Oh Yeah, Right (Obama PROSECUTE Banks?)

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The Market Ticker – Oh Yeah, Right (Obama PROSECUTE Banks?)

You don’t really expect me to believe this, do you?

The official said federal authorities are finding new evidence they say indicates intent to commit fraud over the packaging and sale of mortgage bonds backed by subprime home loans in some of the civil lawsuits plaintiffs’ lawyers have filed against large banks.

And they are exploring whether they can build criminal cases against bankers by using a 1984 law intended to punish individuals for scamming commercial banks.

No, really?  Evidence of fraud?

What — like perhaps emails in which banks called the securities “vomit”, “dog crap” and other quite-accurately-descriptive names?

Let me guess — that wasn’t in the prospectus.

Is that fraud?  Gee, let me think about that for a minute….

The bank fraud statute is more often used to pursue people trying to forge checks, falsify loan documents or make other false statements to banks. Applying the charge to behavior in the securities market would be a novel use of the statute.

Oh wait — we had that too.  Robosigning anyone?  Claims of transfers that never happened?  Uh, yeah.  Bank fraud eh?  

Gee whiz, this is some sort of revelation?

Naw.  It’s a sop to the media — push it out there, get Reuters to run an “exclusive”, then when the Feds do exactly nothing as they have done thus far they can say “oh well we didn’t think we could make a case.”

I’ll believe there will be prosecutions when I actually see them.

Oh, and if you want to know why I’m not writing a 20-page article on this?

That’s because I already have more times than I can count.

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2 Responses to “Oh Yeah, Right (Obama PROSECUTE Banks?)”
  1. hammertime says:

    Let’s not be partisan here we need to impeach the obstructionist Republican and some Dems Congress as well.

  2. dc says:

    Impeach Obama,stop the insanity,call for justice and force these scammers to follow the laws.It’s the people’s place to enforce the constitution and that takes organization and many voices together demanding that our government do whats fair for the people.Without that we might as well forget all the complaining about this and that because we are letting it happen.We need big numbers and we have to take it to the streets like any good cause has to do.

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