Q: Why do Burger King Franchisees care about derivatives reform?
A: huh ?
NPR discusses what a Bloomberg reporter found:
Last summer, one still unnamed company hired a PR firm to launch a “grassroots letter writing campaign” on derivatives reform. The PR firm hired a contractor, who hired a subcontractor in Arkansas. And instead of finding real people who care about derivatives — financial contracts tied to some other asset — the subcontractor went ahead and forged letters from grassrootsy sounding people.
The scam is a firm (likely a bank) hires a PR firm, who then hires a sub-contractor, who hires a sub sub-contractor. They send letters to congress, signing them to individual business people as well as Judges and Sheriffs — despite the fact that impersonating law enforcement personnel is a a felony.
This is absolutely unnecessary and serves only to fabricate a false plausible deniability for the original bank. But its a giant scam, and the bank and its employees are still liable for their actions. Anyone fooled by this purposeful chain of contractors simply does not have a clue.
I keep saying this over and over: Its time to prosecute these criminals and put them into general prison population.
Forged Comment Letters Sent to U.S. Regulators Writing Derivative Rules
Silla Brush and Clea Benson
Bloomberg, Nov 30, 2010
Forged Letters, And Other Stories From The Trenches Of Financial Regulation
NPR, February 12, 2011