60 Minutes: Prosecuting Wall Street

[Huey P. Long]

Prosecuting Wall Street, pt. 1
December 4, 2011 4:02 PM

Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven't the companies or their executives been prosecuted? Steve Kroft reports

Watch the Segment
http://www.cbsnews.com/video/watch/?id=7390540n&tag=segementExtraScroller;housing#ixzz1fg7cRNvD

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TEXT-
(CBS News) Two whistleblowers offer a rare window into the root causes of the subprime mortgage meltdown. Eileen Foster, a former senior executive at Countrywide Financial, and Richard Bowen, a former vice president at Citigroup, tell Steve Kroft the companies ignored their repeated warnings about defective, even fraudulent mortgages. The result, experts say, was a cascading wave of mortgage defaults for which virtually no high-ranking Wall Street executives have been prosecuted.


The following is a script of "Prosecuting Wall Street" which aired on Dec. 4, 2011. Steve Kroft is correspondent, James Jacoby, producer.

http://www.cbsnews.com/8301-18560_162-57336042/prosecuting-wall-street/?tag=currentVideoInfo;videoMetaInfo

[Hotler]

1. k&r n/t

[DCKit]

2. Hope that segment woke some folks up.

We've been shouting this from the rooftops for four years now, to no avail.

[Fumesucker]

3. Here's some data on bank fraud prosecutions...

http://economistsview.typepad.com/

[Huey P. Long]

4. That is a very good addition. -eom

[uponit7771]

5. 60mins left these two gating facts out of their report!! 1.) The Bush admin moved 500 SEC investigat

...investigators from the SEC to DHS and never backfilled the jobs. Obama admin to back fill the jobs? Good luck on getting the budget to do so (link 1). 2.) The Bush admin justice department signed agreements with banks not to prosecute the top officers if their financial signings aren't correct (there's a DU link, I will find it)

1. http://www.gao.gov/new.items/d09358.pdf
2.

[Huey P. Long]

6. You'd think a head of state would make an issue of this. Somebody allegidly advocating for the

people...but you'd be wrong.

[Vinca]

7. Maybe it's me, but I didn't think the guy in charge of investigating

Wall Street for the AG's office seemed all that excited about it and he really didn't want to hear about Sarbanes-Oxley.

[Huey P. Long]

8. .

[TorchTheWitch]

9. Part 2 here...

http://www.cbsnews.com/video/watch/?id=7390542n&tag=contentMain;contentAux

The overtime segments underneath the video are really good as well.

[Huey P. Long]

10. yes, thank you -eom