everyone agreed not to notice that Wall Street launders $300 billion in drug money every year

--
Hongpong.com

We've completely let the moneychangers take over a once-productive nation.

I like his statement that if Wall Street doesn't "buy" legislators, it at least "rents" them.

reads this with "Industrial Disease" playing in the background....

-5.75,-4.05
"We're all fucked. It helps to remember that." --George Carlin

Bear Stearns executives among 400 charged in US mortgage fraud
Posted: 20 June 2008 0237 hrs
AFP

WASHINGTON: Two former Bear Stearns hedge fund managers were indicted on Thursday, officials said as they unveiled charges against more than 400 people in a wide-ranging probe of mortgage abuses during the US housing boom.

In an indictment unsealed in New York, the former Bear Stearns executives, Ralph Cioffi and Matthew Tannin, were charged with conspiracy, securities fraud and wire fraud. Cioffi was also charged with insider trading.

According to the indictment, the two "marketed the two funds as a low-risk strategy, backed by a pool of debt securities such as mortgages" and "made misrepresentations to stave off investor withdrawal" as the funds neared collapse.

The funds collapsed in the summer of 2007 resulting in some 1.4 billion dollars in losses to investors and triggering widespread panic in financial markets about the global financial system.

Meanwhile the Department of Justice and the Federal Bureau of Investigation (FBI) said they had charged 406 people from March 1 to June 18 in a national probe called "Operation Malicious Mortgage" of a variety of schemes related to housing fraud.

Some 60 arrests were made in mortgage fraud-related cases on Wednesday, and the total number of cases was 144. The FBI estimates that the cases resulted in one billion dollars in losses.

"Operation Malicious Mortgage and the Bear Stearns case demonstrate that the Department of Justice is determined to detect and to punish mortgage fraud and to help restore stability and confidence in our housing and credit markets," said Deputy Attorney General Mark Filip.

more

while the fiat money changers rape the temple flock.