posted on Nov, 2 2009 @ 07:30 PM
So where are all the arrests of the people who brought down a nation, no brought down a global economy??? where are the YouTube vids of cops raiding
a wallstreet offices tasering the CEO? How about an investment banker jumping a fence of the TV show Cops? Why are these people still there still
taking bonus money living the high life while some 3.5 million will lose there homes? 15.5 million lost their jobs? will they ever be punished? Maybe
The FBI has more than 580 large-scale corporate fraud investigations under way. At least 40 of them are scrutinizing players in sub-prime mortgage
lending, which was the first domino to fall and triggered a global financial crisis...
To date, the closest thing to a prosecution of a major actor in the financial meltdown is a civil fraud case that the Securities and Exchange
Commission brought on June 4 against Angelo Mozilo, the perma-tanned CEO of mortgage-lending giant Countrywide.
The SEC, in documents filed in a federal courtroom in central California, accuses Mozilo of "deliberately misleading investors" by misrepresenting
the risk that Countrywide posed. The SEC also accused him of insider trading because he sold large shares of company stock and options ahead of what
he allegedly knew was a coming collapse of mortgage lending.
Unless the Justice Department brings corresponding criminal charges, however, Mozilo could be hit with penalties and a ruined reputation if convicted
— but he wouldn't see the inside of a jail cell.
There are persistent but unconfirmed reports that the FBI and grand juries are looking at the e-mails of executives of failed institutions such as
Bear Stearns, which pioneered the process of pooling sub-prime loans for sale to investors, and Lehman Brothers, which was a leader in these toxic
products when it collapsed.
Records from AIG, which the Federal Reserve saved from collapse on Sept. 17, 2008, are also thought to be under review. The FBI reportedly is also
looking at rating agencies Fitch, Moody's and Standard & Poor's to determine if they knowingly gave pools of sub-prime mortgages AAA
investment-grade ratings, the best possible, despite evidence to the contrary.
But is what they did a crime? Is so what agency holds them accountable?
SEC, which regulates trading in stocks and bonds, and the Commodity Futures Trading Commission, which oversees the trading of contracts for future
delivery of energy and farm products, lack powers of criminal prosecution.
They can bring civil charges that result in fines or pass information to federal prosecutors or the FBI, which under the Bush administration was
reorganized to focus less on white-collar crime and more on national security matters and crimes against children.
but in the end anything they do (Little to nothing) these same people will be back at their desks when trading opens in the morning
[edit on 2-11-2009 by DaddyBare]