Biggest fraud in German history--and government agencies looked the other way. Shades of FTX and Dems

I'm not normally a fan of New Yorker Magazine, but in this case reporter Ben Taub has done a great job reporting a story the Germans are calling "the biggest fraud in Germany's history." 

Now, you don't live in Germany so you're wondering how this story could possibly be relevant to you, eh?

I'll be happy to show you:  Last year some of you may remember a buzz in the Media about a "brilliant, creative young financial wizard"--offspring of two Stanford PhDs, no less!--got in some sort of trouble over some sort of wierd  company dealing with a crazy get-rich-quick scheme called "crypto"?

Sure; Sam Bankman-Fried. founder of FTX and a sister company.  Both companies claimed to be earning billions in profits, and every member of the Lying Mainstream Media fawned over the guy's brilliance.  The coverage was unvariably positive.  The Media couldn't praise Bankman-Fried highly enough.

The scam cost gullible, sheep-like investors roughly $51 BILLION.  But it's a measure of the Media's unwillingness to admit that the guy they'd recently described as a fabulous genius that Time Magazine wrote this headline: 

Where Did FTX's Missing $8 Billion Go?

Wait...eight billion?  When the real figure was $51 billion?  Sounds like some editors wanted to make the fraud seem was less shocking than it really was.  Why?

Because they all knew Bankman-Fried had contributed tens of millions to the Democrat Party before the 2020 election.  So while an eight-billion fraud was bad, the truth was far worse.

So why didn't the SEC detect the fraud and stop it early, eh?  See the sentence above.  The SEC, under the thoroughly corrupt Gary Gensler, doesn't make a move without getting the okay from the Democrat National Committee--which gets the okay from the White House.  Otherwise millions of dollars of faaabulous campaign money goes away.  Can't have that, right?

So...the German fraud involved a company founded in 2000 or so, and taken over by bad men, some of whom were executives.  At one point its "market capitalization" (for young readers that's the number of shares of stock times the price per share) was $28 Billion.  Adjusting for Germany's smaller population, that would be on a par with a $60 Billion fraud here--bigger than FTX.

For years the company had engaged in every dodge and fraud imaginable, but Germany's equivalent of the SEC never asked a question.  When a reporter for London's Financial Times began investigating, he found many of the frauds were screamingly obvious, easily discovered if anyone had bothered to look.

Example: the company claimed to have an office in the capital city of Bahrain.  Reporter went there.  No office.  Called the tel of the guy listed in the company's filings as its attorney.  Guy said he'd never heard of the company.  And so on.  Obvious stuff.

When the Financial Times began running stories on the hints of bigtime fraud, the stock tumbled.  The German company then began enlisting the help of powerful political allies to defend it, despite the obvious evidence of fraud.  The company hired armies of investigators and thugs to threaten and dox the reporter and the Financial Times.  

In London a female reporter for the FT was knocked unconscious on the street, but nothing was taken--so not a robbery.  It was a message: back off, or else.

And Germany's equivalent of our SEC continued not only to ignore all evidence of fraud, but to go so far as to ban German residents from shorting the stock!  It's like the fix was in, eh?

Eventually it all came crashing down.  Two of the masterminds have vanished, last seen in Russia.

Now here's the topper: Germany's "finance minister"--who headed the country's equivalent of our SEC--was Olaf Scholz.  The German parliament mounted an investigation.  Scholz  told the parliamentary investigators that he had no direct responsibility for the SEC's failure to detect the largest fraud in that nation's history.

Months later Olaf Scholz--a protoge of the communist Angela Merkel--became the Chancellor of Germany.  

Now did any of this ring any bells?  Corrupt government agencies not only strangely uninterested in investigating solid evidence of massive fraud, but actually banning short sales of the stock of the people greasing their palms.  Not one of the perps arrested, instead all managing to take private jets out of the country after it all blew up.  And finally, the equivalent of president of Germany seemingly in on the corruption.

It's the biden regime.  The corruption includes much of the government, all the way to the top.  You Dems refused to believe it about biden and his corrupt son, but have no problem believing an almost exact parallel tale of corruption in another country.  Why is that?

Because you're all determined to protect your Party.  Party above all.  Party above the law, all courts and government agencies--DOJ, FBI, SEC, CIA, CDC, FDA, DOD, DHS--eager to do the regime's bidding even if totally illegal.

So if you want to read an absolutely spellbinding tale of how this massive, seemingly obviousl fraud could have been allowed to continue for so long--and how the fraudsters enlisted government agencies to protect them--read the story here.

https://www.newyorker.com/magazine/2023/03/06/how-the-biggest-fraud-in-german-history-unravelled