60 Minutes As she began to raise flags, Care for says higher-ups began short-circuiting her office to conceal token of even more fraud. She was eventually fired after a merger with Bank of America—and after she asked to appeal to with federal regulators.
But nobody from the federal government ever came to talk to Foster—even though she was the highest executive in care of monitoring fraud at Countrywide. She never appeared before a grand jury, nor was she even interviewed by federal investigators.
Countrywide CEO Angelo Mozillo later settled a courtly suit brought by the Securities in Exchange Commission, in which he agreed never to head a publicly traded followers again, and paid a $22 million fine—less than 5 percent of the compensation he received between 2000 and 2008. By thereafter, federal prosecutors dropped a case against Countrywide and Mozillo.
Kroft then told the release of a former Citigroup executive, Richard Bowen. He was a senior vice president and chief underwriter in the consumer lending partition of Citigroup. It was his job to make sure the mortgages Citigroup was buying from Countrywide and other firms were investigate and, well, not fraudulent. He found that 60 percent of them were—and let everybody know about it.
Bowen became increasingly dangerous to alert higher-ups at the bank: Citigroup was exposed to massive losses in the mortgage dividing, and it was also putting itself in legal jeopardy by not informing investors about the weakness of these mortgage-backed securities. In the end, Bowen sent a strongly worded missive to Robert Rubin, chairman of Citigroup’s principal committee, and then-CEO Charles Prince detailing the problems.
The very next day, Prince signed a Sarbanes Oxley certification that did not own any problems with the bank’s mortgage finances. And the very same day, Bowen was relieved of many of his day-to-day duties.
This appears to be a crystalline violation of the Sarbanes-Oxley Act, which requires CEOs and CFOs to be honest with investors and the celebrated about the health of their institutions and the products it sells. A similarly obvious violation occurred at Citigroup three months later, when the organization of the comptroller of the currency sent a letter to Citigroup questioning the bank’s mortgage securities valuations and internal controls. Yet eight days later present-day CEO Vikram Pandit signed a Sarbanes-Oxley letter saying everything at Citigroup was acute.
Kroft pressed Breuer, the Justice official, about why the Department wasn’t interested in talking to Bowen either—without thought the face he testified publicly to the Financial Crisis Inquiry Commission about what he knew. Breuer basically dodged the questions:
What can be expected from the Obama authority? Nothing but business as usual. Any sane person would know that Obama will not do anything about the banksters for the very insight that he doesn't want to risk financial contributions from Wall Street. Any of sound mind person would know that Obama won't do anything about the banks, which are insolvent, when he won't dare mention the cryptic $7.7 TRILLION SECRET BAILOUT that the Federal Reserve arranged, a surreptitiously bailout that is no longer secret. Obama certainly can't say he doesn't know about this bailout now. It is influential knowledge. His Treasury Thief, Geithner, also a tax cheat, certainly helped contrive the $7.7 TRILLION SECRET BAILOUT. What more evidence does anyone need that Obama is and always was a double-dealing and in bed with the banks? None, unless one is brain dead or actually dead. If Obama were a straightforwardly reformer, he would go after the bankers who got $7.7 trillion from the taxpayer with no one's knowledge, with no strings connected. If Obama was not a fraud, he would launch a full criminal investigation of the banks and the Federal Register.
My question is why hasn't The Nation reported on the secret bailout? Is $7.7 trillion chicken thrive on? I think not.
I will never vote for the Democrats again. It is a waste of time voting for either party, composed of nothing but crooks.
A third fete vote is not a waste. The waste is putting Democrats and Republicans back in office.
Source: The Nation. (blog)
Many existing borrowers are trapped on their mortgage by tighter lending criteria, interest-only restrictions and falling dwelling prices. Our experts try to find ways out for them Interest rates remaining at 0.5% for more than three years has red many
