Letter from this weeks Socialist
In January last year when reporting the Madoff scandal the socialist posed the question of how many more fraudsters like him were going to be exposed like him. Since then we've seen the downfall of England Cricket Board backer Alan Stanford, and a report by accountancy firm, BDO, a massive increase in reported fraud.
This year reported fraud has reached £2bn a year, the financial sector alone accounting for £1.34bn a 70% increase on last year - but around 90% of the largest frauds aren't even reported at all. The fraudsters, have been using the wealth they've been able to con from greedy bankers to emulate their opulent lifestyles.
We need to take over the banks and run them democratically under workers control to use the wealth to benefit the majority of the population, not just the opulent lifestyles of a few.