How Does One Misplace $41 Billion??

How does one misplace $41 Billion?? www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it will have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
How does one lose forty one billion dollars? You can
file this story under George Carlin's Big Club that you
and I are not in.

Speaker 1 (00:30):
World.

Speaker 2 (00:30):
Bank bureaucrats lost track of forty one billion dollars, just
lost track of it, lost track of forty one billion dollars,
and audit showed a lack of traceable spending over the
past seven years because of an odd ball accounting practice

(00:53):
in which the bank accounts for its climate financing. Again,
the greatest scam the world has ever seen at the
time time of the project's approval, rather than at the
time of the project's completion. Okay, this is how they
put It's like it's like asking your doctor to assess
your diet only by looking at your grocery list, without

(01:14):
ever checking what actually ends up in the fridge. They're
saying that this number could actually be as much as
ten times ten times more. Okay, ten times. It could
be close to four hundred billion dollars. I remember back

(01:35):
in the day. Back in the day, what was the
one of the largest financial scams in the exact year,
Kofi anan son Kofe and NaN's son ran some Iraq
oil for food scam and it was massive, massive. Again,

(01:56):
this is a big club that you and I are
not in. You've got a lot of really crooked people
with their hands in the World Bank all this money.
It's great to be a Swiss banker, of course, because
the money ends up there at some point in time.
And again, let me make this perfectly clear. If it
ends up being four hundred billion dollars, we the US taxpayer,

(02:20):
because we are the biggest shareholder the World Bank, we're
going to be out about fifty billion stolen. This is
just our money. And now again, every single time I
see this, I see that we talked about waste yesterday
on the program. This is not just waste. This is
damn right theft. This is just stupidity. Think about all
the people right now, Think about all the elderly people

(02:40):
that had their homes wiped out due to hurricanes or
floods or tornadoes or fires in Hawaii, and you get
seven hundred and fifty dollars, you get seven hundred and
fifty dollars, and here we go, here's some fifty billion
dollars gone, and it's gone. The wild Bank and all

(03:01):
international institutions need to be fully held to account. What
a load of horseship. They're never held to any account,
nor will they. Hey, listen, guys, I've told this before.
There's a whole nother level of wealth and money out
there that doesn't make the Forbes list. They don't want
to be on the Forbes list. They don't want nobody

(03:23):
wants to know. They wanted to be known who they
are for crying out Loud has said, I go on
vacation sometime in the Mediterranean and see the boats anyway.
You know they're they're saying that they you know, they
can't they can't account for it all because it's painstaking
and difficult. This put this into perspective too. We'll talk

(03:47):
about world bank work and workers in Washington, d C.
I'm not making this up, Okay, world they make I
mean the bankers they are making in our top executive Washington,
d C are making over half million dollars a year.
They don't have to pay any taxes on either. Nope,
they don't have to pay any taxes on that money.
That's you know, five hundred thousand plus tax free. Not

(04:10):
to mention the fact they also get a very very
generous pension, very generous pension, and that's only a minimum
of five percent contribution. And they get free US health
insurance for life, twenty six days of annual leave and
fifteen sick days fifteen. I haven't taken fifteen sick days

(04:33):
in my entire frickin life. They get fifty. This is
some you know. It's like that Hea rap song from
the nineteen nineties, the Ghetto Boys. Damn it feels good
to be a gangster. They're gangsters. That's what this is.

(04:53):
That's what this is. Forty one billion dollars gone missing,
could be as much as for one hundred plus billion dollars.
Oh oh, by the way, by the idea, the Biden
Harris administration just up the bowering power for the World Bank.

(05:14):
Couldn't make this stuff up if you wanted to. Watchdogonwallstreet
dot Com