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Tue Jan 22, 2013, 10:57 PM

'Frontline' Learns Firsthand Why Wall Street Is 'Untouchable' [View all]

Source: American Banker

Since the financial system's collapse four years ago, that question has been asked over and over again. The question has sparked editorials, Congressional commissions, Oscar-winning documentaries and the Occupy Wall Street protests but no criminal prosecutions. It is a question without enough satisfactory answers, and so it is a question that will persist even as it becomes less and less likely that any bankers ever will wind up in jail for the crisis.

The television program "Frontline" is the latest news organization to ask that question, in a worthwhile if occasionally frustrating hour airing Tuesday evening on PBS in most markets. "The Untouchables" provides an overview of some of the factors that led up to the financial crisis: the subprime mortgages recklessly churned out by lenders including Countrywide, the ravenous demand from Wall Street banks for raw material for their mortgage-backed securities, the shoddy oversight from big banks' credit departments.

"It was like a party," one former loan underwriter tells "Frontline's" Martin Smith. "We were getting through these loans as quick as we can. They were not being looked at like they should've been looked at."

Read more: http://www.americanbanker.com/bankthink/frontline-learns-firsthand-why-wall-street-is-untouchable-1056046-1.html



THE UNTOUCHABLES on PBS

Watch it HERE NOW:

http://www.pbs.org/wgbh/pages/frontline/untouchables/



http://www.pbs.org/wgbh/pages/frontline/untouchables/?fb_action_ids=10200415307366417&fb_action_types=og.recommends&fb_source=aggregation&fb_aggregation_id=288381481237582

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