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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 18 January 2013 [View all]DemReadingDU
(16,000 posts)11. Monday 1/22/13 PBS Frontline: The Untouchables
FRONTLINE investigates why Wall Streets leaders have escaped prosecution for any fraud related to the sale of bad mortgages.
click to watch short trailer
http://www.pbs.org/wgbh/pages/frontline/untouchables/
Press Release...
More than four years since the financial crisis, not one senior Wall Street executive has faced criminal prosecution for fraud. Are Wall Street executives too big to jail?
In The Untouchables, premiering Jan. 22, 2013, at 10 P.M. on PBS (check local listings), FRONTLINE producer and correspondent Martin Smith investigates why the U.S. Department of Justice (DOJ) has failed to act on credible evidence that Wall Street knowingly packaged and sold toxic mortgage loans to investors, loans that brought the U.S. and world economies to the brink of collapse.
Through interviews with top prosecutors, government officials and industry whistleblowers, FRONTLINE reports allegations that Wall Street bankers ignored pervasive fraud when buying pools of mortgage loans. Tom Leonard, a supervisor who examined the quality of loans for major investment banks like Bear Stearns, said bankers instructed him to disregard clear evidence of fraud. Fraud was the F-word, or the F-bomb. You didnt use that word, says Leonard. By your terms and my terms, yes, it was fraud. By the [industry's] terms, it was something else.
Former Sen. Ted Kaufman (D-Del.), who was appointed to fill Joe Bidens long-held Senate seat when he was sworn in as vice president in January 2009, was determined to see bankers in handcuffs. I was really upset about what went on on Wall Street that brought about the financial crisis, Kaufman recalls. That doesnt happen if there isnt something bad going on.
Yet Kaufman left office in late 2010 frustrated by the lack of criminal prosecutions. Jeff Connaughton, Kaufmans chief of staff, remains convinced that the DOJ failed to make prosecuting Wall Street a top priority. Youre telling me that not one banker, not one executive on Wall Street, not one player in this entire financial crisis committed provable fraud? asks Connaughton. I mean, I just dont believe that.
more...
http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/untouchables/press-release-23/
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xchrom
Jan 2013
#20
Well, now, ya don' wanna make 'em give up some bonus money to pay for their crimes.
tclambert
Jan 2013
#35
The only phone service that survived after the levee break in NOLA was landlines.
kickysnana
Jan 2013
#39