60 Minutes: Where are the prosecutions — We Found the Cases, Why Can’t Prosecutors?

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EDITOR’S COMMENT: 60 minutes staff easily found the key witnesses for prosecution of criminal and civil cases against Countrywide and Citi. Why haven’t the prosecutions taken place? And even more interesting is why have these witnesses not been interviewed — like the executive Vice-president in charge of fraud detection at Countrywide that said right on the program that criminal fraud was “Systemic” and that she would name names if she was talking to a grand jury?

That said, remember that proving cases beyond a reasonable doubt includes, in cases like these, that the individual defendant is shown to have actual knowledge of the events. Corporations can be charged criminally as well, so that might be coming as well. If you are going after the King you need to make sure you kill him and not let him live another day. That requires patient painstaking persistent work that builds a case that must be virtually bullet proof as opposed to civil cases where you might only need to prove that it is more likely than not that the person is guilty. 

SO before we totally condemn law enforcement, stay tuned. The prosecutors must penetrate layers upon layers of “Plausible Deniability.”

But the criticism of the attempted “settlement” involving multiple states where the Banks are simply rewarded for their behavior and pay a token amount to satisfy the public relations agenda of the attorney general in each of those states, is still worthy of criticism. It is pure nonsense to even think that the paltry sums and terms proposed by those settlements will assist any State or the Country in resolving this on-going, never-ending crisis. If that is the best the AG can do, he or she doesn’t belong in office.

And there is some support for criticism of on-going investigations. By this point in the timeline of the Savings and Loan Scandal in the 1980’s, there were more than 800 people serving prison terms.

DISGUSTING-60 Minutes- How Wall Street Walks Away The Crimes That Bankrupted America
December 5th, 2011 | Author: Matthew D. Weidner, Esq.
http://mattweidnerlaw.com/blog/

The most amazing and disgusting thing about this country today is not how crippled and destroyed this entire nation is…the real issue is how disconnected and unconcerned all of America is.

WHY HAS NOT A SINGLE BANKING EXECUTIVE GONE TO JAIL?

Entire companies that were engaging in systemic fraud, but investigators have not even spoken with people who still know the specific details of the crimes.

Little people on the ground like myself and the other attorneys and consumers who have been fighting have been screaming this for years. Why is no one listening? Even today, after years……

When will Americans finally wake up? Watch these videos, they are truly disgusting….

60 Minutes
http://www.cbsnews.com/8301-504803_162-57336046-10391709/behind-the-financial-crisis-a-fraud-investigator-talks/?tag=cbsnewsMainColumnArea.3%3Ftag%3Dfacebook

60 Minutes Part II
http://www.cbsnews.com/video/watch/?id=7390540n&tag=pop;videos

29 Responses

  1. maybe when statistical unemployment hits 15% instead of 8.5 [because people quit looking for work over holidays] ———–and the vacant homes hit 1/5 up from 1/7——–then there will be enough—-voters ————-but not yet———the prosecuters arent as much bothered by their proofs as by what the impact will be on their resumes—there is no money in defending foreclosures or poor people–the money is in the collection agencies that defraud widows and orphans—whats a lawyer loaded with student loans to do?

  2. THEY KNOW!
    ITS LIKE 9/11, Everybody Knows, that’s why theres no investigation.
    Only a revolution will correct the corruption in our government.

  3. Leadership President Lacking does not like confrontation – he never would have been one of the founding fathers who fought and protected the welfare of the states. When your ‘boss’ is the Federal Reserve, and your boss says ‘look forward’ if you know what is good for you — then he looks forward, and collects his $450Million for the rest of his life and all the other perks you and I will pay for.

  4. A True Hero for Justice Judga Rakoff:

    Rakoff said the public has a right to know what happens in cases that touch on “the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives.” In such cases, the SEC has a responsibility to ensure that the truth emerges, he wrote.

  5. The only way to ensure change is to ensure the defenders of the status quo are not re-elected. That includes Republicans, Obama and other Democrats who have demonstrated they love to feed at the Wall Street trough and protect their money grubbing providers, while giving the voters lines of B.S

  6. Message to Obama administration—- people voted for the president because we EXPECTED you would use the powers of the federal government to keep a level playing field and to punish wrong doers and profiteers, not to wimp out because “it’s TOO hard

  7. Obama may take bribes from Wall Street, but we all know (or should know) that he’s “Property of Israel” via AIPAC as well as every member of Congress. Every President and member of Congress is forced to sign a pledge of allegiance to Israel and agreed upon stipulations.

    Former Congresswoman Cynthia McKinney is the only member who would not sign it.
    [youtube=http://www.youtube.com/watch?v=MeVBa4lSscw&w=640&h=360]

    Why else do all the members of Congress and potential Presidents take trips to Israel?

    Where do you think all the Money that Goldman Sachs, JP Morgan, etc. steals, extracts, etc. goes?

    Why is Israel practically the only country not suffering an economic crisis?

    Why were Oakland Police Trained by Israeli Forces Prior to Violent Occupy Oakland Raid?
    http://blogs.alternet.org/speakeasy/2011/12/04/prior-to-violent-occupy-oakland-raid-opd-trained-alongside-bahrain-military-and-israeli-border-forces/?utm_source=feedblitz&utm_medium=FeedBlitzRss&utm_campaign=alternet_blogs_media

    WHY DO AMERICANS AND PALESTINIANS HAVE SO MANY OF THE SAME PROBLEMS AND HAVE SO MUCH IN COMMON?

  8. And the whole system is based on leverage. Well, who is leveraged?. on debt.

  9. @anonymous,,,,,,,,,,,,

    why no prosecutions?

    Simple, and you know why.

    It’s all based on the debt based monetary system of money…………must keep the debt going, must get new debt created,,,,,,,,,,,which means MUST NOT cancel oder debt………..but let a few go through——why ok. But Not all,,,,,,,,,,,and if all debt gets cancelled? why who loses? That would be the 1%. Too simple. once you understand the system. And the system is debt BASED MONEY. Meaning money is created from debt, or loans, or IOU’s, or Notes. Thus your dollar bill says Federal Reserve NOTE.

  10. let me clarify his largest contributors in 2008 and now in 2012. Why would Wall Street pour so much money to Obama’s Election campaigns?

    I REST MY CASE.

    NEVER AGAIN.

  11. President Obama’s largest contributor for his Presidential Campaign was GOLDMAN SACHS. HIS LARGEST CONTRIBUTORS SO FAR ARE FROM WALL STREET.

    I rest my case.

    NEVER AGAIN.

  12. The attorneys general of California and Nevada began a joint investigation designed to assist homeowners who have been harmed by alleged misconduct and fraud in the mortgage industry.

    Attorneys General Kamala Harris of California and Catherine Cortez Masto of Nevada said Tuesday they will combine investigative resources, including litigation strategies, information and evidence gathered through ongoing investigations, assisting each other as they pursue independent prosecutions.

    http://www.housingwire.com/2011/12/06/california-nevada-ags-join-forces-to-fight-mortgage-fraud

  13. No Prosecutions?? Current administration to blame.

    But, not just about prosecutions because there is little cooperation as to modifications. And, why does foreclosure fraud continue, why is fraudulent mortgage origination not investigated with restitution provided, why are homeowners being denied their day in court, why are homeowners denied discovery, why are homeowners denied valid and meaningful modification, why are homeowners still subject to fraud and concealment??? etc. etc. etc.

    So they do not want to prosecute??? That is wrong. But, more importantly, why are they not fixing the fraud???

    There is far more involved than prosecution, although prosecution is justified. .

  14. DyingTruth,

    I am just laughing at O…. He is just a talking head… His policies change every time the political contributors change.

  15. Bryson v. BRANCH BANKING AND TRUST COMPANY – FL 2DCA Appeal Court Reversal “The unauthenticated copies of default letters purportedly sent by BB&T were insufficient for summary judgment” – 2011-12-05 23:50:35-05

    JAMES D. BRYSON, Appellant, v. BRANCH BANKING AND TRUST COMPANY, Appellee. Case No. 2D10-3360. District Court of Appeal of Florida, Second District.Opinion filed November 30, 2011.
    .Michael E. Rodriguez of Foreclosure Defense Law Firm, PL, Tampa, for Appellant.Miguel A. Gonzalez of Spear and Hoffman, P.A., Miami, for Appellee.VILLANTI, Judge.James D. Bryson appeals the final summary judgment […]

    See Court Order at http://stopforeclosurefraud.com/2011/12/05/bryson-v-branch-banking-and-trust-company-fl-2dca-reversal-the-unauthenticated-copies-of-default-letters-purportedly-sent-by-bbt-were-insufficient-for-summary-judgment/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29

  16. http://www.propublica.org/article/why-no-financial-crisis-prosecutions-official-says-its-just-too-hard

    Why No Financial Crisis Prosecutions? Ex-Justice Official Says It’s Just too Hard

    by Marian Wang
    ProPublica, Dec. 6, 2011, 3:08 p.m.

    “It’s an issue we and others have noted again and again: Years after the financial crisis, there have still been no prosecutions of top executives at the major players in the financial crisis.

    Why’s that? Well, according to a now-departed Justice Department official who used to be in charge of investigating such matters, the Justice Department has decided that holding top Wall Street executives criminally accountable is too difficult a task…”

  17. http://www.huffingtonpost.com/2011/12/05/countrywide-whistleblower-mortgage-fraud-systemic_n_1129637.html

    With mortgage lenders now facing allegations of misconduct on several fronts, a former top ranking employee at a major home lender has come forward saying fraud at her firm wasn’t the exception, but the norm.

    Eileen Foster, a former executive vice president in charge of fraud investigations at mortgage lender Countrywide Financial, told CBS 60 Minutes reporter Steve Kroft that mortgage fraud was a common occurrence at the firm. Foster goes on to say that she faced illegal retaliation for filing reports investigating the fraud, alleging Countrywide fired her when she refused to lie to federal regulators on Countrywide’s behalf.

    “From what I saw, the types of things I saw, it was, it appeared systemic,” Foster said on 60 Minutes Sunday. “It wasn’t just one individual or two or three individuals, it was branches of individuals, it was regions of individuals.”

    Countrywide Financial, acquired by Bank of America in 2008, was a central figure in the housing collapse and subsequent foreclosure crisis. Once America’s largest mortgage lender, the company has agreed to a litany of settlements since 2008, including a $600 million class-action settlement, an $108 million settlement with the Federal Trade Commission and the ousting of former CEO Angelo Mozilo, who paid $67.5 million in penalties to the Securities and Exchange Commission, the Wall Street Journal reports.

    Still, no top level finance executives have faced federal prosecution for actions related to the financial crisis, despite several reports, like Foster’s, that allege fraud was a common practice. At the same time, as Federal prosecution of financial fraud falls to a 20-year low, over two thousand people have been arrested in connection with the Occupy Wall Street protests.

    Some are taking a stand against alleged abuses, with Massachusetts AG Martha Coakley last week annoucing a lawsuit against five major mortgage lenders, including Bank of America, the parent company of Countrywide Financial. According to the lawsuit, banks exacerbated the forecloser crisis by taking illegal shortcuts, while doing little to help homeowners in the process.

    A separate recently-released government report also claimed government lending agencies Fannie Mae and Freddie Mac illegally foreclosed on homeowners by failing to hold banks properly accountable for subprime loans.

  18. TMT,
    Listen to what, him make all the promises he’ll break if we elect his non-eligible @$$ ?

  19. linda; 100% correct. I see it more and more every day. It actually makes me pause and wonder why I am honest about anything. Why, when l am bright and educated myself. So why not use that to lie, cheat and steal. This is the new culture. Anything goes, as long as it gets you what you want. Shameful!

  20. That advertisement is hysterical !

    Yes, and blame it also on the homeowners.

    It sounds like the person named “lies” needs some help.
    Perhaps can someone direct them to get an audit or an attorney?

    Lies, you need to write and tell people what state you are in and give them more details. Maybe someone can help you.

  21. Prosecutors seem to have no trouble filing charges against desperate homeowners, so all that “penetrate layers upon layers” is BS

  22. [youtube=http://www.youtube.com/watch?v=GU2iFJu31ik&w=640&h=360]

  23. IMO, bad behavior is based on what people see going on at the top. If our government, its agencies, politicians, big corporations, the banks, are corrupt, that trickles down to the average Joe, whether he/she realizes it or not. The top is sending a message to our people that if they can do it and get away with it, so can we. It is rationalized by some people that if everyone is doing it, then why not?
    They set the example and we follow, such that society becomes a little more corrupt and reckless with the passing of each day. As we see, our way of life is crumbling into shambles and government is passing more and more laws to keep us in line.

    There is no such thing as a personal moral compass. That is not taught in our culture. We are taught to go to college and get a good job. That is the only thing that counts in life. (The only thing that counts in life is “An adding machine,” said Rodney Dangerfield.)

    Ethics are only for the ethical. Laws are only for the law-abiding “citizenry.”

    Only problem, is that the little guys get made examples of and sent to jail. They are examples of what not to do, even though the big wigs get away with it on a routine basis. The top can afford the best attorneys and buy their way out of their problems. They are lucky to get a slap on the wrist. Big wigs also think they are too big to fail. They isolate themselves at the tops of their ivory towers and blame it on employees, as if they were too busy with corporate affairs to know what is going on in their own company. Most of their employees are just carrying out orders. They don’t want to lose their jobs or be blackballed.
    That behavior also teaches the people they have to shut up for fear they will suffer consequences. It’s intimidation.

    That’s my bet.

    By the time people find out what’s really going on, the banks have restructured, filed BK, dissolved, gone offshore, been absorbed, or have distanced themselves in such a way as to be immune.

    So that is where We the People learn this stuff. We learn it from the top. We learn that if we want to get ahead in life, we have to do what the big wigs do and/or we have to be crafty in some way, in order to succeed in life. Or, we have to be whiz kids like Gate, Buffet, or Soros.
    It’s dog eat dog. The corporate heads appear to be pathological narcissist puppets, if you ask me. They only exist please their masters.

    Whaddaya’all think?

  24. help wellsfargo unknown to me put us in a stated income loan so no income verification was was done and then the y lied on the application and put us in home we could not afford but present me with my mortgage application initialed by

  25. Get a US Attorney on the phone in your jurisdiction and make them aware of the fraud. Ask for their e-mail, and send them your documentation.

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