Like Bernie, I can't name a CEO that could be subject to arrest… No investigations were

[Luminous Animal]

ever done on who knew what and when. It is not up to us to determine criminal charges and who should be charged; it is up to law enforcement to investigate and impose the appropriate charges.

Our government decided to sidestep justice. Rather, Obama, in 2009, set up the Financial Fraud Enforcement Task Force. I know that the task force sought CIVIL penalties against the institutions and not individuals working at those institutions who gave the green light to perpetrate fraud.

And we do know that the task force determined massive fraud had taken place and negotiated fines for such. And despite the blazing headlines of one bank and another paying millions to billions of dollars in fines, those fines were but a piddling compared to the banks' assets. (And, I believe, written off as a business expense.)

Civil penalties. Avoiding any chance of criminal charges being brought against anyone. Ever.

[Renew Deal]

1. DU's Stock Market Watch has a long list of convictions since 1/20/09

http://www.democraticunderground.com/111675076

Partial List of Financial Sector Officials Convicted since 1/20/09
2/2/12 David Higgs and Salmaan Siddiqui, Credit Suisse, plead guilty to conspiracy involving valuation of MBS
3/6/12 Allen Stanford, former Caribbean billionaire and general schmuck, convicted on 13 of 14 counts in $2.2B Ponzi scheme, faces 20+ years in prison
6/4/12 Matthew Kluger, lawyer, sentenced to 12 years in prison, along with co-conspirator stock trader Garrett Bauer (9 years) and co-conspirator Kenneth Robinson (not yet sentenced) for 17 year insider trading scheme.
6/14/12 Allen Stanford sentenced to 110 years without parole.
6/15/12 Rajat Gupta, former Goldman Sachs director, found guilty of insider trading. Could face a decade in prison when sentenced later this year.
6/22/12 Timothy S. Durham, 49, former CEO of Fair Financial Company, convicted of one count conspiracy to commit wire and securities fraud, 10 counts of wire fraud, and one count of securities fraud.
6/22/12 James F. Cochran, 56, former chairman of the board of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and six counts of wire fraud.
6/22/12 Rick D. Snow, 48, former CFO of Fair, convicted of one count of conspiracy to commit wire and securities fraud, one count of securities fraud, and three counts of wire fraud.
7/13/12 Russell Wassendorf Sr., CEO of collapsed brokerage firm Peregrine Financial Group Inc. arrested and charged with lying to regulators after admitting to authorities he embezzled "millions of dollars" and forged bank statements for "nearly twenty years."
8/22/12 Doug Whitman, Whitman Capital LLC hedge fund founder, convicted of insider trading following a trial in which he spent more than two days on the stand telling jurors he was innocent
10/26/12 UPDATE: Former Goldman Sachs director Rajat Gupta sentenced to two years in federal prison. He will, of course, appeal. . .
11/20/12 Hedge fund manager Matthew Martoma charged with insider trading at SAC Capital Advisors, and prosecutors are looking at Martoma's boss, Steven Cohen, for possible involvement.
02/14/13 Gilbert Lopez, former chief accounting officer of Stanford Financial Group, and former controller Mark Kuhrt sentenced to 20 yrs in prison for their roles in Allen Sanford's $7.2 billion Ponzi scheme.
03/29/13 Michael Sternberg, portfolio mgr at SAC Capital, arrested in NYC, charged with conspiracy and securities fraud. Pled not guilty and freed on $3m bail.
04/04/13 Matthew Marshall Taylor,fmr Goldman Sachs trader arrested, charged by CFTC w/defrauding his employer on $8BN futures bet "by intentionally concealing the true huge size, as well as the risk and potential profits or losses associated."
04/04/13 Matthew Taylor admits guilt, makes plea bargain. Sentencing set for 26 June; faces up to 20 years in prison but will likely only see 3-4 years. Says, "I am truly sorry."
04/11/13 Ex-KPMG LLP partner Scott London charged by federal prosecutors w/passing inside tips to a friend in exchange for cash, jewelry, and concert tickets; expected to plead guilty in May.
08/01/13 Fabrice Tourré convicted on six counts of security fraud, including "aiding and abetting" his former employer, Goldman Sachs
08/14/13 Javier Martin-Artajo and Julien Grout charged with wire fraud, falsifying records, and conspiracy in connection with JP Morgan's "London Whale" trade.
08/19/13 Phillip A. Falcone, manager of hedge fund Harbinger Capital Partners, agrees to admit to "wrongdoing" in market manipulation. Will banned from securities industry for 5 years and pay $18MM in disgorgement and fines.
09/16/13 Javier Martin-Artajo and Julien Grout officially indicted on charges associated with "London Whale" trade.
02/06/14 Matthew Martoma convicted of insider trading while at hedge fund SAC (Stephen A. Cohen) Capital Advisors. Expected sentence 7-10 years.
03/24/14 Annette Bongiorno, Bernard Madoff's secretary; Daniel Bonventre, director of operations for investments; JoAnn Crupi, an account manager; and Jerome O'Hara and George Perez, both computer programmers convicted of conspiracy to defraud clients, securities fraud, and falsifying the books and records.
05/19/14 Credit Suisse, which has an investment bank branch in NYC, agrees to plead guilty and pay appx. $2.6 billion penalties for helping wealthy Americans hide wealth and avoid taxes.
09/08/14 Matthew Martoma, convicted SAC trader, sentenced to 9 years in prison plus forfeiture of $9.3 million, including home and bank accounts
08/03/15 Former City (London) trader Tom Hayes found guilty of rigging global Libor interest rates. Each fo eight counts carries up to 10 yr. sentence.
08/21/15 Charles Antonucci Sr, former pres. Park Ave. Bank sentenced to 2.5 years in prison for bribery, fraud, embezzlement, and attempt to steal $11MM in TARP bailout funds, as well as $37.5MM fraud on OK insurance company. To pay $54MM in restitution and give up additional $11MM.
09/21/15 Volkswagen CEO Martin Winterkorn apologizes for VW cheating on air quality standards with emission testing avoidance device. Stock drops 20%, fines may total $18B.
09/22/15 Stewart Parnell, CEO Peanut Corp. of America, sentenced to 28 years in prison for selling salmonella-tainted peanut butter that killed nine.
12/17/15 Martin Shkreli, former CEO Turing Pharmaceuticals and notorious price gouger, arrested on securities fraud charges. Posted $5M bail, resigned as CEO.

[Luminous Animal]

2. I am referring specifically to institutional mortgage fraud. You know, that which brought down the world economy.

[jeff47]

3. K, now highlight which ones were actually involved in the mortgage fraud that

crashed the economy.

If you'd like to save some time, there aren't any in that list.

[Luminous Animal]

4. Sand in our eyes. The list includes Martin Shkreli. LOL.

[elmac]

5. Go see the movie The Big Short, I did last night

its an eye opener, even for those of us who know how slimy the fraud street banksters are.

[Luminous Animal]

6. It is a wonderful movie on so many levels. I saw it on New Years Day.

[Luminous Animal]

7. Kick.

[sonofspy777]

8. Bank of America pays Countrywide fine

“The Countrywide settlement exposes a widespread and longstanding industry practice,” National Consumer Law Center attorney Diane Thompson has been quoted as saying. “The settlement offers some real hope of reining in the worst abuses in bankruptcy court — by requiring Countrywide to verify the amount owed and make sure they are charging reasonable rates — and should help reaffirm what is, I believe, already the law: You can’t put people in foreclosure who aren’t in default, and you shouldn’t overcharge homeowners in default for bogus services.”

http://www.realestateproarticles.com/Art/17944/266/Bank-of-America-pays-Countrywide-fine.html

[geek tragedy]

10. Angelo Mozilo (Countrywide) and the crooks at Citigroup who falsely claimed their CDOs were money

good should be in jail.

Would there be enough evidence to convict--a showing beyond a reasonable doubt of specific intent to commit fraud? That's the problem.