.A possible fraud of eight trillion (eight thousand billion) dollars is right now being uncovered by Wall Street Journal. A journalistic uncovering of a fraud, that if proven true will bring a central US paper back among the very best medias of the word.
Serious uncovering is definitely going on the US now. The fraud story, if proven true, will no doubt be bigger than Watergate ever was. An eight trillion dollar fraud is more than ten times the size of the worlds biggest sovereign wealth fund, the Norwegian Oilfund.
The Bernie Madoff story is nothing compared to this story, which directly implicate US authorities, through their Security Exchange Commision, SEC.
How could it happen?
The big trillion dollar question is if they have turned a blind eye on the the theft of the millenium, or are they just plain stupid? Few people believe the latter. Which leaves us with huge questionmarkes around the whole story.
We have very little reason to question Wall Street Journal, and their journalist Steven Jones. To be fair he is formally working Dow Jones Newswire, and are no doubt heading for Pulitzer Prize, the highest ranking prize any journalist can get.
According to Wall Street Journal it is 69, now disappeared filings by SEC that tells the story about the holdings of the Texan man Johnny Earl Satterwhite. He allegedely owns shares in an vast number of companies, among them Microsoft, Exxon Mobil and others. A number of shares totally valued at eight trillion USD.
Richest in the world
That number alone would make him 8-10 times richer than any other officially known man/woman in the world. Which of course is strange, to say the least. But even more strange is other of the documents obtained by Steven Jones. They show that Satterwhite owns approx. 1500 times more shares in a company like Microsoft than even the founder Bill Gates does. Satterwhite supposedly own one trillion (1000 billion) shares in Microsoft, a company that only has issued 8,4 billion shares in the 36 year history of the company.
How all this have been able to pass through the controlling gates of SEC remains to be seen. But the whole story reminds us of another one a few years ago, a story that hardly anyone believed when it was known through alternative medias. The big medias obviously would not touch it.
A company called CMKM Diamonds sued SEC for 3,87 trillion, in what seemed to be case not much different from what has been uncovered by Steven Jones.
Other stories too
This case comes shortly after it has been published that 17 billion worth of US dollars has disappeared in Iraq. We have had the Madoff case, and presidential candidate Ron Paul has on his website Daily Paul revealed that any time now a huge corruption scandal in the absolute highest political circles may be blown to the medias. The clean up of finance and politics are obviously gaining speed. It may turn out to be a very hot summer of 2011.
Illusion of money
Before I end I believe it is important to reminds us all about the illusion of money. We will hopefully never find an example more obivious than this one if we want to understand what money as of June 2011 is.
Eight trillion as numbers on a paper, but in reality most likely not much more than empty paper. Partly because the numbers are so much higher than what exists. Partly because nobody will probably ever fully find out what is real in the whole story.