TV News LIES

Wednesday, May 27th

Last update01:41:42 AM GMT

You are here News Economy Former Regulator: Clear Fraud in Financial Crisis -- Why Isn't Anyone in Jail?

Former Regulator: Clear Fraud in Financial Crisis -- Why Isn't Anyone in Jail?

E-mail Print PDF

"There is no poster child [for the housing scandal] because you need to investigate, and you need to bring cases and we haven't done either against the major players," says William Black, Associate Professor of Economics and Law at the University of Missouri — Kansas City and a former federal regulator.

Black, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis and blew the whistle on the "Keating Five" in 1989, says investigations have shown fraud incidence of 50% at (once) major subprime lenders like IndyMac and Countrywide.

But even though the FBI warned of an "epidemic" of mortgage fraud in 2004, they subsequently made a "strategic alliance" with the Mortgage Bankers Association, which serves the major industry players.

In this case, the foxes truly were guarding the hen house.

TVNL Comment: The foxes that were guarding the hen house were put there by the Bush administration. His entire administration is set up that way.

More...


Most Recent Related Stories...


BlackBerry cuts jobs worldwide as it consolidates businesses

Blackberry cutting jobs worldwideCanadian smartphone maker BlackBerry Ltd is cutting jobs across the world, the company said on Friday,...

12 percent jump in homelessness in LA County

LA homelessThe number of homeless people in Los Angeles County jumped 12 percent in the past two...

Sharp announces $1.86 billion loss, plans thousands of job cuts

Sharp electronicsJapanese electronics giant Sharp on Thursday said it was cutting thousands of jobs in a fresh...

I am a cook in the US Senate but I still need food stamps to feed my children

Bertrand OlotaraBertrand Olotara has two college degrees, works two jobs and is on public assistance.The 44-year-old divorced...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!