Op-Ed: Senate Report details elaborate Wall Street Mortgage Fraud
A report released by the U.S. Senate paints a scathing picture of mortgage fraud on Wall Street enabled by the malfeasance and blatant disregard for oversight by Federal agencies that regulated them.
Palm Coast, FL – April 18, 2011
A report released by the U.S. Senate paints a scathing picture of mortgage fraud on Wall Street enabled by the malfeasance and blatant disregard for oversight by Federal agencies that regulated them.
A 650-page report (PDF), titled “Wall Street and the Financial Crisis: Anatomy of a Financial Collapse,” released by the U.S. Senate Permanent Subcommittee on Investigations chaired by Sen. Carl Levin (D-Mich) cites 5,800 internal documents and the private communications of bank executives, credit rating agencies, investors and regulators and details Wall Street’s fraudulent business practices and conflicts of interest that fueled the mortgage meltdown, undermined public trust in the U.S. markets in the months leading to the financial crisis, and reveals reckless activities that were ignored by the banks and their federal regulators.
Full Story >>>> Digital Journal [April 15]
Toby’s Commentary: This report received very little notice in the media. It views the mortgage fraud on Wall Street through the lens of congress. The full report is very revealing.
Explanation
April 25th issue of Time, the Finance, Insurance and Real Estate industries provided $473 million in political campaign contribution (2010) and $232 million in year 2000. A $241 million increase in 10 years
Pharmaceuticals and other Health products were second biggest contributors with $240 million ((2010) and $101 million in 2000.
That is how the system works until the real big crunch.
Explanation
April 25th issue of Time, the Finance, Insurance and Real Estate industries provided $473 million in political campaign contribution (2010) and $232 million in year 2000. A $241 million increase in 10 years
Pharmaceuticals and other Health products were second biggest contributors with $240 million ((2010) and $101 million in 2000.
That is how the system works until the real big crunch.
Explanation
April 25th issue of Time, the Finance, Insurance and Real Estate industries provided $473 million in political campaign contribution (2010) and $232 million in year 2000. A $241 million increase in 10 years
Pharmaceuticals and other Health products were second biggest contributors with $240 million ((2010) and $101 million in 2000.
That is how the system works until the real big crunch.