Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Why haven't any Wall Street tycoons been sent to the slammer?

                                                       
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WASHINGTON — More than a year into the gravest financial crisis since the Great Depression, millions of Americans have seen their home values and retirement savings plunge and their jobs evaporate.

                       

What they haven't seen are any Wall Street tycoons forced to swap their multi-million dollar jobs and custom-made suits for dishwashing and prison stripes.

There are plenty of civil and class-action lawsuits from aggrieved investors angered by the losses in their mortgage bonds, hedge funds or pensions. Regulators have stepped up their vigilance after the fact. But to date, no captain of finance tied to the crisis has walked the plank.

                                                       

There have been some high-profile arrests and federal convictions of financial giants — such as Ponzi scheme king Bernard Madoff and Stanford Financial Group chairman Robert Allen Stanford. They weren't among the causes of the financial meltdown, however, just poster boys for an era of lax enforcement, weak regulation and devout faith in free markets.

"A lot of people who are responsible (for the crisis) seem to have gotten awfully rich in the process," said Barbara Roper, the director of investor protection for the Consumer Federation of America.

The absence of what many would call justice stands out all the more because past financial crises always had their villains. The depression-era had electricity and railroad magnate Samuel Insull, who partly inspired the movie "Citizen Kane." The savings and loan crisis of the 1980's had banker Charles Keating. Energy giant Enron Corp.'s spectacular collapse offered the late CEO Kenneth Lay, a Texas crony of President George W. Bush.

Continuation of story here: http://www.mcclatchydc.com/homepage/story/75720.html

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arkygirl
They don't go to jail because the US lacks the WILL to put them there.

The "investigations" will drone on until all the big players die of natural causes and/or old age and leave their families very well off. Nothing much will be recouped for us, the truly defrauded.

Truth be known, I'll lay a wager that many of these tycoons are still lining the pockets of various politicians. Another example of "pay to play" in America today.

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Stephen
In the interest of objectivity, I have to ask, what did they do that warrants prison?

Sure, they are greedy, overcompensated for taking risk, but that's what they do and have always done.  Wall St. didn't create bogus mortgages, the mortgage industry did.  True, Wall St. was an amplifier, but you don't blame the forest for the forest fire.

Wall St. is for investors.  Investors buy that which is they expect to rise in value.  All the side bets add to the fun because they add to the risk, but the result could have been the opposite, if the mortgages they bought hadn't been fraudulent.
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Stephen were all glad your trying to catch the street punks of the banking Mafia and were behind you 100% and fighting with you, but the whole point of writing all the bad loans was to cash in on credit default swaps and create mortgage and asset backed securities. The appraisers, realtors, servicers, predatory lenders, foreclosure mill lawyers crooked cops and judges would all have been in prison a long time ago if trillions of dollars were not being laundered and hidden through Wall Street.

There is a reason why Bank of America had my home transferred into their name and left me out in the street to die with over a quarter million in my account,  to cover up their investment in toxic mortgage based investments and assets. Look at the money trail between BofA Countrywide, Merril, Ameriquest and the rest of the crooks in the mortgage industry and Wall Street.
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4 Justice Now
MONEY Talks!

and If you read the Talmud you will at least obtain a partial explanation.

But for the most part I agree with Greg.


IMHO,

4j
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