by CalMatters, CalMatters Network
November 7, 2023
By the first COVID summer, no one knew who was who. In Nigeria, an oil company IT engineer was allegedly filing for unemployment in California and 16 other states with a slew of fake Gmail accounts. At a desert state prison in Imperial County, an inmate used personal data bought on the dark web to funnel unemployment money to his wife for a $71,000 Audi and a down payment on a house. Along the Pacific coast in Carlsbad, Danny Ramos was one of millions of real California workers realizing that something was going very wrong, as weeks or months went by without the unemployment benefits they badly needed.
“It felt,” Ramos said, “like this was just a big old scam.”
One Comment
The biggest fraud in history has always been tax cuts for the elite/corporations, lack of oversight on the PPP program, and employer wage theft.
Want something that will blow your mind? SEC, yes that one entity that’s supposed to regulate the banks, are just giving Wall Street hedge funds slaps on the wrists for the multi billion dollar gains through the manipulation they steal from investors: The equivalent of paying for a speeding ticket while a driver continues to drive intoxicated.
Wall Street steals from the people by corrupt mechanisms such as PFOF (payment for order flow), borrowing/creation of synthetic stocks to short businesses to the ground (bankrupting good companies to the ground while holding a short position: This is what Michael Burry did in the housing market crash of 07-08), use of dark pools to offset buy pressure and even delays swaps (billions if not trillions of dollars in securities not yet purchased). But no one talks about this theft even though it’s much greater than the theft discussed in this article? Odd.
I am not worried one bit about Wall Street and the banks though. Their entire scam is about to collapse once TZERO is implemented. UBS and Credit Suisse will be the biggest ones to fail (check their reports and delays): They absorbed a lot of toxic assets and it’s eating them alive! Heck, banks are barely holding on and there will be a huge liquidity crisis in the coming months!
We will witness the biggest financial collapse in history VERY soon, and sadly most won’t know why. Yes, EDD was a mess and no one should be surprised by their outdated infrastructure.