General Discussion
In reply to the discussion: Eric Holder NEEDS to be fired, enough is enough [View all]AgingAmerican
(12,958 posts)They don't go on for years, finding nothing.
The Financial Crisis Commission recommended prosecutions. Nothing came of it.
The deregulation did not legalize what they were doing. The Bush administration regulatory agencies simply refused to enforce the laws.
What laws did they break? Are you kidding me? They committed mortgage backed security fraud. Bundled mortgages into multiple funds then sold them as single entities. Misrepresented the soundness of investments and pushed them onto investors. Foreclosed on houses they didn't own. Gave huge loans to people without checking their ability to pay. Created adjustable rate mortgages and caused the interest rate to jump to predatory levels. Putting together financial packages designed to fail, then betting against them while selling them to investors. Robo signing foreclosures.
And on, and on, and on