Baby Boomers Defrauded by Credit Crisis
(WASHINGTON, D.C.) In an explosive new book, a former counsel to the U.S. Senate explains how the latest financial crisis is the result of a systemic fraud destined to ravage the pensions of America’s 78 million Baby Boomers born between 1946 and 1964.
The debt crisis, according to author Jeff Gates, was the “perfectly predictable result of a radical free market mindset touted by key policy-makers such as Federal Reserve chairman Alan Greenspan.” Former pension counsel for seven years to the tax-writing Senate Finance Committee, Mr. Gates describes the crisis as “the latest fraud destined to accompany globalization of the ‘consensus’ economic model.”
Tracing the origins of this crisis to a “money myopic mindset,” this first book in the Criminal State series portrays the subprime mortgage meltdown as the nation’s “latest and largest financial pump and dump.” The savings and loan fraud of the late 1980s, Gates notes, also relied on lax regulation and loose credit to drive values upward before a market crash enabled a financially sophisticated few to acquire assets at rock bottom prices. That $153 billion fraud cost taxpayers $124 billion.
As with today’s pump-and-dump, Gates notes, complicit analysts enabled the dot.com crash of 2000: “Only instead of bogus appraisals touting high-flying tech stocks, junk mortgages were given bogus ratings akin to secure government bonds. With the globalization of financial markets, this massive fraud spread worldwide, making America appear guilty by association. The cost, already in the trillions, worked its most devastating impact on Baby Boomers’ retirement savings.”
Totaling $800 billion in assets in 1980 when the author became Senate counsel, pension funds under management by April 2007 topped $16,600 billion. “History’s largest pool of capital,” Gates asserts, “offered the means to commit history’s largest financial fraud.”
A widely acclaimed author, attorney, investment banker, educator and consultant to government, corporate and union leaders worldwide, Jeff Gates’ previous books include Democracy at Risk: Rescuing Main Street From Wall Street and The Ownership Solution: Toward a Shared Capitalism for the 21st Century. Endorsers for these books include CEOs, heads of state, legislators, educators, commentators and Nobel laureates.
This book is available now. For more information, or to order, go to www.criminalstate.com.
Guilt by Association: How Deception and Self-Deceit Took America to War is poised to become the first in a best-selling Criminal State series. (ISBN: 978-0-9821315-0-3; $27.95; 320 pages; 5½” x 8½”; perfect bound soft cover; State Street Publications).
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