Retired scammer spells out the A-B-C's of financial fraud, and why it's easier than ever!
Welcome to Capital Account. The dark Knight rises (or is that falls?) as pools of liquidity traded via computer algorithms went awry, threatening Knight Capital’s stability and costing the firm $440 million. It’s another stunning failure on the part of brokers and markets, and a blow to confidence in the US financial system. We hear from a former financial fraudster, Sam Antar, and Commodity Customer Coalition founders James Koutoulas and John Roe about how to restore faith in a broken system.
Remember ‘Crazy Eddie,’ home to the one of the largest securities frauds uncovered during the 1980s? The criminal CFO, Sam Antar, helped mastermind the scheme, and said that he did it for fun and profit. He claimed that if he hadn’t been caught, he would still be doing it today. What does this mean for the bigger picture? The arguably criminal actions at firms that caused the financial crisis have gone largely unpunished. We talk to ‘Crazy Eddie’ fraudster Sam Antar about the state of fraud on Wall Street.
Plus, the ECB disappoints today as bank president Mario Draghi fails to deliver a comprehensive recovery plan. Is crisis the new norm, and how is the private sector dealing with the news? Well, one company seems to hope that sex will not only sell, but also shame people into investing in Spain's shattered real estate market.