John Madden, the most popular play-by-play commentator in NFL history,
has always said, "Speed kills." In a chase-and-tackle game like
American football, he is absolutely correct. In the financial world,
however, we are seeing another truism play out before our eyes: "Fraud
kills."
The massive financial mess that is the housing industry is feeling the
impact of it right now. In case you thought this is a uniquely
American issue, here is a lovely little snippet from The Banking
Times:
"Financial Services Authority (FSA) has referred over 70 mortgage
brokers to its enforcement division, which has the power to issue
hefty fines and penalties.
The regulator currently has around 200 mortgage brokers under
investigation for home loan fraud.
Some brokers have been involved in complex criminal schemes whereby
false surveys with inflated valuations have been submitted to lenders
by fictitious mortgage applicants."
Misery loves company, I guess. The UK is hitting the same housing
skids as the US. Stand by for fallout.
If fraud has such an adverse affect on the housing industry, it stands
to reason, doesn't it, that rampant insider trading, ****d short
selling, ba****ng, and pumping of the financial markets will have an
equally devastating impact? Sure it does...and it is.
We at Basher Busters continue to hold fast the belief that it is high
time for the SEC to become proactive in these matters, to forget about
playing favorites or turning a blind eye to anyone, regardless how
entrenched, how well funded, or how "im****tant," and bring market
miscreants to justice.
Fraud...kills.
That's the Word on the Street.
Veracity Jones (http://www.basherbusters.co.uk)
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