I was pondering over this earlier today in light of the news of the UBS trader who is being charged with fraud for losing billions and trying to cover it up
What about politicians, in particular public finance ministers and world leaders?
Surely the Greek president (or prime minister?) and the head of finance should be charged with fraud?
I looked up the specific definition of 'fraud' and these came up:
1. Wrongful or criminal deception intended to result in financial or personal gain.
2. A person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities
Have they not deceived their electorate through spending money the country does not have and unjustifiably claimed the benefits of popularity and thus success in elections? The Greeks have lived beyond their means (all be-it unknown by your standard Greek I guess, with retirement ages of 56 and a massive public service) and who now are protesting against any austerity measures.
As an economist I know that everyone responds to incentives, just like bankers' bonuses which encouraged them to act in the short term, politicians clearly operate the exact same way and are only looking our for their best interest during their term to get re-elected, I see a lot of this present in Obamas campaigning of late...
What are your opinions?