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New email scam


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Watch out for the following scam email. It was reported today in the New York Times.


From: Minister of the Treasury Paulson

Subject: Request for urgent confidential business relationship

Dear American: I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude. I am minister of the Treasury of the Republic of America. My country has had crisis that has caused the need for large transfer of funds of US$700bn. If you would assist me in this transfer, it would be most profitable to you. This transaction is 100 per cent safe. This is a matter of great urgency. We need a blank check. We need the funds as quickly as possible. My family lawyer advised me that I should look for a reliable and trustworthy person who will act as next of kin so the funds can be transferred. Please reply with all of your bank account, IRA and college fund account numbers and those of your children and grandchildren to wallstreetbailout@treasury.gov so that we may transfer your commission for this transaction. After I receive that information I will respond with detailed information about safeguards that will be used to protect the funds.

Yours faithfully,

Minister of Treasury Paulson, Nigeria, Washington DC


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QUOTE (Jim Kring @ Sep 29 2008, 06:49 AM)


Well you should not be afraid of the socialization of banks, they will be sold to private owners for sure. When all mess is cleaned up. Ten years ago we had the similar problem in Sweden however the scale was much smaller of course.


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QUOTE (Anders Björk @ Sep 29 2008, 03:55 AM)

Right near the end of that article is the salient point


- The prompt and transparent handling of the banking sector problems in also important. The terms for recapitalisation should be such as to avoid moral hazard problems.

What 'moral hazard' means is that if you reward the bad behavior of taking foolish risks, you encourage the same behavior in the future. We're teaching the bankers that as long as their casino bets are large enough to threaten the global economy, the politicians will be forced to bail them out, making it a no-lose situation. While I suspect this bailout is truly necessary, I haven't seen where we are preventing the moral hazard.

A lot of Americans suspect that the only people weathly enough to recapitalize the banks are the former bank executives who get to keep their 'nut' (compensation in the hundreds of millions $US for falling asleep at the wheel) because they have bought and paid for the politicians who have no real interest in punishing the guilty.

I realize there's not much point in replying unless I have something funny to add. I just don't have it in me today. :P

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