Russell Wasendorf Sr., head of Peregrine Financial Group, Inc., is in a coma today after an apparent suicide attempt following the collapse of his brokerage firm. At least he had the decency to try. Most Wall Street criminals simply help themselves to generous severance packages and then blame the poor for needing food stamps. Hopefully he’ll survive and face the accolades of his fellow scam artists. No one should have to suffer if they’re rich. Not in Reagan’s America.
Wasendorf is accused of intercepting communications between his firm and the National Futures Association in order to forge documents that would have revealed the $200 million shortfall. Via Reuters:
Wasendorf had set up a post office box in Cedar Falls, Iowa, according to a second person involved in the matter. It was to that post office box that NFA sent the documents, which were addressed to the bank.
The post office box was neither in Wasendorf’s name nor registered to the bank, the second person said.
Wasendorf then forged signatures and fabricated bank balances on the documents and simply mailed them back to the Chicago-based NFA, the person said.
In just the last 30 days, JP Morgan admitted to losing $2-4 Billion (but might end up being as much as $9 Billion when the full extent of the loss is revealed), Europe is in the middle of exposing a banking scandal that has implicated several major US banks and appears to be an integral piece of the 2008 collapse and now this “drop in the bucket” of a $200 million fraud.
At what point will we stop taking anyone seriously that complains we have too much regulation? When do we say “Enough!” and treat these 1% parasites like the absolute criminals they are? Or do we continue to follow the GOP’s lead in pretending that nothing is wrong on Wall Street and allow the unrestrained greed of the 1% to destroy the lives of millions?
Why don’t we ask Wasendorf if he thinks he’s one of Ayn Rand’s heroes when he wakes up? I think we might get a more honest response from him than any Republican or Wall Street executive, don’t you?
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“….At least he had the decency to try….”
Sez’ it all…