Bankers’ Hours Column: Fraud is Not So Easy to Prove

And when it is, it is whitewashed by the  ~ 4closureFraud

The federal government has been notoriously unsuccessful in prosecuting fraud cases against banks and investment firms in connection with the financial crisis of 2008.

Just recently, a federal appeals court reversed a lower court levied fine of $1.27 billion against Bank of America, as well as a $1 million civil penalty against one of the bank’s executives.

According to a recent Wall Street Journal article, some 156 cases have been brought against banks and their employees since the great meltdown, with charges resulting against 47 people, 24 of whom either settled or pleaded guilty. That leaves just 11 contested cases, and only five of those were found guilty.

That kind of a batting average would get an outfielder sent to Fargo, and it’s prompted speculation that the fix is in. Sen. Elizabeth Warren once asked pointedly at a banking committee hearing why so few bankers have gone to jail.

More here…

Pat Dalrymple is a western Colorado native and has spent almost 50 years in mortgage lending and banking in the Roaring Fork Valley. He’ll be happy to answer your questions or hear your comments. His e-mail is