• Archives

  • Blog Stats

    • 667,011 hits
  • Categories

Bank Exec Gets 8 Years in Prison: How is this different from the big banks?

A bank executive blamed for the first failure of a bank that received funds from the Troubled Asset Relief Program (TARP) has just been sentenced to 8 years in prison. I agree with Neil Garfield that he is just the fall guy for several hundred other people that did the same thing. This guy got hammered because he was not politically connected enough or did not have enough money to hire the best lawyers.

Livinglies's Weblog

The Neil Garfield Show will return next Thursday, 6pm EDT.

===========================================

The problem I have here is not that this guy went to jail, but rather that he was doing the same thing that the other banks were doing, in one form or another. It looks like he is thrown under the bus in place of several hundred people who deserve the same fate. Taking the money from investors under false pretenses and then keeping a substantial chunk of it as trading profits seems to be right in line with what this guy did. Making false claims about losses and taking bailout money to cover those losses sounds pretty much like this case as well. False entries and fabrications are the stock and trade of every bank that is trying to foreclose on loans that a e subject to claims of securitization. And THAT is why I am a proponent…

View original post 250 more words

Advertisements

What is your opinion?

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: