Thursday, January 24, 2013

Going after the people who really caused the worldwide economic meltdown.

Let's take a break from the two and a half square mile circus known as South Miami for a day.  A few years back we wrote a piece called "The unindicted co-conspirators in the Plantation cops mortgage fraud case..." where we discussed how to date we had only seen the government go after low level players in the mortgage fraud meltdown and how not a single lender had been held responsible for their actions.  From the post...
These lenders were at the center of each and every mortgage fraud case I've written about, none of the frauds we've discussed could have been possible without these guys. They all knew what was going on, the paperwork proves it. Even worse, the entire real estate bubble happened because of their lax lending standards and the fact that they looked the other way while their pockets were getting full as a result of them bundling the garbage loans that they wrote into worthless triple A rated mortgage backed securities.

Haven't we had enough of street level mortgage fraudsters getting racked over the coals during these nonsensical mortgage fraud trials? When is a prosecutor going to have enough balls to go after the real criminals that got us to where we are today?
The other night, PBS's fantastic investigative program, Frontline, finally did a piece on the very subject we wrote about, it was called "The Untouchables".  The episode can be found here on the PBS website and here's the episode itself, trust me, it's a must watch!

Watch The Untouchables on PBS. See more from FRONTLINE.

1 comment:

  1. Watched the whole thing. Impressive documentary. Disturbing how DOJ was reluctant to bring criminal cases against the Wall Street execs for two reasons: (1) fear of losing, and (2) concerns about unsettling the financial industry.