Article: A Massive Bank Fraud that Calls for Jail Terms

What the super-rich do not survive all that well is prison. A number of them have toddled off in that direction recently and it’s not been a pretty sight—all those trophy wives twisting their handkerchiefs and salivating to start a do-over at the Hampton place, spruce up Central Park West a bit. The rich and famous pull their time at Fed country clubs in warm climates, but a cell is still a cell.

Olender again-- The catastrophic consequences of bond investors forcing originators to buy back loans at face value are beyond the current media discussion. The loans at issue dwarf the capital available at the largest U.S. banks combined, and investor lawsuits would raise stunning liability sufficient to cause even the largest U.S. banks to fail, resulting in massive taxpayer-funded bailouts of Fannie and Freddie, and even FDIC.

. . . It is truly amazing that right now everyone in the country is deferring to Paulson and the heads of Countrywide, JPMorgan, Bank of America and others as the best group to work out a solution to this problem. No one is talking about the fact that these people created the problem and profited to the tune of hundreds of billions of dollars from it.

. . . The next time that Paulson is before the Senate Finance Committee, instead of asking, "How much money do you think we should give your banking buddies?" I'd like to see New York Sen. Chuck Schumer ask him what he knew about this staggering fraud at the time he was chief of Goldman Sachs.

This has been a Congress that has failed and failed and failed to hold anyone’s feet to the fire of responsibility in (or out) of government. Good luck with Chuck Schumer—one of the two deciding votes that allowed Mike Mukasey to be the man responsible for bringing charges.

There’s that word again , responsible.

Americans, swallowing the malarkey of the Fed and Treasury trying to work in the interests of homeowners, are going to find themselves picking up the tab. There are lots of tabs since George Bush came to be seated in the Oval Office—tabs for

trillions given away to the likes of Paulson and his buddies,
tabs for war profiteering,
for two unfunded wars and
for the privatization of government services along with
record deficit budgets.

The amazing truths that will finally be uncovered as this current generation is poked, prodded and forensically autopsied, will all be tales of trusting oblivion. Willingly, we trudged off into the blinding lights of consumerism, never asking why or where or how we were being led and by whom. If we end up broke and having to grow chickens and tend a garden to survive, there is not a single man or woman among us who will know how.

We will have lost it all and have only a confused look on our faces to show for it.
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