The Market Ticker – Oh Look, Handcuffs! Real Ones….

The Market Ticker – Oh Look, Handcuffs! Real Ones….

Yesterday, March 22, 2011, 2:07:00 PM | genesisGo to full article

Now this is a change….

Former FirstCity Bank executives Mark A. Conner, 44, and Clayton A. Coe, 41, each face conspiracy and bank fraud charges, the U.S. Attorney’s Office said in a release. Conner is charged separately with conducting a continuing financial crimes enterprise and allegedly netted, along with an unknown number of co-conspirators, more than $5 million.

Conner could face up to life in prison if convicted, and Coe could face up to 30 years, according to federal guidelines.

Criminal charges this time?  I’m somewhat impressed, given that this appears to be more-or-less a first.  Oh sure, there was the TBW stuff, but those weren’t really banks – they were people who screwed with Colonial, more-or-less.

At the heart of this indictment is an abuse of power by key insiders, who are charged with tricking their own colleagues into approving millions of dollars in commercial loans to fund the defendants own personal business activities, and to enrich themselves at the banks expense, U.S. Attorney Sally Quillian Yates said.

How does this not apply to basically all of the TBTF institutions?  After all, this entire mess was all about their personal homes in the Hamptons, yachts and other similar things, right?

Wait a second… I think I get it.  If you “make” billions in salary and bonuses by writing eighty percent of your paper with trashy loans, fail as a business but then succeed in extorting $23.7 trillion in funds and guarantees from The Federal Government and Federal Reserve (not my numbers, those are from SIGTARP) to save your sorry firm’s ass then it’s all ok.

It’s only if you fail to extort the government and the bank blows up that you get indicted?

3 Responses

  1. We know massive amounts of paper wealth has
    evaporated and the Fed is desparately trying to avoid massive deflation by printing more money or
    digital entries into the balance sheets of major banks. So the question is, “which side will win?”
    the natural forces of deflation or the man made forces of inflation? Everyone is so confused that
    they are bidding up gold and silver to rediculous levels. Perhaps now is a good time to short them if you have the “cayunnes”.

  2. Who the F@ck is First City Bank? Another smoke screen? We want the real players

  3. Well its about f**king TIME and I hope this continues in a large way so that to protect the integrity of “OUR AMERICA”!
    I was not taught that you could steal, cheat, and lie, and not suffer consequences. I have suffered for 65 months and I want my American way of life back and fast.
    The schemes they played put a death to a very successful business I operated for 34 years until June 24, 2008 and my Line of Credit was closed due to the banks problem. My score was 786 LOW 814 HIGH for 34 years That was then now I would be lucky if it was 500. I am glad there is not a debtors prison in America, however there is a prison waiting to welcome the Big boys in high places to be brought were they belong- in a small Cage in LOW PLACES for A LONG TIME. Structured time , 3 meals and a steal bed. no cell phones, computers or bank account’s. IT is time for JUSTICE< BRAVO,,,,,

Leave a Reply

%d bloggers like this: