It's fraudsters all the way down
Go read this huge post from Golem XIV, who's in the midst of the Irish mess. RL is screaming for me, so I need to check out, but please.... Somebody, please, give this the full post it deserves! How about somebody who doesn't normally post on the finance stuff?
NOTE I only found this because I'd added Golem XIV to the rotating blogroll, which continually comes up with great stuff the usual suspects don't cover. I encourage you to click through to Random Links whenever you can.