An important discussion on the genesis of the financial crisis with two experts in the field, Ann Barnhardt and Warren Pollock . Their theory is that the fraudsters are setting up a precedent for putting the banking collapse on the backs of customers – a trial balloon to see what they can get away with. They financially “rape” these innocent dupes, who should be at the very front of the line….but have ended up with no seat at the table.
Ann Barnhardt and I (Warren Pollock) have an open conversation organized to provide background to this crisis, the setting of legal precedent, netting, settlement, and future trends including a potential bank holiday. We talk about MF Global as it applies to savings and commercial banking, brokerage, insurance, and commodities. We talk about numeric impossibility of solving the problem, incest between government and finance, having the victim of the crisis pay rather than the fraudster. We explain how the MF Global bankruptcy process will define how customer funds will be treated in a bank holiday. We talk about the idea of having an honest bank holiday to root out fraud vs an economic crisis which plays to looting and criminal activity of vested interest.