Madoff – life in jail. Citi and AIG – Billions in bailouts.

Back in December, we predicted that we would be seeing more and more frauds in the real estate and financial services sector coming to light. It is far easier to hide a fraud in a booming market (see Mr. Madoff – who is looking at life in jail) and more are surfacing. Most are centered around real estate and mortgage “investments,” and although you could argue AIG and CitiBank et al  have perpetrated the biggest frauds, the simple fact of life is – these people and organizations  are above the law. They have no need whatsoever to consider any ramifications should they be found of any wrongdoing.

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