Daniel Sparks and Tom Montag: Goldman Sachs. Constructed the fraudulent Timberwolf billion dollar toxic mortgage security and sold it to investors (you), then profited by betting against it. Deliberately stuffed the security with mortgages they knew were toxic so they could bet on its failure while also profiting from its sale it to investors.
Goldman Sued Again
Brian H. Stoker: Citigroup. Constructed the fraudulent Class V Funding III CDO-squared which ripped off investors (you) for over $700 million.
He stole $700 million and paid a fine of $285 million. Is this a disincentive to steal?!?!
http://www.nytimes.com/2011/10/20/business/citigroup-to-pay-285-million-to-settle-sec-charges.html
Fabrice Tourre: Goldman Sachs. John Paulson: Paulson & Co. Inc . Constructed the fraudulent Abacus 2007-ac1 CDO for which Goldman Sachs was fined but no one went to prison. Tourre allowed hedge fund manager John Paulson to select the toxic mortgages to be placed in the CDO so Goldman Sachs and Paulson could bet against it.
http://www.sec.gov/litigation/complaints/2010/comp-pr2010-59.pdf
Angelo Mozilo: Countrywide CEO. Committed the exact same kind of crime as the Enron CEO and financial officers did, and yet he walks free. Mozillo kept telling investors that Countrywide was "consistently producing quality mortgages" while his internal memos show that he was well aware his company was creating the most toxic mortgages on the planet. The SEC originally demanded a jury trial for Mozillo, but he ultimately walked away with a fine and no admission of wrongdoing.
http://www.sec.gov/litigation/complaints/2009/comp21068.pdf
Richard Harriton: Bear Stearns. Along with 13 executives and brokers, defrauded investors of $75 million through stock manipulation.
Bear Stearns paid the SEC a fine of $38.5 million, half of the amount they stole from their investors!
Bear Stearns in $38M settlement - Aug. 5, 1999
Roland Arnall: Ameriquest. Inventor of the "stated asset" (NINJA) loan.
Paid a $325 million settlement with 49 state AGs in early 2006 for misrepresenting and failing to disclose loan terms, charging excessive loan origination fees and inflating appraisals to qualify borrowers for loans.
March 2006, installed as US ambassador to the Netherlands!
How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis | John Mauldin | Safehaven.com
Roland Arnall - Wikipedia, the free encyclopedia
Check out that last one. Remember Nannygate? Someone hired a nanny ten years previously who was an illegal immigrant and couldn't get their presidential appointment confirmed by Congress.
But this sleazebag from Ameriquest gets nominated and confirmed as a US Ambassador right after being caught as one of the biggest criminals on Wall Street!
If that does not tell you that our federal government is aiding and abetting these fuckers, nothing will.
You can't make this shit up.
This guy had his brokers forge borrowers' signatures on subprime loans.
Don't believe me? Read this:
How a Gang of Predatory Lenders and Wall Street Bankers Fleeced America -- and Spawned a Global Crisis | John Mauldin | Safehaven.com
Read every word of that.
Every one of these bastards is walking free.
If a criminal came into your house and took your stuff, and then he was caught by the police and paid a small fine
and got to keep your stuff, would you not be pissed off as hell?
That is what is going on.
Add the LIBOR scandal. Or the ISDAfix being fixed. Or metals pricing being manipulated by Goldman Sachs.
There's enough going on on Wall Street to keep the GOP very, very busy with hearings for years to come.
And yet they are dead silent. Too busy manufacturing bullshit about Benghazi to do something about the the very DNA of our capitalist system being destroyed from within.
Hmmmmm...