The country’s financial hub has a long history of lying, cheating, and stealing
No one likes recessions, but no one dislikes them more than the crooks who are an inevitable part of any financial market.
As the economy goes south, companies seeking to cut costs scrutinize their books more carefully and bring embezzlements to light. Investors take money out of higher-earning (and therefore inherently more risky) funds and put them into safer ones, and Ponzi schemes collapse as a result. Credit becomes tighter, and loan requests are more carefully investigated, so businesses with cooked books find their insolvency revealed. Read more »