An answer from the US...

[R Giskard Reventlov]

Following on from the thread below I just asked a friend of mine (based in NY and up very early) what he thought the answer might be: "Short-term – more government controls on these big companies and banks and investment firms. Long-term – more general oversight. To be honest I am a trained auditor and Certified public accountant – I just don’t understand how this happened – I want to know who is going to jail. I am telling you people knew well in advance they were facing financial disaster and did nothing hoping it would go away. Some of these scams are taught in auditing 101 – and what company doesn’t do long-term projections – and don’t tell me they couldn’t see it coming – that is bull! And who gets really hurt – all the small businesses that really support the economy and employ most of the workers - let’s see what happens when little (his company name) asks for a bailout!"

me, me, me

[KaRl]

digital man wrote:

I want to know who is going to jail

I bet nobody will. When you steal an apple you go to jail, when you steal billions and jeopardize entire economies you don't.

The law, in its majestic equality, forbids rich and poor alike to sleep under bridges, to beg in the streets, and to steal their bread Fold with us! ¤ flickr

[Lost User]

digital man wrote:

To be honest I am a trained auditor and Certified public accountant – I just don’t understand how this happened – I want to know who is going to jail. I am telling you people knew well in advance they were facing financial disaster and did nothing hoping it would go away. Some of these scams are taught in auditing 101 – and what company doesn’t do long-term projections – and don’t tell me they couldn’t see it coming – that is bull!

Saw a program about the developement of 'securitisation' in the 80s. The ability to sell debt for profit. The more debt there is, the more profit you make. Aparently the financial entities created were so complex that no one understood them sufficiently so they were all given tripple A ratings. Its a fuck up of the monumental sort. And you are right the average guy is going to get shafted. Can we have an ammendment in the UKso we can carry guns and shoot the balifs when the come to repo the house?

Morality is indistinguishable from social proscription

[AndyKEnZ]

digital man wrote:

To be honest I am a trained auditor and Certified public accountant – I just don’t understand how this happened

That says it all really.

[David Crow]

digital man wrote:

Some of these scams are taught in auditing 101 – and what company doesn’t do long-term projections – and don’t tell me they couldn’t see it coming – that is bull!

Whether or not they knew it is mostly irrlevant. Proving that they knew it is all that matters. That could take years.

"Old age is like a bank account. You withdraw later in life what you have deposited along the way." - Unknown

"The brick walls are there for a reason...to stop the people who don't want it badly enough." - Randy Pausch

[Oakman]

fat_boy wrote:

Can we have an ammendment in the UKso we can carry guns and shoot the balifs when the come to repo the house?

The Australians will call you names if you do. ;)

Jon Smith & Wesson: The original point and click interface Algoraphobia: An exaggerated fear of the outside world rooted in the belief that one might spontaneously combust due to global warming.