The Justice Department today indicted Hassan Nemazzee, chairman of a New York investment bank and former finance chairman of Hillary Clinton's presidential campaign, on charges of bank fraud. According to government officials, Nemazzee conspired to defraud Citigroup out of $74 million by claiming loan collateral he did not have. According to the indictment, accounts that Nemazzee showed to Citigroup were fictitious or had been closed years earlier. When Citigroup employees tried to verify the accounts, they were routed to a telephone number that Nemazee himself controlled. The one count of bank fraud carries a maximum 30-year prison sentence and a fine of up to $1 million. The alleged fraud took place after the presidential campaign.
The US is particularly miserable at putting aside money for the future. Should we blame our paychecks or our psychology?