Good find Diane, adds to the mounting rhetoric I am seeing across the media and the government about these issues, I think there is momentum building here in this mid-term election year, and the public is NOT happy with this mess. And it might be that this would be simply lip-service, if it were not for the fact that the DOJ is busy investigating these shylocks. Coincidence that the DOJ starts an investigation into Moody's a couple months ago and now HOLY COW, GET OUT OF THE WAY, WE GOT TO ESTABLISH AN EQUITY COMMITTEE FOR THOSE WAMU SHAREHOLDERS NOW!?
I'm thinking there will be an orc's hide or two nailed to the barn wall before it's over with.
Holder details focus of financial-fraud task force
By Greg Morcroft, MarketWatch
NEW YORK (MarketWatch) -- U.S. Attorney General Eric Holder said Friday that the newly mandated interagency Financial Fraud Enforcement Task Force will focus on rooting out four specific areas of financial crime, ranging from simple mortgage fraud to complicated scams designed to steal money from the government-stimulus programs.
"In establishing the new entity, President Obama recognized that mortgage-, securities- and corporate-fraud schemes have eroded public confidence -- both at home and abroad -- in the strength and integrity of America's markets." Holder remarked in a speech in Palm Beach, Fla., at a meeting of the Forum Club of the Palm Beaches. One Year On, Lessons From the Satyam Scandal
On the one-year anniversary of the Satyam scandal in India, personal finance reporter Shefali Anand talks to WSJ's Anirban Roy about the rights of individual shareholders in the event of a fraud and lessons learned.
"These crimes have only added to the challenges we face in overcoming the financial crisis that has gripped our economy for the past two years. And they have led to a growing sentiment that Wall Street does not play by the same rules as Main Street," he added. The remarks come a few weeks after Obama raised some eyebrows by referring to "fat-cat" bankers in taking financial-industry executives to task for the recent credit and market crises. "These crimes have devastated and driven away many who were once willing to invest in our economy. They've robbed people of their homes and their economic security," Holder said.
Geithner is going to have a busy month between the Financial Crisis Inquiry Commission and the Congressional grilling he'll be getting on 1/18 over the funneling of money through AIG to investment banks!!
I hope this Commission starts getting to the core of the cause for the financial debacle ... since it was fueled by the greed of these banks & investment firms being grilled. Dimon threw an extra load of gas on that fire with his part in the WAMU demise.
I sure hope we have the "right" people asking the questions. As discussed before, I'd hate to see one of the financial "good ole boys" doing the questioning!! Let's hope it's someone out to make a name for themselves.
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