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Edwynn -> RE: Feds Launch 50 Criminal Probes of Failed Banks (11/18/2010 1:17:38 AM)
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FR
It's for real, for what it is. Definitely lots of accounting fraud, falsified loan applications, etc. The trick will be finding the ones that don't lead directly back to government agencies and bringing up unwanted questions. Like Lehman Bros. being under close supervision of FDIC, the Fed, the SEC when they pushed bad loans off the balance sheet with repos and listing them as asset sales just before reporting time. Not at all hard to catch when going on every quarter for four years, but not a peep from either outside private or government auditors till the collapse.
The top financial industry players have had the run of the roost for some years, the Treasury being essentially a subsidiary of Goldman Sachs for 15 years now, with their guy at the Treasury and the NY fed before/during/after the feeding frenzy, and Goldman and JPMorgan Chase essentially writing the recent financial reform legislation while the media did their usual stellar job of turning up the volume on partisan pot banging to keep a distraction going.
Nothing done against the fraud by the credit rating agencies concerning the CDOs, nor their actions against states trying to reel in sub-prime abuse, Moody's, e.g. threatening GA and NJ that they would refuse to rate their bonds if they enacted such legislation. That's called racketeering.
The press will make a big fuss and celebration over the few convictions to come out of these "50 investigations," but for anyone that's been paying attention and ignoring the bluster, catching these few relatively small fish will only highlight the embarrassing impotence of what passes for "regulation" these days.
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