The bank crisis: Where are the prosecutions?

Our Future Blog
by Robert Borosage

08/05/10

Where are the prosecutions of bank officers for defrauding investors or the government?… What we want is self-enforcement. That can come from a strong sense of personal ethics…, [o]r it can come from a strong sense of fear — a sense that if you violate the law, you just might end up in jail. And that requires prosecutions and jail sentences. Fines don’t do it. The SEC just fined a Citibank employee $100,000 for helping to defraud investors by not foreclosing a staggering $50 billion in toxic subprime mortgages that were in Citi’s basement. That same official got a yearly paycheck of over $12 million. The fine was a rounding error on his bonus. That’s a joke...

http://tinyurl.com/2axhqe5


Informant: Thomas L. Knapp

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Banks Siding Against the Customer in Fraud Cases

By Naomi Wolf

I was stunned by what seemed from the emails to be a systemic practice. Why would a bank want to perpetuate bank fraud rather than fight it?

http://www.huffingtonpost.com/naomi-wolf/post_722_b_691188.html


From Information Clearing House



http://sharenews.twoday.net/search?q=bank+crisis
http://freepage.twoday.net/search?q=bank+fraud
http://sharenews.twoday.net/search?q=bonus
http://sharenews.twoday.net/search?q=mortgage
http://sharenews.twoday.net/search?q=Robert+Borosage
http://freepage.twoday.net/search?q=Naomi+Wolf

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