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oh yeah baybee... things are starting to look UP....
if we dont see some action, REAL PROSCUTORIAL ***ACTION*** after this program?
there will be Hell to Pay in november 2012
http://www.cbsnews.com/8301-504803_1...tigator-talks/
December 4, 2011 6:46 PM
Behind the financial crisis: A fraud investigator talks
"It's been three years since the financial crisis crippled the American economy," Steve Kroft begins his 60 Minutes piece this week. "[Yet] there has not been a single prosecution of a high ranking Wall Street executive or major financial firm."
60 Minutes producer James Jacoby wanted to find out why, and one of the first people he spoke with was Tom Borgers, a man who literally helped write the book on the financial meltdown.
Borgers was a senior fraud investigator for the Financial Crisis Inquiry Commission (FCIC), a bipartisan panel set up by the Obama administration to examine the causes of the crisis. In the end, the FCIC issued a 500-page report on its findings, required reading for James and associate producer Maria Gavrilovic.
One of Borgers' chief responsibilities at the FCIC was finding, vetting, and interviewing whistle-blowers, and he was therefore helpful in leading the 60 Minutes team to sources including Eileen Foster and Richard Bowen, the whistle-blowers who are the centerpiece of the 60 Minutes piece, "Prosecuting Wall Street."
When Steve Kroft and Borgers sat down together, it was a great interview: honest, direct, and full of useful information. "I think he felt a real duty to make sure that a lot of their findings were followed up upon," James told Overtime. "Most people who leave those commissions don't really ever talk about it." Which is why we are thrilled to feature Borgers this week on Overtime.
A seasoned fraud investigator, Tom Borgers worked for the government in the wake of the Savings & Loans scandal, preparing and directing criminal referrals, and responsible for the recovery of multi-million dollar claims. During that time, Borgers saw hundreds of bank executives prosecuted and sent to prison, a stark contrast with what's happened in our current economic crisis.
Borgers tells Kroft that the FCIC found evidence of trillions of dollars of fraud and gross negligence, and that in the area of mortgage fraud, he found crimes committed by "mortgage originators, underwriters, banks . . . across the board." Yet still, no prosecutions . . . so far.
Despite that, Tom Borgers' personal contributions have been recognized. In 2010, he was awarded the Examiner of the Year Award by the Association of Certified Fraud Examiners, DC. It noted his "selfless and tireless service to the United States people" through his work at the FCIC. That same year, he was also honored with a Special Act of Service Award by the FCIC. In February of 2011, he became a managing director of a financial consulting firm in New York City.
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HILARIOUS that this text doesnt even begin to cover what the TV content did, but try these links:
Prosecuting Wall Street, pt. 1
December 4, 2011 4:02 PM
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.
http://www.cbsnews.com/video/watch/?id=7390540n
http://www.cbsnews.com/video/watch/?id=7390542n pt 2
this segment featured a marjory? foster who worked for countrywide - a barrel of laffs on this one, as she details how she personally investigated the boston office, the subprime group and discovered systematic fraud involving concealed docs, deliberate fudging of the applications etc etc - whereupon CW closed 6 offices and fired about 60 people?.. they tried to get her to 'spin the story' and asked her to sign a 14page 'settlement' in an attempt to buy her off, but she wouldnt sign it and they shitcanned her - she eventually prevailed in a wrongful termination suit and got a million in settlement
it also appears there were numerous UNPROSECUTED VIOLATIONS OF SARBANES/OXLEY, with prosecution of the number of financial fraud cases at a 20 year low? (gee i wonder why...)
mozillo was highlighted, mostly for how he got off with a slap on the wrist, served no jail time, while he 'madoff' with hundreds of MILLIONS? (wonder how chris dodd is doing with his 'friend of angelo' mortgage?)
a guy named bowen, who was an exec in the compliance division of CITI GROUP started noticing funny stuff in 2005, warned the exec suite in 2006 - including robert rubin - that there were problems and "there was no improvement, it only got worse" ? and how citi misled investors in the sale of Mortgage Backed Securities - he again notified rubin et al about HUGE UNRECOGNIZED LOSSES - the next day CEO charles prince signed off on the SarbOx docs (thus committing an out and out FRAUD OF THE FIRST ORDER - bowen gets 'demoted' (just short of shitcanned)
and what happened? 9 months later citi got 45 BILLION IN BAILOUTS?
60 minutes got a letter from citi DENYING it all...
oh yeah bayee - this is gonna get good....
if we dont see some action, REAL PROSCUTORIAL ***ACTION*** after this program?
there will be Hell to Pay in november 2012
http://www.cbsnews.com/8301-504803_1...tigator-talks/
December 4, 2011 6:46 PM
- Text
Behind the financial crisis: A fraud investigator talks
"It's been three years since the financial crisis crippled the American economy," Steve Kroft begins his 60 Minutes piece this week. "[Yet] there has not been a single prosecution of a high ranking Wall Street executive or major financial firm."
60 Minutes producer James Jacoby wanted to find out why, and one of the first people he spoke with was Tom Borgers, a man who literally helped write the book on the financial meltdown.
Borgers was a senior fraud investigator for the Financial Crisis Inquiry Commission (FCIC), a bipartisan panel set up by the Obama administration to examine the causes of the crisis. In the end, the FCIC issued a 500-page report on its findings, required reading for James and associate producer Maria Gavrilovic.
One of Borgers' chief responsibilities at the FCIC was finding, vetting, and interviewing whistle-blowers, and he was therefore helpful in leading the 60 Minutes team to sources including Eileen Foster and Richard Bowen, the whistle-blowers who are the centerpiece of the 60 Minutes piece, "Prosecuting Wall Street."
When Steve Kroft and Borgers sat down together, it was a great interview: honest, direct, and full of useful information. "I think he felt a real duty to make sure that a lot of their findings were followed up upon," James told Overtime. "Most people who leave those commissions don't really ever talk about it." Which is why we are thrilled to feature Borgers this week on Overtime.
A seasoned fraud investigator, Tom Borgers worked for the government in the wake of the Savings & Loans scandal, preparing and directing criminal referrals, and responsible for the recovery of multi-million dollar claims. During that time, Borgers saw hundreds of bank executives prosecuted and sent to prison, a stark contrast with what's happened in our current economic crisis.
Borgers tells Kroft that the FCIC found evidence of trillions of dollars of fraud and gross negligence, and that in the area of mortgage fraud, he found crimes committed by "mortgage originators, underwriters, banks . . . across the board." Yet still, no prosecutions . . . so far.
Despite that, Tom Borgers' personal contributions have been recognized. In 2010, he was awarded the Examiner of the Year Award by the Association of Certified Fraud Examiners, DC. It noted his "selfless and tireless service to the United States people" through his work at the FCIC. That same year, he was also honored with a Special Act of Service Award by the FCIC. In February of 2011, he became a managing director of a financial consulting firm in New York City.
-----
HILARIOUS that this text doesnt even begin to cover what the TV content did, but try these links:
Prosecuting Wall Street, pt. 1
December 4, 2011 4:02 PM
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.
http://www.cbsnews.com/video/watch/?id=7390540n
http://www.cbsnews.com/video/watch/?id=7390542n pt 2
this segment featured a marjory? foster who worked for countrywide - a barrel of laffs on this one, as she details how she personally investigated the boston office, the subprime group and discovered systematic fraud involving concealed docs, deliberate fudging of the applications etc etc - whereupon CW closed 6 offices and fired about 60 people?.. they tried to get her to 'spin the story' and asked her to sign a 14page 'settlement' in an attempt to buy her off, but she wouldnt sign it and they shitcanned her - she eventually prevailed in a wrongful termination suit and got a million in settlement
it also appears there were numerous UNPROSECUTED VIOLATIONS OF SARBANES/OXLEY, with prosecution of the number of financial fraud cases at a 20 year low? (gee i wonder why...)
mozillo was highlighted, mostly for how he got off with a slap on the wrist, served no jail time, while he 'madoff' with hundreds of MILLIONS? (wonder how chris dodd is doing with his 'friend of angelo' mortgage?)
a guy named bowen, who was an exec in the compliance division of CITI GROUP started noticing funny stuff in 2005, warned the exec suite in 2006 - including robert rubin - that there were problems and "there was no improvement, it only got worse" ? and how citi misled investors in the sale of Mortgage Backed Securities - he again notified rubin et al about HUGE UNRECOGNIZED LOSSES - the next day CEO charles prince signed off on the SarbOx docs (thus committing an out and out FRAUD OF THE FIRST ORDER - bowen gets 'demoted' (just short of shitcanned)
and what happened? 9 months later citi got 45 BILLION IN BAILOUTS?
60 minutes got a letter from citi DENYING it all...
oh yeah bayee - this is gonna get good....