Economist Podcasts Trailer: Scam Inc
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Jan 27, 2025 Discover the shocking tale of a Kansas bank at the center of a financial scandal involving dubious cryptocurrency schemes. Explore the dark underbelly of a multi-billion dollar global scam industry, more lucrative than drugs. Uncover the grim realities of forced labor and human trafficking, revealing the dangerous connections that span across the globe. Can this emerging threat be halted, or is society's trust in financial systems destined to erode?
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Kansas Bank Collapse
- $47 million went missing from a small-town Kansas bank after the CEO made a cryptocurrency investment.
- The board was unaware of this risky investment until it was too late, leading to the bank's collapse.
Sophisticated Scam
- The scam wasn't a typical Nigerian Prince con but a sophisticated, new type of fraud.
- This raises questions about the vulnerabilities that allowed such a scam to succeed.
Global Scam Industry
- The scam is part of a larger global industry involving human trafficking, corruption, and money laundering.
- This industry is estimated to be worth hundreds of billions of dollars and growing rapidly.