Naomi Wolf: This global financial fraud and its gatekeepers
http://www.guardian.co.uk/commentisfree/2012/jul/14/global-financial-fraud-gatekeepers
Last fall, I argued that the violent reaction to Occupy and other protests around the world had to do with the 1%ers' fear of the rank and file exposing massive fraud if they ever managed get their hands on the books. At that time, I had no evidence of this motivation beyond the fact that financial system reform and increased transparency were at the top of many protesters' list of demands.
But this week presents a sick-making trove of new data that abundantly fills in this hypothesis and confirms this picture. The notion that the entire global financial system is riddled with systemic fraud – and that key players in the gatekeeper roles, both in finance and in government, including regulatory bodies, know it and choose to quietly sustain this reality – is one that would have only recently seemed like the frenzied hypothesis of tinhat-wearers, but this week's headlines make such a conclusion, sadly, inevitable.
The New York Times business section on 12 July shows multiple exposes of systemic fraud throughout banks: banks colluding with other banks in manipulation of interest rates, regulators aware of systemic fraud, and key government officials (at least one banker who became the most key government official) aware of it and colluding as well. Fraud in banks has been understood conventionally and, I would say, messaged as a glitch. As in London Mayor Boris Johnson's full-throated defense of Barclay's leadership last week, bank fraud is portrayed as a case, when it surfaces, of a few "bad apples" gone astray.
In the New York Times business section, we read that the HSBC banking group is being fined up to $1bn, for not preventing money-laundering (a highly profitable activity not to prevent) between 2004 and 2010 – a six years' long "oops". In another article that day, Republican Senator Charles Grassley says of the financial group Peregrine capital: "This is a company that is on top of things." The article goes onto explain that at Peregrine Financial, "regulators discovered about $215m in customer money was missing." Its founder now faces criminal charges. Later, the article mentions that this revelation comes a few months after MF Global "lost" more than $1bn in clients' money.
= new reply since forum marked as read
who knew 
Like i could have never of guessed this. A pencil pushing weakling is selected to be a watcher, views a few of their crooked deals then gets told to be quiet and take the next promotion or else, this resulting in the rest of us are left holding the bag.
Like these are tactics of a six year old kid but somehow the adults in the room were asleep for a couple of decades (at least that's the story). Call me cynical but don't color me as going with the herd. It's time to turn around and rush the wolves, they won't see it coming at any rate
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On edit: Clearly someone else remembers when Klein's first article on the systemic fraud came out and many DUers just trashed the shit out of her for her "crazy conspiracy theories". 
