Wednesday, June 08, 2016

Worth Watching: The Flaw
International award winning director David Sington tells the story of the credit bubble which caused the financial crisis, which has brought suffering to millions. Forsaking easy explanations of greedy bankers & incompetent regulators, this film goes to the roots of the forces which caused America & the UK to be gripped by the crazy belief that everyone could be rich & property prices would rise for ever .. 4 minutes trailer

1 comment:

Anonymous said...

Head of New York City corrections officers union charged with fraud

The union leader for New York City's prison guards and a hedge fund financier were charged on Wednesday with orchestrating a bribery scheme involving union retirement and operating funds in a case stemming from a sprawling federal corruption probe.

The Federal Bureau of Investigation arrested Norman Seabrook, the politically influential president of the Correction Officers' Benevolent Association, and Murray Huberfeld early on Wednesday.

According to a criminal complaint, Seabrook invested $20 million of union money in 2014 in New York-based Platinum Partners in exchange for kickbacks from Huberfeld, who worked at the firm. The men were charged with honest services fraud and conspiracy to commit fraud.

In April, Reuters was first to report that Seabrook had invested union funds in Platinum, a mid-sized firm with a history of buying into controversial businesses, including two energy companies that are facing criminal charges.

Representatives for Platinum Partners did not respond to a request for comment. Lawyers for Seabrook and Huberfeld could not immediately be reached for comment.