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Once upon a time, Secretary of State, Collin Powell vowed to deny every Nigerian access to the United States on the grounds they were pathologically cheats, embezzlers, and manipulators in bilking people of their money. He also said Nigerians should be banned from entering the United States as a result of the 419ing, which in fact, he was a victim.
But now, the story has turned around. First, it all began with Martin Frankel who operated a life insurance company convincing his clients that his insurance program was on the one; and that their retirement savings would be in place, persuading these 60 or so years seniors to bet on him for their retirement.
Frankel, today, is in a Rhodes Island jail without bail. His bodyguard pleaded guilty today in racketeering. Maybe, that makes the Cleveland broker look like a saint.
How about Kenneth Lay's Enron? I mean, these guys bilked innocent citizens out of their retirement savings. And they would try to convince us it's easy to get away with that?
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Obviously, they made Keating's savings and loan scandal, Michael Milken's junk bond fiasco, Salomon Brothers irregular commodity tradings and Cleveland based Lehman Brothers whose broker is now missing makes Kenneth Lay's Enron look like a saint.
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The recent financial crisis is a replica of the Depression Era when the stock market crashed. Unbelievable, in the sense that the loophole in all these mess originated from WAshington D.C.'s greedy politicians being influenced with people's lifetime savings with the economy badly in jeopardy.
But it is not the economy anymore, stupid. It is the shenanigans and accounting. Take a look at Arthur Andersen's accounting firm who in all indications was part of the dilema, shredding vital documents, and covering up Eron's shady deals of energy tradings when clearly they knew vividly well that clients were losing their money while Kenneth Lay and his colleagues were busy throwing lavish parties on the goodwill of their customers-in-trading.
Now, how about the Allied Irish Banks who were defrauded of $750 million by John Rusnak, the currency trader, who said he engaged in a series of trades that escalated as he tried to make up for his losses?
Do we ever wonder why the global banking community is now in jeopardy?
[ February 10, 2002: Message edited by: Williamson ]
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I wonder what Harvard products with degrees in law and economics like Nobiora and the stupid Anu Nti would be saying about this.
[ February 10, 2002: Message edited by: Ugali Shaga ]
___________________ "We are where we are in large part at the moment, because our self-identified leaders of thought have put us there."----Ukpabi Asika
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