Bogus Charges = Bogus Profits = Bogus albeit it Tangible Bonuses

As we change government into big brother, we need to understand where and why the bogus bonuses were created.  Very simply, these huge, unearned bonuses are from nothing more than bogus profits.  Bogus profits can only be created with bogus revenues.  Bogus revenues can only be created by bogus charges.

Our news reports nightly about the high rise of bankruptcy, credit cards, financial hardship.  But the real question should be how many billions are attributable to unaccounted / unsubstantiated charges?

Cases in point, the complaints against Advanta Business Cards are hundreds.  Check the website.  Don’t believe me – listen to the internet.  Copy and paste this link to see the bogus charges.  http://www.ripoffreport.com/searchresults.asp?submit22=Search+All+The+Latest+Rip-Off+Reports+Now%21&q1=ALL&q2=&q3=&q4=&q5=advanta+bank&q6=&q7=&searchtype=0

When we deregulated banks, we created ivory towers with no accountability.  The demise of the small bank allowed the creation of this white collar crime to proliferate.  In the early part of this century, our nation was concerned with the monopoly power of Rockefeller; 100 years later we created a financial system to legalize this unrestrained power.  We created oligopolies with manufacturers and financial institutions alike.

The corruption of this violation of the intent of the usury laws extends beyond just the individual business owner and the good credit history of these honest hard working citizens.  If these charges are not properly isolated as what they are – bogus charges, these charges are booked as bogus revenues.  Bogus revenues allow unreal profits and tangible bogus bonuses.  These top executives know what they are doing and they are allowing it, creating it and taking the money and running no different than the Madoff scam and the Enron.  When will our legislative powers wake up and hold these companies accountable?  When can the taxpayers see fairness?  This is worse than the tax without representation which we lost lives for during our independence.  We the American people are being duped by over paid executives who are overpaying their attorneys and accountants to make this robbery legal.

Unsubstantiated bank and credit card charges are fraudulent.  We need a governmental reporting entity to take charge.  Yes, the attorney general is our contact point, but where is the agency oversight?  If we centralize government, we must streamline this reporting and carefully craft a protective arm against this robbery of the American taxpayer.

Remember, once the bogus bonus is awarded and cashed, we as taxpayers continue to pay.  The new executive comes in and will write down those unwarranted charges.  This write down will result in lower income taxes.  And yes, now you get my point – we get to pay for this fraud once again.  This rule applies not just to the banks, credit cards but also to the manufacturers who we are bailing out.

As a merchant, if I sell you a tomato advertised for $1 and I charge you $10, we have laws against that.  So too with our financial transactions, we have tried to institute truth in lending.  We need truth in reporting.  Bogus charges equal bogus revenues equal bogus profits equal tangible bogus bonuses we are allowing.  Stop this fraud of the American taxpayer.