that I just got around to seeing, about whistleblowers in CitiBank, who told gov't reuglators about the abuses going on in the mortgage business, and the 'liar loans', that allowed ANYONE who applied to get as much $ as they wanted for a loan. Even if the applicant didn't lie, the bankers changed the numbers, so the loans went through, and the bankers got their 'bouses'. Several industry watchdogs went to the SEC and Dept of Justice in 2006-7, with hundreds of examples and thousands of documents, but were ignored by the Bush admin's agencies, led by Chris Cox, then if they persevered, they were fired. Too many 'big boys' making too much money, to bother with rules and laws. It all came crashing down in 2008 and we are still paying the price. Sarbanes/Oxley was set up to police and prosecute just such crooks, but nobody, in the Bush (or Obama) administration was doing their job, as they are 'owned' by big business, and it's just 'free money' for them, as legitimate homeowners lose a large part of their investment. Sickening....
Comments