Fraud Almighty

A contemporary criminal epidemic
Is the subject of this polemic
Its epicentres are the financial sectors
In the United Kingdom and United States
And its reverberations have left entire countries in dire straits
That crime is corporate fraud
Committed by the banks and the fraudulent accountants
Fraud by the hedge funds and ratings agencies
And in the fraudulent delivery of fraudulent securities
To people who hardly knew an asset from a liability

The best thing you could say about these incidents
Is that there was zero due diligence
During an era now renowned for regulatory non-compliance
But there is mounting evidence to suggest
That these fraudulent foreclosure, mis-selling
Predatory lending and betting-against-what-you-are-peddling events
Were premeditated, and hence
Under the 2006 Fraud Act, there could be some arrests

But how complicit were the regulators?
Did they just turn a blind eye to market manipulators?
And why is the government stripping funding from the investigators?
Like the UK’s Serious Fraud Office – what kind of nonsense is this?
Cuts of 40% – are you taking the piss?
Some form of accountability wouldn’t go amiss
And given that this predation causes more widespread harm
Than many a criminal offence
The least these victims should expect
Is the chance to participate in a restorative process

To say that the Libor scandal involved no criminality
Requires some imagination
Because it is clearly stated in the aforementioned legislation
That it is an offence to obtain a pecuniary advantage through false representation
Or through failing in one’s legal duty to disclose information
Or through abusing one’s position with an act or an omission
And so we need some institutions that will forget their trepidation
And undertake some serious litigation
Alongside a CPS that acts in the public interest
Enough procrastination disguised as deliberation
Enough of Too Big To Fail as a justification
For not addressing the harm done by financial corporations
Because the victims of these crimes
Deserve better than this
But for now, there’s another bankruptcy of a small business
As another mis-selling claim for an interest rate swap is dismissed.

 

This poem also appeared on Social Justice First:

http://socialjusticefirst.com/2013/05/10/fraud-almighty/

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