[ExI] NYTimes: financial schemes cost $400 billion a year in waste, fraud and abuse - Krugman

[BillK]

On Fri, Dec 19, 2008 at 6:52 AM, Michael LaTorra wrote:
> Nobel-prize winning economist Paul Krugman estimates that financial schemes
> cost $400 billion a year in waste, fraud and abuse http://tinyurl.com/3lxjwk
>


One way of looking at it, is that the government of the US has been de
facto taken over by millionaires and the big money class to use for
their own benefit. The workers and the middle class lose their jobs,
their houses and their pension savings while more and more millions
are given to the rich class.

The bailed out banks are now paying billions in year-end bonuses to
their staff, (based on the great sales performance selling junk bonds
that has ruined the economy).
<http://www.citywire.co.uk/personal/-/comment/morning-line/content.aspx?ID=324349>

The one bit of good news from Credit Suisse
<http://www.independent.co.uk/news/business/news/credit-suisse-to-pay-bonuses-in-toxic-debt-1203709.html>
Credit Suisse has hatched a cunning plan to avoid public condemnation
over executive bonuses this year: it is going to pay top managers not
in cash, but in the toxic mortgage assets that caused the credit
crisis.


BillK