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In a Newsweek article a year ago called "Too Big to Jail: Why Prosecutors Won’t Hit Wall Street Hard in the Subprime Scandal," Michael Hirsch wrote that we were unlikely to see trials and convictions like those in the savings and loan scandals of the 1980s, because fraud and blame have been so widespread that there is no one to single out and jail. Said Hirsch:
“The sad irony is that in pleading collective guilt, most of Wall Street will escape whipping for a scheme that makes Bernie Madoff's shenanigans look like pickpocketing. At the crest of the real-estate bubble, fraud was systemic and Wall Street had essentially gone into the loan-sharking business.”
“Unfortunately,” he added, “prosecution of fraud is the only way you're going to get reform on Wall Street.”
Originally posted by MrsBlonde
This is great news!!! and funny too
the greatest swindle in history comes full circle and bites the swindlers in the a$$!
you know what ? It almost makes me believe there is a God!
if things continue like this ,I'll be a believer!!!
Originally posted by yellowcard
Since when is a bank giving you a low interest loan, even though you can't afford to pay it...a swindle by the bank?
Originally posted by XPLodER
i have no morgage or home and am not directly effected by any of this i dont even live in america
people have been conditioned to say its your fault for taking on a morgage that you couldnt afford
.... obviously not! you obviously believed you could own a home without any deposit, money or decent income.
Makes me sick.
Millions of people getting away with being financially and morally irresponsible. As if this wasn't already rampant in our country.
A win for the people? You have to be kidding me. If these people deserved a "win" they wouldn't have put themselves in this position to begin with.
It's a loss for everyone on every level. If millions of people stop paying because they caught a "break" and can cheat the system, there will be repercussions. Millions will lose their jobs, the economy will take a huge hit, things will get ugly.
Lets hope that some of that 62 million are RESPONSIBLE AMERICANS, who continue to pay for what they agreed to pay for, instead of trying to "Get theirs". If they do try to "get theirs" we all lose.
A void judgment is a nullity, a brutum fulmen… and is subject to collateral attack and may be stricken at any time. The passage of time cannot make valid that which has always been void.
Ramagli Realty v. Craver, 121 So. 2d. 648