Failed TARP Bank’s Shabudin, Yu Plead Not Guilty in Fraud Case

[chill_wind]

Was watching for this pleading today: This was a TARP bank. NO Tarp funds were repaid. This is a case with both criminal and separate SEC charges.

Failed Bank’s Shabudin, Yu Plead Not Guilty in Fraud Case
October 20, 2011, 2:46 PM EDT
Karen Gullo and Pamela MacLean

(see intro and background)

The bank failed in November of that year and was taken over by the government, which has paid out $397 million. The failure has cost the Federal Deposit Insurance Corp.’s insurance fund $2.5 billion, the SEC said in its complaint. No TARP funds have been repaid.

United Commercial was one of the 10 biggest bank failures to result from the 2008 credit crisis, the SEC said.

Shabudin and Yu were released today after the judge ordered them each to post a $500,000 property bond. The next court hearing is scheduled for Nov. 4.

The criminal case is U.S. v Shabudin, 3:11-cr-00664, U.S. District Court, Northern District of California (San Francisco). The SEC case is Securities and Exchange Commission v. Wu, 4:11- cv-04988, U.S. District Court, Northern District of California (Oakland).

http://www.businessweek.com/news/2011-10-20/failed-bank-s-shabudin-yu-plead-not-guilty-in-fraud-case.html


Banks got bailed out. We got sold out. This is just more of what OWS is talking about.

(bold mine)

[gratuitous]

1. A hearing? And presentation of evidence? WTF is this shit?

Can't we just all agree that they're bad, bad persons, and put a bullet in their heads? Then the president can moonwalk to the podium and everyone can celebrate some more. Gah, this court stuff just takes sooooo long!

[chill_wind]

2. A few billion here, a few billion there

and a few trillion elsewhere:

http://www.prwatch.org/news/2011/08/10924/money-still-owed-federal-bailout-15-trillion-still-owed-treasury-federal-reserve

pretty soon it all adds up to real money.

DU props:

Florida Bank, Used as ATM by Insiders, Won TARP Loan But Now Teeters
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x5032056

[chill_wind]

3. k