From Rowan’s blog:
“A single mother who claimed more than £44,000 in benefits but failed to tell the authorities she was living with a man, has been sent to prison.”
And then from the Libor fraud scandal, he pulls out this correspondence:
Yen Trader 1: can we lower our fixings today please [Primary Submitter]
Primary Submitter: make your mind up[,] haha , yes no probs!
Yen Trader 1: I’m like a whore’s drawers.
Swiss Franc Trader: can u put 6m Swiss libor in low pls?
Primary Submitter: NO
Swiss Franc Trader: should have pushed the door harder
Primary Submitter: What’s it worth
Swiss Franc Trader: ive got some sushi rolls from yesterday?
Primary Submitter: ok low 6m, just for u
Swiss Franc Trader: wooooooohooooooo[,] 0.01%? that’d be awesome
And then there’s the “just amazing how Libor fixing can make you that much money.”
And of course we can all guess how many participants in Libor fraud have gone to prison for it. (Clue: it’s a very round number.)
Enough said, I think.
More from Bosworth-Davies, a former fraud squad detective, on the Keiser report, here. (Starts at about 14 minutes in. Hat tip: Gail Bradbrook.)
Among many other things, he mentions the euphemistically termed “mis-selling” PPI scandal:
‘Mis-selling’ – that sounds OK: it sounds like the guy just made a mistake, and that they’ll recompense the customer. But by calling it mis-selling, they are dumbing down the whole context, if they said the banks have been defrauding you it would send a completely different message. It is a way of covering up fraud by re-naming it. It is very clever, it’s deliberate, it’s effective.”
Quite so, and note Garry’s comment underneath. I also like this:
“I am not blaming (the FSA leadership) she and her team aren’t sufficiently qualified to understand how you go up against a mainstream organisation that is behaving like organised criminals. You have to bring in men and women who know how to deal with organised criminals.”