…in a massive “green jobs” fraud:
The fraud – conservatively estimated at $38.6 billion, though others believe it could be at least 20 times bigger once his secret trading accounts in a file mysteriously marked “Stimulus Package” are fully investigated – comfortably exceeds the paltry $2.3 billion losses run up by UBS trader Kweku Adoboli.
Though full details of the Uber Rogue Trader – known only by his initials B.O. – have yet to be released, he is believed to be either of Hawaiian or Kenyan birth, with a plausible speaking manner and a deceptive aura of competence and gravitas. He is said to be “coolly unrepentant” about his crime, which, he claims, he was only doing to provide “hope and change” to his 200 million victims.
The fraud appears to have centred around an arcane taxpayer-swindling system first devised by Kenneth Lay of Enron known as “Clean tech” or “green jobs.” B.O. – who joined the bank in January 2009 – is believed to have persuaded colleagues and shareholders that he could boost the institution’s flagging profits by spending $38.6 billion on a “loan guarantee program” for clean tech start up companies. He also claimed that in the process he would create “65,000 jobs”.
This really is criminal fraud. But I won’t hold my breath waiting for the Justice Department to do anything about it.