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Possible Criminal Charges in Financial Crisis
10/22/08 07:38, by Dozer, Categories: News, On the web, Are You Kidding Me, Political , Tags: barney frank, chris dodd, cnbc, fannie mae, freddie mac, white collar Link: http://www.cnbc.com/id/27305287
On the CNBC Website: Next in Financial Crisis: Possible Criminal Charges.
CNBC reports on its website that we should see criminal indictments relating to the financial system meltdown.
This would be funny if it were not true, but it is and it is politics as usual. Government causes the problem, everyone else gets blamed and congress (who had the responsibility to oversee Fannie and Freddie) gets off scot-free; on top of that, they get to keep those fat campaign donations.
“Investors and taxpayers angry about the government bailout of seemingly mismanaged financial firms can probably count on a wave of criminal indictments in the coming months, say white- collar crime experts.”
...
“I think it's coming” says securities lawyer Jacob Zamansky, principal at Zamansky & Associates, predicting the “outcry for culprits and scapegoats”
Yeah they got that scapegoats part right. Make examples out of Wall Street types and let the real criminals go free.
Follow up:
“Experts say acts of concealment and/or misrepresentation will no doubt be an area of investigation and potential prosecution for authorities.”
Hmm, wonder if they are really interested in the misrepresentations part? If they were then they are looking in the wrong place.
In some cases, prosecutors will look to make the case that there was a “concerted effort by these firms to mislead the public,”
Yes we all know it was a concerted effort, but they just do not want to see who did it.
Though most expect a wave of indictments, there’s considerable debate about whether any big names will be snared,
Nope, none of the big names that were actually at fault and caused the taxpayers to get hosed.
Barney Frank and Chris Dodd would have to answer questions if they were actually going to go after the ones that caused this whole financial mess. Then they would have to back track through the Congressional record and committee hearing transcripts to see how many other Democratic congressmen and senators aided and abetted Fannie and Freddie as they set the U.S. and world financial markets up for a huge fall.
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