Banks Push Cover-Up on Mortgage Foreclosure Scams

from the Working Life blog:



Banks Push Cover-Up on Mortgage Foreclosure Scams

by Jonathan Tasini
Sunday 15 of May, 2011


This past week, I made the point that the conviction of Raj Rajaratnam was a tale of a relatively little fish getting nabbed, while the big fish who caused the biggest disaster and heartache for most Americans get away. Or cover-up what they have done. Bank of America, Citigroup, G.M.A.C., JPMorgan Chase and Wells Fargo et al make the case that the scammers are still on the loose.

I am not arguing that Rajaratman shouldn't go to jail, nor that he didn't play an illegal game of insider trading. But, he needs to have plenty of cellmates. And when it comes to the biggest crisis facing the country, this is what is far more destructive, per Gretchen Morgenson:



From the outset of the financial crisis, and since then--through the twists and turns that led to the Dodd-Frank legislation (which I thought was pretty mild) and through every aspect of the weak attempt by the regulators to hold people accountable--the leaders of the biggest financial institutions, principally the largest banks, have done everything possible to avoid responsibility for the mortgage fiasco. As an example, Robert Rubin of Citibank, in my opinion,simply liedto the Financial Crisis Inquiry Commission. ...............(more)

The complete piece is at: http://www.workinglife.org/blogs/view_post.php?content_id=15179

Too big to be brought to justice.

Zero.

"Only the little people are subjected to justice."

Perfect. :thumbsup:

rob a bank. If you want to steal billions with no risk, open a bank.