Tuesday, December 6, 2011
The defining issue of our time:
Why, President Obama do you accept money from the 1%; you should indict these criminals, who declared war on working people. YOU SHOULD BE THEM BY THE THROAT. 5000 PEOPLE OCCUPIERS HAVE BEEN ARRESTED, WHY NOT EVEN ONE FROM WALL STREET HAS BEEN PUT IN PRISON FOR CREATING THIS GLOBAL FINANCIAL BREACKDOWN, AND PUT PEOPLE IN THE STREETS BY LOSING THEIR HOMES!
We people cannot get a fair shot, anD these criminals are NOT PLAYING BY THE SAME RULES! CORPORATE AMERICA STARTED THE WAR ON PEOPLE IN THE PAST 8 YEARS OF BUSH-ISM! ALL OTHERS, 99% ARE SERVANTS TO GOLDMAN SACHS AND THE 1%-ERS.
WHY DO I HAVE TO ALWAYS SINGLE-HANDEDLEY HAVE TO RIGHT THE WRONGS, AND ALL THE WORLD PROBLEMS? WE NEED YOUR SUPPORT! ALL AMERICANS SUPPORT!
HELP TODAY– SIGN THIS:
PETITION: Tell Boehner the Payroll Tax Cut is not ‘chicken sh–.’ SIGN NOW:: PETITION: Tell Boehner the Payroll Tax Cut is not ‘chicken sh–.’ SIGN NOW: https://www.dccc.org/pages/chicken
Dec. on CBS, watch the videos: proof of guilt, prosecute Wall Street!
Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven’t the companies or their executives been prosecuted? Steve Kroft reports.
Two whistleblowers offer a rare window into the root causes of the subprime mortgage meltdown. Eileen Foster, a former senior executive at Countrywide Financial, and Richard Bowen, a former vice president at Citigroup, tell Steve Kroft the companies ignored their repeated warnings about defective, even fraudulent mortgages. The result, experts say, was a cascading wave of mortgage defaults for which virtually no high-ranking Wall Street executives have been prosecuted.
The following is a script of “Prosecuting Wall Street” which aired on Dec. 4, 2011. Steve Kroft is correspondent, James Jacoby, producer.
It’s been three years since the financial crisis crippled the American economy, and much to the consternation of the general public and the demonstrators on Wall Street, there has not been a single prosecution of a high-ranking Wall Street executive or major financial firm even though fraud and financial misrepresentations played a significant role in the meltdown. We wanted to know why, so nine months ago we began looking for cases that might have prosecutorial merit. Tonight you’ll hear about two of them. We begin with a woman named Eileen Foster, a senior executive at Countrywide Financial, one of the epicenters of the crisis.
Steve Kroft: Do you believe that there are people at Countrywide who belong behind bars?
Eileen Foster: Yes.
Kroft: Do you want to give me their names?
Kroft: Would you give their names to a grand jury if you were asked?
But Eileen Foster has never been asked – and never spoken to the Justice Department – even though she was Countrywide’s executive vice president in charge of fraud investigations. At the height of the housing bubble, Countrywide Financial was the largest mortgage lender in the country and the loans it made were among the worst, a third ending up in foreclosure or default, many because of mortgage fraud.
It was Foster’s job to monitor and investigate allegations of fraud against Countrywide employees and make sure they were reported to the board of directors and the Treasury Department.
Kroft: How much fraud was there at Countrywide?
Foster: From what I saw, the types of things I saw, it was– it appeared systemic. It, it wasn’t just one individual or two or three individuals, it was branches of individuals, it was regions of individuals.
Kroft: What you seem to be saying was it was just a way of doing business?
In 2007, Foster sent a team to the Boston area to search several branch offices of Countrywide’s subprime division – the division that lent to borrowers with poor credit. The investigators rummaged through the office’s recycling bins and found evidence that Countrywide loan officers were forging and manipulating borrowers’ income and asset statements to help them get loans they weren’t qualified for and couldn’t afford.
Foster: All of the– the recycle bins, whenever we looked through those they were full of, you know, signatures that had been cut off of one document and put onto another and then photocopied, you know, or faxed and then the– you know, the creation thrown– thrown in the recycle bin.
Kroft: And the incentive for the people at Countrywide to do that was what
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by movinonllc December 6, 2011 2:22 PM EST
Stanford L. Kurland the architect and major contributor to the financial crisis now runs a company called Penny Mac. His claim to federal regulators when obtaining approvals to be a lender was that Penny Mac would attempt to keep troubled homeowners in their homes and this is far from the truth. The company buys clumps of troubled mortgages from banks such as Citi at 20 t0 30 percent of face value then plays loan shark to the mortgagee. This guy should be in jail not making millions taking advantage of victims of the financial crisis which he was a major player in.
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by jbg9617 December 6, 2011 12:23 PM EST
I was dissapointed that CBS did not include Wahington Mutual in the broadcast because of the outrageous theft by J.P. Morgan of this giant Thrift which was “gifted” to J.P. Morgan by the Cabal running the Bush treasury Hank Paulson (Ex Chairman of Goldman Sachs) and the FDIC in 2008.
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by speakupestates December 6, 2011 11:21 AM EST
I agree 60 min needs to get back to good hardcore reporting. Good story but please do follow up and stay on top of this. In the end if we ever get the truth we will find out the reason for NO Prosecution is that 100 people or so with so much power in DC and on Wall St.caused it and still walked off with mega millions.
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by Rarelyhonest December 6, 2011 10:04 AM EST
60 minutes: you are just touching the tip of the iceberg and we are all hoping you won’t let up on this issue. And thank you for dedicating the appropriate time to this timely subject. There is an important link between the previous episode on the congress and insider trading and the subject of no Wall Street criminals being prosecuted. Here is the high level question: when the government organizations (ie: White House, congress, Justice Dept)who are supposedly ‘policing’ Wall Street can be just as corrupt as the financial fraudsters, how on earth can we hope to see any justice. My only hope is that 60 continues to investigate this subject. And, I do hope that the senior executives from CBS are courageous enough to stand up to any potential private meetings provoked by the ‘powers to be’ in Washington and New York.
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by ricooooo December 6, 2011 9:46 AM EST
I would like to congratulate and THANK Sixty Minutes for finally getting back to what they do best…investigative reporting. I quit watching several years ago when every report was something about the ongoing, never ending sucky war.
Finally things may start to change if Sixty Minutes continues to do what we the average person can’t
by ExecutionSolution December 6, 2011 9:19 AM EST
Violence is the only remaining solution.
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by CODE-NAME-NINA12 December 6, 2011 2:45 AM EST
I don’t know…He says …I don’t know …she says…Justice department says stay tuned…lololololllllllololololllllllololllllll
Dear beloved “CBS” 60 minutes …I know what they do not know…
And I also know why the Justice department would never, and will never go after the real culprits of 2008 financial crisis…
Cause it was a deliberate act by the head of the banking cartel super thug the Federal Reserve system,and its evil extensions of the Goldman Sachs,JP M organ,and Morgan Stanley,above all sanctioned by the corrupt congress and senate…
Therefore government by its nature do not investigate itself…
This was made clear by Lehman and Bear stern executive in the congressional hearings that they would hope for an investigation,but they are well aware and were not fooling themselves that it won’t happen, and they were right about it,these hearings were held right after the 2008 financial crisis by the corrupt rotten to the core congress and senate…
Here is your facts and truth dear beloved CBS” 60 minutes…
Read these lines from the former head of the CFTC” Chair woman Madam Brooksely Born…
Question:So we’re the losers. Who were the winners?
I think the profits made by the over-the-counter derivatives dealers, by our largest banks and investment banks, were the upside of this. And that was shortsighted. It was short-term benefit for a few major institutions at the expense of all the people who have lost their jobs, who have lost their retirement savings, who have lost their homes.
AND THAT I S THE TRUTH ABOUT THE TRUE NATURE OF THINGS!
© 2011 CBS Interactive Inc.. All Rights Reserved.
DEAR CBS” AND AMERICAN PEOPLE.
FORGET ABOUT ANY INVESTIGATION AS LONG AS FBI IS NOT INVOLVED…
SEC IS A CORRUPT ENTITY AND EVERY PROFESSIONAL INVESTOR KNOWS THAT FACT…SAD AND HOPELESS AMERICANS IN CORRUPT ROTTEN TO THE CORE AMERICA…
CONTACT ME AT: OLGALAZIN@GMAIL.COM
DROLGALAZIN@VERIZON.NET, lower case.