lynch bankers to be arrested and jailed. Yep, at the time John Key was selling securities and Derivatives at that same bank! And funnily they too were charged with conspiring!
In Washington the CEO of JP Morgan Jamie Dimon had to explain himself about the loss (that we know off) of about some $ 3 billion and counting in another derivatives scandal and while he with the presidential Cuff links will weasel out of this one I reckon that when the whole Ponzy scheme unravels not even his presidential cuff links will keep him out of jail.
In another great twist of fate it turns out that Swiss bankers are afraid of leaving Switserland even for a short trip to a Super marche in France for some shopping. The reason? The US wants to get to them for aiding and abetting tax evasion in the US. and they even have a help hotline to help them avoid arrest!
It isn’t much but at least it is a good beginning!