The Export-Import Bank (Ex-Im) provided millions of dollars in financing to a Miami small business perpetrating a Ponzi scheme, according to a recent report by the Department of Justice (DOJ). The business had already defrauded private lenders out of $8 million in loans and used $2 million in Ex-Im financing to pay off these lenders and continue their scam.
The business, run by three family members defrauded private lenders out of millions of dollars by creating fictitious invoices for the sale of merchandise that never occurred.
If one wants to be an internist one must be certified through the ABIM. However according to the attached report the ABIM is basically a Ponzi scheme in a lab coat, that Enron-like irregularities run through the organization’s books.
As usual, he only gives you partial information. This enables him to put a positive spin on what is happening.
I don’t agree with everything Professor Black prescribes. He and I have pretty different views as to the roll of government generally.
However he advocates shining a light on the dark swamp which is our worldwide financial system, where super leveraged bankers swim through the economic muck like pinstriped alligators. And we are certainly for that.
In this interview which first appeared at Alternet.com and was reposted at Salon.com Jim Chanos, famous for shorting Enron and highlighting the fraud at the firm, talks corporate fraud generally and crony capitalism. He makes a number of assertions worth considering regarding the dishonesty on Wall Street, and explains why short sellers are vital to the marketplace. He explains that all the big fraudsters taken down in the past 20 years have been taken down by short sellers or journalists or both, not the regulatory agencies.
Should generally poor young people be subsidizing often wealthy old people? That’s what happens in our present crony capitalist system.