Why Covering up Fraud Losses Impairs Economic Recovery
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Part One: The Unbearable Lightness of the Accounting Cover Up
Bad bankers, bad regulators, and bad politicians love to cover up losses, fraud, and bank failures. The snake oil peddlers pushing for a cover up scream that if losses are recognized capitalism will collapse. Recognizing losses “causes” bank failures (ponder that “logic”). Bank failures cause other banks to fail.
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