This statement hits the big nail square on the head: Its simple; fraud is and always was the biggest bubble. Selling something that has little or no honest value and hyping it with deceit to make people believe that it is has value that the seller knows does not exist.
Fraud depends on the most basic rule of criminal trade: sell something that has neither intrinsic cost to produce nor the product of anything that has anything of value used in its production. Cost of goods sold = zero then profit = 100%.
Fraud at a more elegant level is the above equation but in addition having the government or some other agency give support, benefits and protection that increases return on investment (little or nothing) by insuring any risk of loss or perpetuating the ability to perpetrate fraud.
Fraud: A business model for criminals. Morally, deception and cheating are not social values but neither is killing. We have so far to go to improve our quality of life for all.
Maybe enterprises that improve the quality of life for all are the best investment?
Not until enterprises that improve the quality of life primarily for the benefit of few at the expense of many becomes a poor investment.
Bill Black is a hero Fraud Fighter. Where is the Fraud Fighting electronic game?
Simple honesty at all levels, personal to governmental and economic is and always will be the best policy. Often honesty is not easy or profitable but that is what makes it so glorious. Honesty is in the best interest of all and those that make personal sacrifice of losing something by being honest really lose nothing at all.....they only gain a greater good.
A dear friend recently had a washing machine in a rental needing repair. the repair person estimated a new bearing at $350 which she agreed to. The repair person found in disassembling the washer that lose coins and other things were really the problem and said the charge would only be $50 dollars, if that was not to much!
Why is it that simple honest people with perhaps less or much less than others like the 1% seem to be the ones that practice honesty and fair dealing. Let the buyer beware is the motto of those that institutionally cheat and steal. What they know that others don't and what they do not honestly tell them is a business model: That is fraud!
What we do not honestly tell others that need to know about our feelings and thinking regarding who and what we are, what we are truly committed to, what is covered up and twisted intentionally in our personal relationships, often with those closest to us is also fraud.
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