Friday, January 30, 2009

Bush's Last Heist: the Meltdown and Bailout Frauds

by Damien
Long time 'existentialist' Damien files the following report confirming that the 'finanicial meltdowns' and subsequent bailouts are deliberate frauds, scams on a global scale. Damien picks up the story...
From the SeattlePI.Com via Market Ticker:
The FBI was aware for years of "pervasive and growing" fraud in the mortgage industry that eventually contributed to America's financial meltdown, but did not take definitive action to stop it.

"It is clear that we had good intelligence on the mortgage-fraud schemes, the corrupt attorneys, the corrupt appraisers, the insider schemes," said a recently retired, high FBI official. Another retired top FBI official confirmed that such intelligence went back to 2002.

The problem, according to the two FBI retirees and several other current and former bureau colleagues, is that the bureau was stretched so thin that no one noticed when those lenders began packaging bad mortgages into bad securities.

Both retired FBI officials asserted that the Bush administration was thoroughly briefed on the mortgage fraud crisis and its potential to cascade out of control with devastating financial consequences, but made the decision not to give back to the FBI the agents it needed to address the problem.
After the terrorist attacks of 2001, about 2,400 agents were reassigned to counter terrorism duties.

In Oct 2008 Mr Lynn Turner, former chief accountant of the SEC, gave evidence to the US House Oversight Committee investigating the collapse of insurance giant AIG. He testified that the SEC Office of Risk Management, which had oversight responsibility of all US securities, including swaps, had been progressively cut by the Bush administration from 146 personnel.

By Feb 2008 only one person was left for assessing corporate financial risk management for the entire US securities market!

Here's Rep. Peter Welch (D-VT) questioning Lynn Turner:
Welch: "You said that the SEC office of risk management was reduced to a staff. Did you say, of one?"

Turner: "Yeah, when that gentleman would go home at night he could turn the lights out in February of this year. We had just gotten down to one person at the SEC responsible for identifying the risks at all the institutions".

Welch: "So that included the $62 trillion dollar credit default swap?"

Turner: "That's correct."
The Bush regime is a crime syndicate! It's that simple.

It's a wonderful life

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