Obama Fraud Task Force Takes on the Big Banks

[Purveyor]

Source: Bloomberg

By Greg Farrell, Phil Mattingly and Karen Gullo - Aug 9, 2013

The criminal investigation of JPMorgan Chase & Co.’s mortgage-backed securities practice is evidence a U.S. Justice Department task force set up to investigate causes of the financial crisis is finally getting some traction against banks blamed for ruining the economy.

The probe, disclosed this week in the bank’s quarterly filing, is the latest enforcement effort to emerge from the Residential Mortgage Backed Securities Working Group. It was set up last year on orders of President Barack Obama to coordinate prosecutions of fraudulent underwriting activity by banks that contributed to the financial crisis.

The JPMorgan probe, which is also looking at possible civil violations, grew out of the working group’s efforts, said Lauren Horwood, a spokeswoman for U.S. Attorney Benjamin Wagner in Sacramento, who is leading the investigation and is a member of the group’s parent, the Financial Fraud Enforcement Task Force.

“Over the last year and a half, the RMBS Working Group members have been aggressively investigating multiple cases across the country and the public is only beginning to see the results,” Associate Attorney General Tony West, the No. 3 ranking official at the Justice Department, said in an e-mail.

Read more: http://www.bloomberg.com/news/2013-08-09/obame-fradu-task-force-takes-on-the-big-banks.html

[pkdu]

1. ..and the Obama can do nothing right crowd should appear in 3...2...1...

[AgingAmerican]

3. This is wonderful news, but...

I reserve the right to believe it when I see it.

[Liberal_Stalwart71]

21. And even when you see it, you'll find something else that he

just can't do right, well...because...

He didn't do it when YOU wanted him to. He still has 3 more years to go but people wanted him to act when THEY wanted him to. Didn't give him time and assumed that he wasn't doing anything. Of course, they didn't know for sure, but they like to assume anyway.

For this president, nothing is ever good enough and it'll never be good enough.

[AgingAmerican]

24. Wow

You have a bad case of wishful thinking. Either that or you are the worlds worst mind reader.

[Liberal_Stalwart71]

25. Nah, that would be the anti-Obama folks. They're always

reading the president's mind before he even has a chance to act...on anything!!

[AgingAmerican]

26. You missed what I said

I said, "I reserve the right to believe it when I see it."

Nothing about reading any minds in that.

Have a nice day!

[MarkLaw]

11. Petty fines, whoppty doo. 7 trillion from housing collapse, gone!

Quite transparently the fed targets the only ratings agency that downgraded the outlook of our financial stability. HMMMMM, counterproductive eh? Targeting honesty isn't exactly going to lead to progress, but then again targeting whistle blowers is nothing new

What about LIBOR RATE RIGGING. Rigging an 800 trillion dollar market! What did our government do about that???????? Very little indeed. Did he make sure American consumers were recompensed? Absolutely not.

Obama isn't incapable of doing anything right, more or less he is unwilling. He is the captain of a decaying empire. In order for him to put things "right" he would have to make himself and his family a target! He might have had high ideals, unfortunately, ideals mean nothing if your don't have the courage to act on them.

Many things that he didn't support, rightfully so, as a senator he supports as president.

[Amonester]

12. I love the man, model father, good intentions, awesome book & speech writer, et al, but...

gotta admit he's wwwwwaaaayyyy over his head in that job.... albeit, one I wouldn't want to ever just apply for, to begin with... albeit, he's doing it a gazillion times better than any mc$ame or rmoney.... but, gotta admit he's wwwwwwwwwwwaaaaaaaaaaaaaayyyyyyyyyyy over his head.

Still love him forever, though.

[JackRiddler]

14. Yeah yeah, let's see some indictments first.

Declarations that rainbows and sunshine are coming are easy. We've seen dozens of those in this regard - e.g., reports that Justice was going after the key enablers at the ratings agencies. Where are the indictments?

Let's see attempts to nail the architects and primary criminals of the 2007-8 crash.

[mucifer]

2. Here's hoping people who are responsible for so much suffering will spend

time in prison and not just some token $200,000 fine. Crossing my fingers.

[Fuddnik]

5. They're filing civil claims.

Banks reach a settlement, and it's a cost of doing business. No admission of guilt. They continue with their criminal behavior.

Nobody even goes to jail overnight.

Now, if they caught one of JP Morgans clerks stealing a candy bar......

[BlueToTheBone]

17. First line of the OP

"The criminal investigation of JPMorgan Chase & Co.’s mortgage-backed securities practice is evidence a U.S. Justice Department task force set up to investigate causes..."

[DainBramaged]

4. I bet the banks are shakin in their Berluti loafers

[laserhaas]

22. {:0)

[wordpix]

6. It's a good thing - if the banksters go to jail & banks must pay fines that hurt

Slap on the wrist fines for corporations and those who run them are BS

[Hydra]

7. Good, let's see some jailtime

Oh, wait...Larry Summers is being seriously considered. Banksters still in charge. Guess we'll see some small fines and noises instead.

[Fuddnik]

10. Just more half-assed measures and slaps on the wrist.

The bankers will still get their big salaries, and bonuses for a job well done.

[kelliekat44]

8. There must be something else Obama isn't doing...? There is just too much positive news and I,

for one, just refuse to take any more!

[JackRiddler]

15. Your standard for "positive," in fact for "news"...

is pretty easy to meet, it seems.

[sakabatou]

9. Better late than never

[PSPS]

13. Translation: It's time to give Holder his cut of the take, guys.

[Demeter]

16. I'll believe it when I see it (and not one minute before)

because I have hoped and believed before.

[blkmusclmachine]

18. Suuure it does ...

[Doctor_J]

19. From The Onion?

nothing is going to happen to these people. They committed their crimes years ago.This another one of the WH press releases to try to get people's minds off of the spying debacle.

[Ash_F]

20. Jail the Bankers, Fine the Banks

We can hope.

[laserhaas]

23. Promise, Placate and Pander

How does one get the POTUS to see the "real" things going on;
when so much babbling, banter B.S. of "we are doing our job" - is being shoveled.

Bain Capital engaged in Racketeering - No investigation, indictment and/or arrest.

Goldman Sachs involved in the same Racketeering.

Again, no investigation, indictment and/or arrest!

Connected to the Rothstein, Stanford, Palm Beach Links, Frank Vennes, Larry "Reservitz" Reynolds (one case that REALLY needs much more scruting), Lancelot, SkyBell, Marc Dreier, Tom Petters, Okun and Madoff mega, mega Billions in frauds

There's one guy and his many gangs connected to all of that.

-----------------------------------------------Mitt Romney's pal Paul Traub!

If you DARE to investigate his "Marked Hands Off File" - your career WILL change.

[Kingofalldems]

27. Good news for Democrats