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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Mary Cluney who wrote (174760)	10/27/2011 10:46:04 PM
From: koan	Read Replies (1) \| Respond to of 541403

<<Are you trying to tell us that there is some reason Obama is turning a blind eye to fraud? >> Well, yes, of course. Geightner's rule was "first do no harm." His given reason was that if there were prosecutions the banking system was so fragile it might collapse. That there was massive fraud is unquestionable. I think it was the Dodd report that outlined it specifically. What do you think the 60 million fine for the CEO of Countrywide was for. Plain old run of the mill fraud. Now you can decide if Obama is turning a blind eye. Fact: That fraud (legal fraud by definition of law) was pervasive. Fact: That there have been no prosecutions at all by our justice department and rumors Geithner via Holderman told them not to prosecute. What does that add up to to you? PS both the AG's of New York and Delaware are bringing suits now against many banks and hedge funds and investment banks and a recent interview on Rachel Maddow by the NY AG said they expect the fraud to be serious. So many states are now dong what the US AG wouldn't. Get to the bottom of the huge bank scandle.

To: Mary Cluney who wrote (174760)	10/28/2011 12:28:33 PM
From: bentway	Read Replies (2) \| Respond to of 541403

"I don't think it is a crime to be greedy." But Mary, it IS a crime to commit FRAUD. These people were selling financial instruments as AAA that they KNEW contained mortgages that would default. The ratings agencies KNEW the paper wasn't AAA, but rated it that way anyway, since they were paid by the bankers. The mortgage lenders KNEW that the people they didn't ask for any proof of income, assets, or ability to repay were going to default on the mortgages they were writing and then immediately re-selling to public/private agencies like FNM and FRM. All FRAUD. All unpunished.