Corporate fraud run amok: FBI investigating over 500 cases

[kpete]

Source: Raw Story

Corporate fraud run amok: FBI investigating over 500 cases
The Associated Press
Published: Wednesday February 11, 2009


By DEVLIN BARRETT

WASHINGTON — The FBI is conducting more than 500 investigations of corporate fraud amid the financial meltdown, FBI Deputy Director John Pistole told the Senate Judiciary Committee on Wednesday, and there is an even bigger mountain of mortgage fraud cases in which hundreds of millions of dollars may have been swindled from the system.

Pistole says there are 530 active corporate fraud investigations, and 38 of them involve corporate fraud and financial institution matters directly related to the economic crisis.

Additionally, the FBI has more than 1,800 mortgage fraud investigations, more than double the number of such cases just two years ago.

There are so many mortgage fraud cases, he said, that the bureau is not focusing on individual purchasers, but industry professionals generating fraud schemes that could total as much as hundreds of millions of dollars.

"It is a matter of lawyers, brokers or real estate professionals that are systematically trying to defraud the system," Pistole said.

Read more: http://rawstory.com/news/2008/Corporate_fraud_run_amok_FBI_investigating_0211.html

[baldguy]

1. What do you expect? We've had the fox guarding then hen house for the last eight years.

We're going to be finding out shit like this for a long time to come.

[liberalmuse]

2. Gandhi was right.

Fuck corporations. We need to do away with them and bring back the family-owned farms and small, privately owned businesses. Oh, and most of all, we need to do away with greed and find a way to be happy with just basic material needs being met.

[BR_Parkway]

5. Always felt that almost no company should get bigger than where the

owner/president didn't know every employee there by name and who made up that employee's family.

When you announce cut backs or outsourcing based on numbers and statistics, there aren't people represented very well in those decisions.

When you're talking about laying off Sally's dad, there's a whole different focus in your thinking (especially when Sally and your daughter are in the same classroom)

Equally important, Sally's dad is less likely to cheat you or steal materials from you and much more willing to put out the best quality work that he can when the relationship is that close.

What ails America more so than greed right now is scale. Greed is just a natural outcropping of things being massively over scaled.

[MadMaddie]

6. I am with you

It seems that when it's all about stockholders everything else goes out of the window.

I thinking family owned and small busineses are the way to go.

[louis-t]

3. This is the legacy of free market, no accountability,

industries will police themselves, deregulatory, trickle-down mentality.

[glitch]

4. Are they hiring? K & R for good news that the rule of law is returning to the USA. nt

[earth mom]

7. Meanwhile they are still selling Wall Street and "investments" to the public.

Look no further than all the investment shit that is peddled on a daily basis on t.v!

Corporate America is nothing more than a bunch of fucking crooks! :grr:

Don't believe me? Check out this thread:
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5017234

[Blue_Tires]

8. probably a lot of criminal cases yet to be discovered

corps have been allowed to get away with murder for years, and all the government has done in return is give them a wink and a nod