Fraud Soaring

The Times reports:

"Fraud is soaring during the recession and must be made a police priority, the senior officer heading the national drive against economic crime said.

The number of reported frauds rose by 64 per cent during the past financial year, with people from all walks of life falling victim."

What of the sub prime pyramid scam knowingly operated by the world's leading banks, where valueless debt was repackaged and sold on in the financial version of "pass the parcel"?

Was that not fraud as well?