no one backs it like they are supposed to. They don't have to because of how the agreements are set up. There is literally NO ONE that audits the holdings to make sure the physical is in store. No one. If you knew you could fudge the numbers and no one was going to audit you, what would you do?
Trusts are complete fucking scam. I can't believe after 1989, 2001 (enron), 2008, and now, people still think those bastards have a conscience. They have none. Zero.
Watch the movie "The Big Short" if you haven't yet. It's fucking excellent. It is the truest depiction of Wall Street ever made. Ever.
no one backs it like they are supposed to. They don't have to because of how the agreements are set up. There is literally NO ONE that audits the holdings to make sure the physical is in store. No one. If you knew you could fudge the numbers and no one was going to audit you, what would you do?
Trusts are complete fucking scam. I can't believe after 1989, 2001 (enron), 2008, and now, people still think those bastards have a conscience. They have none. Zero.
Watch the movie "The Big Short" if you haven't yet. It's fucking excellent. It is the truest depiction of Wall Street ever made. Ever.