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Government Regulators Aided IndyMac Cover-Up, Maybe Others

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posted on Jan, 18 2009 @ 06:31 PM
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Government Regulators Aided IndyMac Cover-Up, Maybe Others


abcnews.go.com

A brewing fraud scandal at the Treasury Department may be worse than officials originally thought.

Investigators probing how Treasury regulators allowed a bank to falsify financial records hiding its ill health have found at least three other instances of similar apparent fraud, sources tell ABC News.

In at least one instance, investigators say, banking regulators actually approached the bank with the suggestion of falsifying deposit dates to satisfy banking rules -- even if it disguised the bank's health to the public.

Treasury Department Inspector General Eric Thorson announced in November his office would probe how a Savings and Loan overseer allowed the IndyMac bank to essentially cook its books, making it appear in government filings that the bank had more deposits than it really did. But Thorson's aides now say IndyMac wasn't the only institution to get such cozy assistance from the official who should have been the cop on the beat.
(visit the link for the full news article)




posted on Jan, 18 2009 @ 06:31 PM
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So here we go. Our own Government officials are part and party to fraud.

Will there be a perp walk for this?

Or will it be quietly swept under the rug and no one goes to prison for it?

How far does the fraud perp trail go? Treasury...Congress? White house???

Will we ever know the truth, the whole truth and nothing but the truth?

Probably not

abcnews.go.com
(visit the link for the full news article)



posted on Jan, 18 2009 @ 06:33 PM
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ande how about this, the original perp is still getting his full pay even after being removed from his job


Darrel Dochow, the West Coast regional director at the Office of Thrift Supervision who allowed IndyMac to backdate its deposits, has been removed from his position but he remains on the government payroll while the Inspector General's Office investigates the allegations against him. Investigators say Dochow, who reportedly earns $230,000 a year, allowed IndyMac to register an $18 million capital injection it received in May in a report describing the bank's financial condition in the end of March.


Our tax dollars in action!



posted on Jan, 18 2009 @ 06:36 PM
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Another show on how our nation's government reward their masters for a job well done.

Look at the scandal with Madoff, he was sleeping with regulators too.



posted on Jan, 19 2009 @ 08:30 AM
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the problem is,,, when you start going high up the chain of command,,,that's also where the investigations are ran from,,, and can be shutdown,,,,,or those guilty have enuff clout topull the strings to get it shutdown


i remember that lady investigating all the iraq contract fraud,,,,she smashed open the box on that,,,, and suddenly she's fired,,,,blackballed,,,and it got turned around on her to where she was the guilty one,,,,basically smeared her reputation and career

and all she did was do her job



posted on Jan, 19 2009 @ 02:06 PM
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Originally posted by redhatty
ande how about this, the original perp is still getting his full pay even after being removed from his job



Not only is he still on the payroll, this cockroach was a major player in the Savings & Loan fiasco under Ronald Reagan/George Bush Senior.



Source
Mr. Dochow played a central role in the Savings and Loan crisis of the 1980s, overriding a recommendation by federal bank examiners in San Francisco to seize Lincoln Savings, the giant savings and loan owned by Charles Keating. Lincoln became one of the biggest institutions to collapse. Mr. Keating served four and a half years in prison before his fraud and racketeering convictions were overturned. He later pleaded guilty to more limited charges, and was sentenced to the time already served.

William K. Black, a senior bank regulator during the savings and loan crisis and the author of “The Best Way to Rob a Bank is to Own One,” said Mr. Dochow’s lenience highlighted the longstanding unwillingness of the Office of Thrift Supervision to take charge.




Source
The savings and loan crisis of the 1980s and 1990s (commonly referred to as the S&L crisis) was the failure of 747 savings and loan associations (S&Ls) in the United States. The ultimate cost of the crisis is estimated to have totaled around $160.1 billion, about $124.6 billion of which was directly paid for by the U.S. government—that is, the U.S. taxpayer, either directly or through charges on their savings and loan accounts[1]—which contributed to the large budget deficits of the early 1990s.

The concomitant slowdown in the finance industry and the real estate market may have been a contributing cause of the 1990–1991 economic recession. Between 1986 and 1991, the number of new homes constructed per year dropped from 1.8 million to 1 million, the lowest rate since World War II.


History coming back to take a huge bite out of all our asses.




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