TV News LIES

Thursday, Dec 18th

Last update08:13:01 AM GMT

You are here News Economy Former Regulator: Clear Fraud in Financial Crisis -- Why Isn't Anyone in Jail?

Former Regulator: Clear Fraud in Financial Crisis -- Why Isn't Anyone in Jail?

E-mail Print PDF

"There is no poster child [for the housing scandal] because you need to investigate, and you need to bring cases and we haven't done either against the major players," says William Black, Associate Professor of Economics and Law at the University of Missouri — Kansas City and a former federal regulator.

Black, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis and blew the whistle on the "Keating Five" in 1989, says investigations have shown fraud incidence of 50% at (once) major subprime lenders like IndyMac and Countrywide.

But even though the FBI warned of an "epidemic" of mortgage fraud in 2004, they subsequently made a "strategic alliance" with the Mortgage Bankers Association, which serves the major industry players.

In this case, the foxes truly were guarding the hen house.

TVNL Comment: The foxes that were guarding the hen house were put there by the Bush administration. His entire administration is set up that way.

More...


Most Recent Related Stories...


More Sears and Kmart closings than first announced

Sears closingsSears Holdings, the parent company to Sears and Kmart, announced it will close another 235 stores...

How Executive Ended Up With $196 Million in an IRA

IRA investmentCorporate and private-equity executives can accumulate millions of dollars in tax-favored retirement accounts, taking advantage of...

US adds 321,000 jobs, the most in nearly 3 years

unemploymentU.S. employers added 321,000 jobs in November, the biggest burst of hiring in nearly three years...

Seven big US corps pay CEOs more than they hand Uncle Sam in taxes

CiticorpSeven of the 30 largest American corporations paid more money to their chief executive officers last...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!