Crimes suspected in 20 bailout cases -- for starters

[Fireweed247]

Reporting from Washington and Los Angeles -- In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes.

The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program....

The report said little about who is under investigation and how the fraudulent schemes work, but investigators are already on alert for a long list of potential scams. Such schemes could include obtaining bailout money under false pretenses, bilking the government with phony mortgage modifications, and cheating on taxes with fraudulent filings.

"You don't need an entirely corrupt institution to pull one of these schemes off," Barofsky said. "You only need a few corrupt managers whose compensation may be tied to the performance of these assets in order to effectively pull off a collusion or a kickback scheme."

http://www.latimes.com/news/nationworld/nation/la-na-tarp-fraud21-2009apr21,0,2443377.story?track=rss

[KharmaTrain]

1. Remember Who Was Running That Bailout

Hank Paulsen and his buddy Neil KashandKarry...and in full panic mode. When the crisis hit full stride last September, his only objective was to keep the economy from totally tanking before the elections...parially to help McCain, mostly to give his boss, boooshie...the final fleece of the treasury before they all headed for the exits.

Keith Olbermann has long called this scandal "how daddy went to jail"...and Paulsen's bailouts will get a lot of scrutiny as he looked the other way as Wall Street fumbled to cover up their tracks while still stuffing their pockets.

We're already seeing state AGs digging into the books and the list of civil suits by stockholders and investors continue to grow. Remember, it took 25 years of gaming the system for it to collapse, it's gonna take a while to sort out this mess since it was so systemtic.

[90-percent]

2. Keith sez

This is the groundbreaking April 10 Bill Moyers with author William T. Black:

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=292268&mesg_id=292268

As Keith Olbermann repeatedly says when covering bailout news;

"Mark my words, today they call it a bailout; tomorrow they'll call it; why daddy had to go to jail."

Can't be soon enough for this DU'er!

-90% jimmy

PS - you scooped me, Kharma. I use that Keith quote all the time. It's brilliant!

[Fireweed247]

3. I would really love to believe the theory that Obama is playing chess

because it sure looks like he gave them the rope to hang themselves.

[Fireweed247]

4. kick

:kick: