Massive probe of corporate theft to be launched by FBI »
Posted By cowboygrandpa 8 months, 4 weeks ago in Political NewsDespite an expected wave of fraud in the trillion-dollar bailout that aims to stop the ongoing financial meltdown, federal law enforcement officials told Congress on Wednesday that they have nowhere near the level of resources to combat it.
Top FBI and Justice Department officials said they believed mortgage fraud and other types of corporate criminal behavior has contributed to the economic tailspin. And they said they already have more than 2,300 open investigations into suspected illegal financial activity -- including 38 probes specifically linked to the crisis.
Those investigations are already straining the resources of the FBI and the Justice Department, FBI Deputy Director John Pistole and Acting Assistant Atty. Gen. Rita Glavin said in testimony before the Senate Judiciary Committee.
But the problems will worsen exponentially as the economy plunges, and as the Obama administration and Congress spend more than $1 trillion in various bailout and stimulus packages in an effort to forestall foreclosures, corporate bankruptcies and a prolonged economic depression, they said.
Pistole said he expected the number of major investigations to rise into the many hundreds, focusing on big-name companies that "everybody knows about," and to be similar in scope and complexity to the massive probe of energy company Enron Corp. after its collapse in 2001.
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cowboygrandpa
God gave us salvation through His Son Jesus Christ. Who came to earth in the flesh and gave His life for us on the cross ...
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cowboygrandpa8 months, 4 weeks ago
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Ya know I'm sick of this kind of crap.
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Ya wonder why we are in such deep trouble ????
Take a look at what is running our companies. Crooks and liars as well as con men and thieves.
We better start putting these crooks in prison where they belong.-
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Goppy8 months, 3 weeks ago
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And yet ... what is The Modern Republican take?
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As phrased so eloquently by Sarah Palin during the campaign ...
The Federal Government just needs to ... 'Get Out Of The Way of Business'.
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But my new understanding of The Modern Republican Party has led me to understand their solution for this issue .... TAX CUTS FOR THE WEALTHY ... FOR TO TRICKLE DOWN TO THE MIDDLE CLASS.
(I've had the epiphany that this is their mantra for every problem or issue.)
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Hhussk8 months, 3 weeks ago
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FTA:
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But the problems will worsen exponentially as the economy plunges, and as the Obama administration and Congress spend more than $1 trillion in various bailout and stimulus packages in an effort to forestall foreclosures, corporate bankruptcies and a prolonged economic depression, they said.
It's like you didn't even read the article. Government has been the hallmark of innefficiency and corruption since the beginning of time.'
Just to clarify, You want the same people who created the housing crisis to arrest the companies they forced and promoted into bad practices? ....The blind truly are leading the blind. -
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gamahuche8 months, 3 weeks ago
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FTA:
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The FBI has only 240 agents working on mortgage fraud cases, a fraction of the agents working on the savings and loan failures in the 1980s, Pistole said, adding that the current crisis "obviously dwarfs" the previous one.
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Seems like if they hired some of the people who've been ripped off/and or those who are otherwise unemployed they could easily get their wages paid out of the pockets of those found convicted of scamming.
Talk about killing 2 birds with one stone!
Heck - that might even lure me back to the US for a paid vacation!
Thanks for the story and the heads-up cbgp! -
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Spadecaller8 months, 3 weeks ago
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Thanks CG
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I have heard too much blame put on the consumer for causing the mortgage meltdown. What nonsense.
Do life insurance companies risk paying out claims to substandard risks? Of course not! Mortgage companies know who they are lending to; it was and is their fiduciary responsibility of the agents to protect their business and to honor guidelines that do not exploit ignorant borrowers.
Just as is the case with insurance companies, there are and always will be unscrupulous agents who try to place bad business on the books; but the states and companies are required to investigate all applications to determine their authentic eligibility.
The same responsibility was true of these mortgage lenders. But they knew they gave away bad loans to make an immediate profit, and they gave themselves bonuses.
When the sh!t hit the fan, they were quick to run to the taxpayers and the same people they already screwed once.
Greedy bastards. They should be expelled from the industry. -
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CRYMTYPHON8 months, 3 weeks ago
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Hhussk, that links takes me to the NYT,
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but only to a blank page.
I tried from 2 different browsers.
So I am stuck wondering, - 'the bush administration' proposed' something?
Who?
Why wasn't it done?
Was it a fix or just more government?
And particularly:
Does proposing a fix excuse the bush admin from responsibility
for the crisis, or does it double because they did not act?
Also, why doesn't the NYT have comics?
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Hhussk8 months, 3 weeks ago
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In the following article, the Bush administration recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. [paraphrased]
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"Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry."
http://query.nytimes.com/gst/fullpage.html?res=9E0...
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Hhussk8 months, 3 weeks ago
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Having problems with the link. So I will try to respost it. In summary, it's an article in the New York Times on September 11, 2003 called "New Agency Proposed to Oversee Freddie Mac and Fannie Mae", written by Stephen Labaton. Please google it and it will show up correctly.
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The crux of the story is that regulation was proposed, but Democrats in Congress tried to make it appear as if there were no problems.
http://query.nytimes.com/gst/fullpage.html?res=9E0... -
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Jeboba8 months, 3 weeks ago
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B.S !
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http://headlines.centerleft.info/?p=457 -
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dunkirk8 months, 3 weeks ago
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Is this the same story you;ve been pushing for a few months now where the minority Democrats held up legislation from the majority REPUBLICANS? That legislation that somehow NEVER made it out of a REPUBLICAN controlled committee because the democrats in the committee ( who were outnumbered by he REPUBLICANS) stopped it? That legislation? Stopped by the MINORITY Dems (that means there were fewer of them then REPUBLICANS), Stopped in a committee that all it would take to bring the legislation to the floor would be a straight party vote since the "concerned" REPUBLICANS outnumbered those DEMS in the committee??
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lvrofwolves8 months, 3 weeks ago
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What kills me is, white collar criminals getting away with thieving 100s of 1,000s of dollars if not millions, and seriously the majority of the time the punishment does not fit the crime with a slap on the wrist. I know some petty thieves that get harsher sentence, and are looked down upon way more then those people. It's comparable to some people bitching about poor people on welfare, but on the other hand it's acceptable to them to have welfare for the rich.
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'While the true extent and cost of white-collar crime are unknown, it is estimated to cost the United States more than $300 billion annually, according to the FBI.'-
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Hhussk8 months, 3 weeks ago
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'While the true extent and cost of white-collar crime are unknown, it is estimated to cost the United States more than $300 billion annually, according to the FBI.'
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And yet, few liberals seem to have a problem with the 800 Billion dollar stimulus bill that economists say will makes things worse.
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libsRfunnyComment removed: Hard Banned1 Reply
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Will13138 months, 3 weeks ago
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The GOP controlled the congress for the first 6 years of the Bush presidency they had plenty of time to fix this.
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these blame shifting games by the GOP are pathetic and won't work.
now the Republican party is responsible for turning the USA in the United Socialist States of America executed by Bush and Paulson.-
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Hhussk8 months, 3 weeks ago
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Here is your proof that Republicans tried to fix it.
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http://query.nytimes.com/gst/fullpage.html?res=9E0...
Your problem is that you define everything through the prism of "Republicans vs. Democrats", when it's actually an issue of liberalism vs. conservatism. President Bush was not very conservative on many issues. In those respects, he was much aligned with the Democratic Party. For example, conservatives were against his stimulus bill back in November. Obviously, you believe it's all the Republicans fault, but you fail to recall that Democrats were in charge in Congress and could have sent him an entirely different piece of legislation.
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Republicrat1844Comment removed: Retracted by user32 Replies
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Will13138 months, 3 weeks ago
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Bush pushing for regulation of entities that had a very small part in the financial collapse.. Fannie and Freddie accounted for only about 10% of the credit swap mess.. Goldman Sachs and AIG were major players.. isn't it funny that the people who engineered that have been the TREASURY SECRETARY...
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Greenspan was a huge proponent of the credit swap paper..
don't you find it just a little more than a coincidence that the S & L scandal the caused the largest foreclosure rate in history until this current crisis happened under George HW Bush...
Bush would never have made a second term if there was a recession.. .. Greenspan to stave off a recession in 2001 artificially lowered the interest rates.. fueling BORROWING.. and SPENDING.. that is fueled this economy for almost 6 years..
http://www.vdare.com/sailer/080928_rove.htm
check out that link.. ..
Bush pushing for regulation with one hand and with the other creating an atmosphere of economic illusion..
a house of cards always collapses.. and the higher you build it..the bigger mess you have..
this one is HUGE.. not all in default but there is around 42 TRILLION in credit swap paper floating around...-
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Hhussk8 months, 3 weeks ago
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And so...
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http://www.youtube.com/watch?v=hN31-nKndg8
"These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis."
~Representative Barney Frank of Massachusetts, Press Release, September 9, 2003
"We do not have a crisis at Freddie Mac and particularly Fannie Mae under the outstanding leadership of Frank Raines"
~Maxine Waters, 2004 Senate Hearing where the Republicans called for more regulation
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BB648 months, 3 weeks ago
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Instead of wasting time with this, why not ask Congress when they're holding the hearings investigating the SEC. When are they holding the hearings for Freddie and Fannie? Rather than worrying about a few stupid CEO's why are our politicians flying on my dime. With a budget so screwed, it's time to cut back. One staffer per elected official. No more benefits either. You want a health insurance and a pension, pay for it yourselves like the rest of us. No more life time positions either. You have 2 terms that's it. No more government drivers. You want a limo, pay for it out of your campaign funds. You want a private plane, use your own money. Now for the leaders, they do need security but it's time for them to live like you and I. Reduce and cut back.
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bluetexasvalley8 months, 3 weeks ago
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Mr. Bechtel, how is it possible that a company as large as yours has no health insurance as an employee benefit? And if, as I suspect, Bechtel DOES provide employee health insurance, the owner/CEO (and perhaps several of the top management) get this benefit for FREE. So where does this "...like the rest of us..." come from?
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Jeboba8 months, 3 weeks ago
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BB648 months, 3 weeks ago
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Since the Reagan days in the White House you complained about deficit spending. Today, your side is pushing a massive spending program some people call Pork-Zilla. It's so large it eclipses all of the past deficits. They're wrapping this in a sales pitch and calling it a stimulus. It's a scam. It's little more than lefty gifts to every lefty group out there.
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I remember Michelle Obama complaining the $600 checks from last year were a joke. Now we're told we'll see a "huge" tax cut of around $ 13.00 per week. What a scam. Almost a trillion dollars and we'll see $13.00. When even Putin is trying to explain to Bacon Obama this isn't a good plan. There's one good thing this will do. When people realize how disastrous this plan was, there will be a huge change in the House and Senate in less than 2 years. -
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Jeboba8 months, 3 weeks ago
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Oh man did you leave yourself wide open for this one. WHO demanded the tax cuts? Hmmm? IT WAS THE REPUBLICANS YOU IDIOT! WHO gave the $600 meaningless credit last year. IT WAS BUSH YOU IDIOT!
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The Dems tried to put more money into circulation through spending which creates jobs. It is NOT pork. But all you can do is call it pork. The Republicans demanded less spending (which would do far more to recover our economy) and more tax cuts (which will do NOTHING for our economy)
You want to see a reason for failure? Look to the Republicans if it doesn't work out.
I just hope the Dems find their "balls" soon and tell the Republicans to F-Off! -
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BBcamaro8 months, 3 weeks ago
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Jeboba writes
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"Democrats seem to study the issue, do their homework, and make informed decisions."
I bet you feel pretty stupid now that the democrats just passed a stimulus bill that none of them had time to read, do their homework, and make informed decision on.
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PainGoddess8 months, 3 weeks ago
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The NYTimes posted an article about the corruption probes into the Republican Party and the movie room where people were paid to record movies for the lawmakers and the printing house with exclusive uses by the Republicans. I wonder what is left to uncover from both sides.
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icono18 months, 3 weeks ago
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Yep you put that much big money out there with out any way to protect it then it will get stolen one way or another.
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As for the FBI Maybe just maybe the govt dosent really want all of the crooks caught because they could give up or flip on some really important politicians. -
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jcdinform8 months, 3 weeks ago
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What difference would it make if the FBI had evidence on Any or All of the Corporate Elite Criminal? --
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They would just Take all the evidence and store it on the 11th and 13th floor of a Skyscraper and run an Large Jet liner into the Building and then Blame it on the Funny talking, Dark skinned people of the Middle east. -
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