S&L Crisis: 896 Convictions - Great Recession: 1 Conviction?

[georgephillip]

What's changed over the past generation that explains why over 1100 bankers faced charges for the Saving and Loan looting, and only one second-tier banker has been convicted as part of an "epidemic of mortgage fraud" the FBI warned about in 2004?

"On the evening of Jan. 27, Kareem Serageldin walked out of his Times Square apartment with his brother and an old Yale roommate and took off on the four-hour drive to Philipsburg, a small town smack in the middle of Pennsylvania ..."

Serageldin was heading towards a 30 month sentence handed down for his role in the "epidemic of mortgage fraud", yet he was only one relatively small fish among a vast pool of parasites who could have faced prosecution.

"Still, the fact that the only top banker to go to jail for his role in the crisis was neither a mortgage executive (who created toxic products) nor the C.E.O. of a bank (who peddled them) is something of a paradox, but it’s one that reflects the many paradoxes that got us here in the first place."

http://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html?_r=0

 

[EdwardBaiamonte]

What's changed over the past generation that explains why over 1100 bankers faced charges for the Saving and Loan looting, and only one second-tier banker has been convicted as part of an "epidemic of mortgage fraud" the FBI warned about in 2004?

"On the evening of Jan. 27, Kareem Serageldin walked out of his Times Square apartment with his brother and an old Yale roommate and took off on the four-hour drive to Philipsburg, a small town smack in the middle of Pennsylvania ..."

Serageldin was heading towards a 30 month sentence handed down for his role in the "epidemic of mortgage fraud", yet he was only one relatively small fish among a vast pool of parasites who could have faced prosecution.

"Still, the fact that the only top banker to go to jail for his role in the crisis was neither a mortgage executive (who created toxic products) nor the C.E.O. of a bank (who peddled them) is something of a paradox, but it’s one that reflects the many paradoxes that got us here in the first place."

http://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html?_r=0

under capitalism the fools who took out the mortgages lost those mortgages and their homes and the fools who gave them their mortgages lost their jobs. Thats the beauty of capitalism.

 

[georgephillip]

under capitalism the fools who took out the mortgages lost those mortgages and their homes and the fools who gave them their mortgages lost their jobs. Thats the beauty of capitalism.

Why did federal prosecutions for white-collar crime decline from 17.6% of all cases between 1995-97 to 9.4% between 2010-12?
http://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html?_r=1

 

[EdwardBaiamonte]

under capitalism the fools who took out the mortgages lost those mortgages and their homes and the fools who gave them their mortgages lost their jobs. Thats the beauty of capitalism.

Why did federal prosecutions for white-collar crime decline from 17.6% of all cases between 1995-97 to 9.4% between 2010-12?
http://www.nytimes.com/2014/05/04/magazine/only-one-top-banker-jail-financial-crisis.html?_r=1

hopefully because we now prefer that capitalism manage the issue more than govt.

 

[georgephillip]

hopefully because we now prefer that capitalism manage the issue more than govt.

Because of media consolidation that's taken place in the last twenty five years. That's why over 1100 banksters were prosecuted after the S&L looting and 1 was prosecuted after the most recent epidemic of mortgage fraud. Free Press in the hands of Republican billionaires.

 

[OnePercenter]

How can you convict someone when the administration that was in-charge during the 2000's let them do their dirty work.

 

[georgephillip]

How can you convict someone when the administration that was in-charge during the 2000's let them do their dirty work.

" In general, statutes of limitation are deemed procedural and are applicable to claims brought after the enactment of the statute.

"Thus, any criminal charges relating to a 'mortgage lending business' brought after May 20, 2009 are subject to the new 10 year statute of limitations so long as not already time-barred as of that date.

"What does all this mean?

"It means that virtually all of the putative criminal conduct at the megabanks arising from the crisis of 2007-2009 is not time-barred until 2017 at the earliest."

Since the epidemic of mortgage fraud that crashed the global economy in 2008 was a bipartisan effort, I'm not sure why you regard the solution in terms of Republican or Democrat administrations?

Corporate Justice Blog Megabankers Face a 10 Year Statute of Limitations

 

[EdwardBaiamonte]

hopefully because we now prefer that capitalism manage the issue more than govt.

Because of media consolidation that's taken place in the last twenty five years. That's why over 1100 banksters were prosecuted after the S&L looting and 1 was prosecuted after the most recent epidemic of mortgage fraud. Free Press in the hands of Republican billionaires.

of course thats really really stupid and liberal as always given:

1) that Obama and Holder are to the 2 most left wing guys to ever hold those prosecutorial offices.
2) despite free press in Republican hands govt is bigger and more liberal than ever before.

See why we say pure stupidity?

 

[OnePercenter]

of course thats really really stupid and liberal as always given:

1) that Obama and Holder are to the 2 most left wing guys to ever hold those prosecutorial offices.
2) despite free press in Republican hands govt is bigger and more liberal than ever before.

See why we say pure stupidity?

AGAIN! How can you convict someone when the administration that was in-charge during the 2000's let them do their dirty work.

Bernie 'Made-Off' is a great example. Federal investigators who's bosses were working at the pleasure of the guy you voted for, armed with their resumes hit the Made-off office. It wasn't until to many rich folks lost did the Bush administration actually do anything.

 

[EdwardBaiamonte]

AGAIN! How can you convict someone when the administration that was in-charge during the 2000's let them do their dirty work.

dear, dear if Bush let them kill somebody it would not stop Obama from prosecuting them. Stupid??

 

[EdwardBaiamonte]

Bernie 'Made-Off' is a great example. Federal investigators who's bosses were working at the pleasure of the guy you voted for, armed with their resumes hit the Made-off office. It wasn't until to many rich folks lost did the Bush administration actually do anything.

dear, Fox has a show about investment scams called American Greed. Most of the time a guy tricks family, friends, and neighbors to let him invest their money. The libcommies cant be there all the time to look over every transaction on behalf of evey greedy fool in America. THe beauty of America is that it lets each person regulate commerce by what he buys.

When the govt gets to be in charge of everything the whole country goes down when they miss something as it just almost did with the housing crisis.

Now do you understand capitalism versus communism?

 

[OnePercenter]

dear, dear if Bush let them kill somebody it would not stop Obama from prosecuting them. Stupid??

And you spin it into something it isn't. Typical moron.

 

[OnePercenter]

dear, Fox has a show about investment scams called American Greed. Most of the time a guy tricks family, friends, and neighbors to let him invest their money. The libcommies cant be there all the time to look over every transaction on behalf of evey greedy fool in America. THe beauty of America is that it lets each person regulate commerce by what he buys.

When the govt gets to be in charge of everything the whole country goes down when they miss something as it just almost did with the housing crisis.

Now do you understand capitalism versus communism?

It's 'OK' to let someone be scammed if there agreeable to it?

 

[EdwardBaiamonte]

It's 'OK' to let someone be scammed if there agreeable to it?

it's ok to let someone learn the lesson and pass it on rather than let govt take all the responsibility for every transaction and thus create a Nazi nannny state managing the lives of little children no longer fit for freedom.

Our founders came here to be free and responsible, not for lib nazi regulation!!

Welcome to your first lesson in American history.

 

[elektra]

The Great S&L crisis of Texas.

George Bush sr. bailed out the S&L's, anyone know the cost with interest? I guess at least $1 trillion dollars. Basically rich Texans and a lot of other bankers and real estate people bundled worthless property, and sold the worthless property to the Savings and Loans.

Seems like the apple does not fall far from the tree, Bush jr did the same for banks and Wall Street.

Maybe that is why the Bush family is quiet when it comes to criticizing Clinton or Obama. Bush even bailed out a bank one of his sons worked at.

Censored Bush I the CIA the Mob and the S Ls eats shoots n leaves

There are plenty of big names, including the late director CIA William Casey, New Orleans mob boss Carlos Marcello [who famously vowed to kill John F. Kennedy], Florida mob boss Santo Trafficante, George W., Jeb, and Neil Bush, former Secretary of State James A. Baker III, arms-for-Contras figure Adnan Khashoggi, arms dealer Manucher Ghorbanifar, former Texas Governor and Treasury Secretary John Connally, Oliver North, Lloyd Bentsen,

The second one-hour interview continues the banking tale, then focuses on how Brewton got the story and its impact on his own career. He begins by talking about something that should strike a familiar chord in light of our current financial crisis: That the S&L crashes of the 1980 were started by an artificial real estate bubble funded by the banks’ loose loan policies.

Sound familiar?

 

[georgephillip]

Maybe that is why the Bush family is quiet when it comes to criticizing Clinton or Obama. Bush even bailed out a bank one of his sons worked at.

Neil Bush, with his "head for numbers" was his parents' first choice to follow HW into the White House:
"Neil Bush was a member of the board of directors of Denver-based Silverado Savings and Loanduring the 1980s' larger savings and loan crisis.

"As his father, George H.W. Bush, was Vice President of the United States, his role in Silverado's failure was a focal point of publicity.

"According to a piece in Salon, Silverado's collapse cost taxpayers $1.3 billion.[4]

"The US Office of Thrift Supervision investigated Silverado's failure and determined that Bush had engaged in numerous 'breaches of his fiduciary duties involving multiple conflicts of interest.'

"Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement.[5]

"A friend who also donated funds to the Republican set up a fund to help defer costs Neil incurred in his S&L legal defense."

Neil Bush - Wikipedia the free encyclopedia

 

[OnePercenter]

The Great S&L crisis of Texas.

George Bush sr. bailed out the S&L's, anyone know the cost with interest? I guess at least $1 trillion dollars. Basically rich Texans and a lot of other bankers and real estate people bundled worthless property, and sold the worthless property to the Savings and Loans.

Seems like the apple does not fall far from the tree, Bush jr did the same for banks and Wall Street.

Maybe that is why the Bush family is quiet when it comes to criticizing Clinton or Obama. Bush even bailed out a bank one of his sons worked at.

Censored Bush I the CIA the Mob and the S Ls eats shoots n leaves

There are plenty of big names, including the late director CIA William Casey, New Orleans mob boss Carlos Marcello [who famously vowed to kill John F. Kennedy], Florida mob boss Santo Trafficante, George W., Jeb, and Neil Bush, former Secretary of State James A. Baker III, arms-for-Contras figure Adnan Khashoggi, arms dealer Manucher Ghorbanifar, former Texas Governor and Treasury Secretary John Connally, Oliver North, Lloyd Bentsen,

The second one-hour interview continues the banking tale, then focuses on how Brewton got the story and its impact on his own career. He begins by talking about something that should strike a familiar chord in light of our current financial crisis: That the S&L crashes of the 1980 were started by an artificial real estate bubble funded by the banks’ loose loan policies.

Sound familiar?

Don't forget Phil Gramm (R), Texas that orchestrated the S&L crisis AND Deregulation of Derivatives.

Texas contributes SOOOOO much to the US and world economies.[/QUOTE]

 

[OnePercenter]

Neil Bush, with his "head for numbers" was his parents' first choice to follow HW into the White House:
"Neil Bush was a member of the board of directors of Denver-based Silverado Savings and Loanduring the 1980s' larger savings and loan crisis.

"As his father, George H.W. Bush, was Vice President of the United States, his role in Silverado's failure was a focal point of publicity.

"According to a piece in Salon, Silverado's collapse cost taxpayers $1.3 billion.[4]

"The US Office of Thrift Supervision investigated Silverado's failure and determined that Bush had engaged in numerous 'breaches of his fiduciary duties involving multiple conflicts of interest.'

"Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement.[5]

"A friend who also donated funds to the Republican set up a fund to help defer costs Neil incurred in his S&L legal defense."

Neil Bush - Wikipedia the free encyclopedia

Lunch money.

 

[EdwardBaiamonte]

Neil Bush, with his "head for numbers" was his parents' first choice to follow HW into the White House:
"Neil Bush was a member of the board of directors of Denver-based Silverado Savings and Loanduring the 1980s' larger savings and loan crisis.

"As his father, George H.W. Bush, was Vice President of the United States, his role in Silverado's failure was a focal point of publicity.

"According to a piece in Salon, Silverado's collapse cost taxpayers $1.3 billion.[4]

"The US Office of Thrift Supervision investigated Silverado's failure and determined that Bush had engaged in numerous 'breaches of his fiduciary duties involving multiple conflicts of interest.'

"Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement.[5]

"A friend who also donated funds to the Republican set up a fund to help defer costs Neil incurred in his S&L legal defense."

Neil Bush - Wikipedia the free encyclopedia

Lunch money.

Summary
1) S&L crisis happened because S&L's were poorly deregulated but never would have happened if they had not been regulated by liberals in the first place

2) Great Recession happened because there were 132 programs to get people into homes the free market said they could not afford.

 

[OnePercenter]

Summary
1) S&L crisis happened because S&L's were poorly deregulated but never would have happened if they had not been regulated by liberals in the first place

2) Great Recession happened because there were 132 programs to get people into homes the free market said they could not afford.

Summary according to Ed:

1) S&L's were poorly deregulated.

2) Nobody who bought a home in the 2000's made a house payment.

WOW!