William K. Black
Assoc. Professor, Univ. of Missouri, Kansas City; Sr. regulator during S&L debacle
Posted: December 28, 2010 05:29 PM
The role of the criminal justice system with regard to financial fraud by elite bankers in 2011 is likely to reprise its role last decade — de facto decriminalization. The Galleon investigation of insider trading at hedge funds will take much of the FBI’s and the Department of Justice’s (DOJ) focus.
The state attorneys general investigations of foreclosure fraud do focus on the major players such as the Bank of America (BoA), but they are unlikely to lead to criminal liability for any senior bank officials. It is most likely that they will lead to financial settlements that include new funding for loan modifications.
The FBI and the DOJ remain unlikely to prosecute the elite bank officers that ran the enormous “accounting control frauds” that drove the financial crisis. While over 1000 elites were convicted of felonies arising from the savings and loan (S&L) debacle, there are no convictions of controlling officers of the large nonprime lenders. The only indictment of controlling officers of a far smaller nonprime lender arose not from an investigation of the nonprime loans but rather from the lender’s alleged efforts to defraud the federal government’s TARP bailout program.
What has gone so catastrophically wrong with DOJ, and why has it continued so long? The fundamental flaw is that DOJ’s senior leadership cannot conceive of elite bankers as criminals.
I think we are all thankful we have William Black around, because he knows how this works. The more the fraud by the CEO’s gets out there, the more we can come closer to prosecuting the big wigs and landing them in jail. Since Mr. Black has experience in a closely related area, I think we can learn much from him. Yes, for me, finding out that the FBI went to the MBA (the fox in charge of the henhouse) to get their info, I now see why a friend of mind lost her house because the bank employees had cashed her $10,000 check (theft, grand larceny) to bring her loan current. Then, they sent her house to foreclosure anyway, and the police would not even investigate. Trying to get help from the FBI did not help either. They did nothing. I am still hopeful that about mid-year 2011, some new trends will come to pass that will help the people of America.
http://www.challengingforeclosure.com Sirak@challengingforeclosure.com
The real crooks — the thieves on Wall Street and the multinational corporations– don’t stand a chance of being prosecuted. Why? They are in the pocket of most of our politicians. Going after Ponzi scammers is a virtual drop of water in the ocean when you compare the frauds by the Banksters who scooped up a quarter of the wealth of America’s middle class or those who have sent millions of American jobs overseas, many of whom pay no federal income tax. The Ponzi scammers seem like choir boys.
It’s all smoke and mirrors designed to distract the public from the fact that not one of the Banksters have been charged with anything.
Who’s side are you on, Sir, It sounds like your giving those Sr. guys in the Elite banking system, and their minions, the heads up on that they might be in luck, for their crimes.
Some of their crimes have resulted in suicides, murders, small innocent
children to be living in elements and environments unhealthy, and the
people on the farms and in the homes unlawfully foreclosed on.
Impeachment, and fair hearings is more than they deserve, but it is
the right of every person to have a fair trial, of which Judges and Attorney’s and Bankers have denied the American People of their Right to due Processes, thereby, unlawfully taking properties they had no rights, to obtain, causing damages, to which they all should be held accountable.
And if I have any say and which I have plenty, they will be held accountable…
All of the Banks and Bankers and most all of the Attorney’s of which the Judges are a kin to (brothers in arms, if you will) Are in collaboration and collusion with the local,State and IRS Taxing Units
as well as other Public Officers, to change records, steal the land and the lives, and to try to put people into slavery.
by: Melissa Seaver, landrightsnfarming
Melissa Seaver, I could not have said it better!
Nelson J. Velardo
http://www.americansunitedforjustice.org
We have just started to fight! UNITED WE STAND!