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Mortgage News Daily combines the expertise of some of the housing industry's leading minds with the power of social media to offer an always lively, constantly evolving web community. MND communicates breaking news, streams video, and provides expert opinion and commentary to a community of interested market professionals and curious consumers.Administration Announces Financial Fraud Unit
Corporations and individuals doing business in financial marketplaces will
be subject to increased scrutiny by a new task force on financial fraud
announced on Tuesday.
Attorney General Eric Holder revealed creation of the interagency group to
crack down on financial fraud at a press conference on Tuesday. The task force has been charged with
investigating and prosecuting financial crimes connected to the recent
financial crisis and with taking steps to stop fraud on an ongoing basis. The
initiative was created under an executive order signed by President Barack
Obama.
Holder stated, "The Task Force is designed to strengthen our collective
efforts -- in conjunction with our federal, state, and local partners -- to
investigate and prosecute significant financial crimes relating to the current
financial crisis; to recover ill-gotten gains; and to ensure just and effective
punishment for those who perpetrate financial crimes.
"We face unprecedented challenges in responding to the financial crisis that
has gripped our economy for the past year. Mortgage, securities, and corporate
fraud schemes have eroded the public's confidence in the nation's financial
markets and have led to a growing sentiment that Wall Street does not play by
the same rules as Main Street. Unscrupulous executives, Ponzi scheme operators,
and common criminals alike have targeted the pocketbooks and retirement
accounts of middle class Americans, and in many cases, devastated entire
families' futures."
Holder said that the task force will go beyond holding accountable those involved
in the mortgage and credit crises but will work to prevent another meltdown
from happening. He said the administration wants to send a message to anyone
looking to profit by harming others that, "We will investigate you, we will
prosecute you, and we will incarcerate you."
The task force will be chaired by AG Holder and will include representatives
of the Departments of Justice, Housing and Urban Development and the Securities
and Exchange Commission.
Creating the task force or taking some other similar action was virtually a
necessity for the administration in the face of growing public anger over the
types of financial malfeasance alluded to by Holder in his statement. The public has been increasingly outspoken in
its anger about such scandals as the one in which Bernie Madoff bilked thousands
of people out of billions of dollars. He
operated virtually unchecked for many years while those who were supposed to be
regulating his operations were oblivious to obvious signs of his criminal
activity. Madoff, at least, is in prison, serving a 150 year sentence. What have provoked even more public outrage
has been the seemingly bullet-proof executives of banks and mortgage companies who
have taken cost the taxpayers billions while, thus far, escaping any consequences
of their reckless or possibly criminal activities.
In reality the government has not been ignoring these situations. The FBI, the Securities and Exchange Commission
and many states' attorneys general have been investigating hundreds of different
possible financial crimes. Holder
referenced these investigations during the press conference and said he expects
many prosecutions will be announced.
Also speaking at the press conference was Treasury Secretary Tim Geithner
who stressed the necessity not only to prosecute crimes that have happened, but
to spot and stop new trends in financial activity and products with the
potential to negatively impact individuals and the economy as a whole.
"We can't wait for problems to peak before we respond," Geithner
said in a statement. "We're seeking a comprehensive financial reform to
create a more stable, safe financial system and stepping up our enforcement
strategy."
HUD PRESS RELEASE
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This email was sent to you by:
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Mortgage News Daily
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Anonymous Anonymous |
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Message:
YOUR MESSAGE HERE
Administration Announces Financial Fraud Unit
Corporations and individuals doing business in financial marketplaces will
be subject to increased scrutiny by a new task force on financial fraud
announced on Tuesday.
Attorney General Eric Holder revealed creation of the interagency group to
crack down on financial fraud at a press conference on Tuesday. The task force has been charged with
investigating and prosecuting financial crimes connected to the recent
financial crisis and with taking steps to stop fraud on an ongoing basis. The
initiative was created under an executive order signed by President Barack
Obama.
Holder stated, "The Task Force is designed to strengthen our collective
efforts -- in conjunction with our federal, state, and local partners -- to
investigate and prosecute significant financial crimes relating to the current
financial crisis; to recover ill-gotten gains; and to ensure just and effective
punishment for those who perpetrate financial crimes.
"We face unprecedented challenges in responding to the financial crisis that
has gripped our economy for the past year. Mortgage, securities, and corporate
fraud schemes have eroded the public's confidence in the nation's financial
markets and have led to a growing sentiment that Wall Street does not play by
the same rules as Main Street. Unscrupulous executives, Ponzi scheme operators,
and common criminals alike have targeted the pocketbooks and retirement
accounts of middle class Americans, and in many cases, devastated entire
families' futures."
Holder said that the task force will go beyond holding accountable those involved
in the mortgage and credit crises but will work to prevent another meltdown
from happening. He said the administration wants to send a message to anyone
looking to profit by harming others that, "We will investigate you, we will
prosecute you, and we will incarcerate you."
The task force will be chaired by AG Holder and will include representatives
of the Departments of Justice, Housing and Urban Development and the Securities
and Exchange Commission.
Creating the task force or taking some other similar action was virtually a
necessity for the administration in the face of growing public anger over the
types of financial malfeasance alluded to by Holder in his statement. The public has been increasingly outspoken in
its anger about such scandals as the one in which Bernie Madoff bilked thousands
of people out of billions of dollars. He
operated virtually unchecked for many years while those who were supposed to be
regulating his operations were oblivious to obvious signs of his criminal
activity. Madoff, at least, is in prison, serving a 150 year sentence. What have provoked even more public outrage
has been the seemingly bullet-proof executives of banks and mortgage companies who
have taken cost the taxpayers billions while, thus far, escaping any consequences
of their reckless or possibly criminal activities.
In reality the government has not been ignoring these situations. The FBI, the Securities and Exchange Commission
and many states' attorneys general have been investigating hundreds of different
possible financial crimes. Holder
referenced these investigations during the press conference and said he expects
many prosecutions will be announced.
Also speaking at the press conference was Treasury Secretary Tim Geithner
who stressed the necessity not only to prosecute crimes that have happened, but
to spot and stop new trends in financial activity and products with the
potential to negatively impact individuals and the economy as a whole.
"We can't wait for problems to peak before we respond," Geithner
said in a statement. "We're seeking a comprehensive financial reform to
create a more stable, safe financial system and stepping up our enforcement
strategy."
HUD PRESS RELEASE
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