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F.O.A.D.

On 2/15/13 1:40 PM, wrote:
On Fri, 15 Feb 2013 12:17:19 -0400, Wayne B
wrote:

On Fri, 15 Feb 2013 08:32:35 -0500, "F.O.A.D." wrote:

criminal prosecution is not in the cards. Maybe it will be, someday.

====

I believe it is very much in the cards for tax fraud.

"Tax fraud"? I didn't think those guys had to pay taxes. ;-)

Unfortunately most of what the big shots did was legal. The illegal
activity was done in the loan process itself and liability really only
goes as high as the people who condoned it.
You might see managers of the loan departments getting prosecuted but
they are not going after the borrowers who perjured themselves on loan
applications and probably not the people who accepted/coached those
applications.
Before you get to the big fish, you will bump into a written policy
that all loan applications are supposed to be true and all loans are
investigated, even if they knew it was a joke.

It is like government regulatory agencies with mission statements and
standards that are impossible to achieve with the resources they have.

Banksters and Stocksters...the best and brightest of America.

--
I'm a *Liberal* because I knew militant christian fundamentalist racist
militaristic xenophobic corporate oligarchy wasn't going to work for me.