Now Hiring: Fake Executives in China. No Experience Required.
Moxley said he, along with five other guys, was hired to be a “quality-control expert” for $1,000 a week, though it was made clear to him at the time of hiring that they wouldn’t be doing any quality control.
The job would entail attending some dinners, going to a ceremony and touring the factory once a day. The rest of the time, he and the other “executives” sat in fly-ridden office, where they slept, read magazines and joked around.
CNBC: Fake Execs Wanted in China (video link)
It's very funny actually...
I'm trying to remember why I don't wish to invest in China. Is it because I think it is a bubble? Is it the rampant fraud and corruption? Are those things somehow stopping me? It certainly isn't the humor. I know that much.
Bernanke, Paulson, & Geithner said they, along with lots of other guys, were hired to be a “financial regulators” for $10,000 a week, though it was made clear to them at the time of hiring that they wouldn’t be doing any regulating.
ReplyDeleteFake jobs - the new growth industry.
How do you ensure financial fraud and incompetence thrive? It's all about incentives!
mab,
ReplyDeleteFake jobs - the new growth industry.
Here's the other side of the "fake job" equation.
Reform School
After barely budging for 50 years, our incarceration rate increased sevenfold (to 738 per 100,000 people) between 1978 and 2008.
Stag,
ReplyDeleteHere's the other side of the "fake job" equation.
I think financial innovation can really help. You know, dupe people into believing that they can become wealthy by impoverishing themselves with debt. It's bound to decrease crime, in theory anyway.
It's not just fraud, it's Government sponsored fraud.
mab,
ReplyDeleteProductivity miracle idea:
Use computers to automate the theft!
Think of it. Computers could probably trade stocks and/or approve loans several times a minute thereby extracting any extra wealth just clogging up the system*!!
* Estimate assumes TRS-80 technology and 28k modem.
Stag,
ReplyDeleteComputers could probably trade stocks and/or approve loans several times a minute thereby extracting any extra wealth just clogging up the system*!!
That's a super idea that deserves super computers.
It's all about "unlocking" value*. The faster we unlock value the better!
*unlocking value = increasing indebtness on existing assets.
Mark - but this explains so much about the goods coming out from China!
ReplyDeletemab & MOM,
ReplyDeleteiDebt