"It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud."
Charles H. Ferguson
"The more people rationalize cheating, the more it becomes a culture of dishonesty. And that can become a vicious, downward cycle."
Stephen Covey
"The system of corruption depends on another factor beyond secrecy, one that is perhaps even more important: impunity. Impunity means that the rich and powerful escape from punishment even when their malfeasance is in full view.
It is a system foisted on us by the rich and powerful, and it continues to work its magic. Our major institutions, the ones that should know better, are often gross enablers of impunity."
Jeffrey Sachs, The Age of Impunity, 12 May 2016
"Because they see most people as weak, inferior, and easy to deceive, psychopathic con artists will often tell you that their victims deserved what they got."
Paul Babiak and Robert Hare, Snakes in Suits
"The historic Perth Mint is facing a potential $9 billion recall of gold bars after selling diluted or 'doped' bullion to China and then covering it up, according to a leaked internal report. The mint started 'doping" its gold as a cost-saving measure. When it got caught for some of its gold dipping below Shanghai Gold Exchange standards, it kept it quiet
While the gold remained above the 99.99 per cent requirement, it exceeded the amount of allowable silver in Shanghai. Four Corners has uncovered documents charting the WA government-owned mint's decision to begin 'doping' its gold in 2018, and then how it withheld evidence from its largest client in an effort to protect its reputation.
One Perth Mint insider, who asked not to be named as they could face five years' jail if their identity is revealed, says it is a 'scandal of the highest level. I don't know if I've ever seen one this big,' they say. It is the only mint in the world that has a government guarantee.
But in recent years the 124-year-old institution, officially known as Gold Corporation, has been plagued by a series of scandals."
Angus Grigg, Perth Mint sold diluted gold to China, got caught, and tried to cover it up
The Perth Mint made a fairly bad error in judgement, and betrayed its word to customers, in the pursuit of profits.
Practically a 'dog bites man' story for the official financial sector these days.
So let the official spin machines begin to dismiss, diminish, deflect, distort, and distract.
After trying to bury it in some blue ribbon investigation.
Works well in the States for any number of cases of market manipulation.
Just ask the Fed's leadership which spent several years busily engaged with insider trading.
Let's see if any of the US financial media like Bloomberg or the Journal or Fox covers this, and in what manner.
Or perhaps they will be too busy contemplating the spitball that Fed Chair Powell tossed the markets today with an impromptu revelation that interest rates may have to go higher than anticipated.
The Dollar soared, gold and silver tanked.
Equity markets took a nosedive.
Jay continues testifying to the House tomorrow. Yay.
Non-Farm Payrolls on Friday.
Have a pleasant evening.
