Tag Archive | "Mortgage Fraud"

The Jail Cells Remain Empty Of Bankers

Well, gee, no surprise here. A big CIVIL penalty for a major financial scam but no banker is heading to jail. Yet. Or probably never.

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Justice Dept Mislead Public on Mortgage Fraud Probes, Eviscerated By Inspector General

No one is going to be surprised by this news. It was pretty evident by the facts on the ground: The Justice Department has not been telling the truth about its mortgage fraud investigations and prosecutions. This pretty serious allegation has considerable weight given that it comes not from some blogger or analyst but directly from the Department’s own Inspector General.

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Bank of America: Guilty

Maybe I’m naive or just stubborn (yes) or both but I can’t get too excited by today’s news of a judgement against Bank of America. Because it doesn’t change much down the road. You’ll see why.

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S&P Will Be Charged, But Nothing Will Change

A long time ago, I wrote about the bankruptcy of the ratings agencies, pointing out that S&P and Moody’s were a cog in a corrupt machine. The only startling fact in the saga about the ratings agencies is that anyone paid any attention to them anymore — the world of the chattering classes would shake every time one of these clowns issued some pronouncement about the economy, even as evidence mounted about their role. So, now, it appears at least S&P will face some judgement — though it is to be seen how harsh.

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