SHIT JUST GOT REAL
https://bankfraudandlandswindles.home.blog/de-central-intelligence-agency/
THE DIRTIEST BANKS ON EARTH https://youtu.be/YPgDtJtzqgk
Google YouTube FaceBook CENSORSHIP |
Trillions Looted and Off-Shored |
In reponse to Google YouTube & FaceBook CENSORSHIP of huge amounts of Our Sites We have chosen to DITCH Google as They, YourTube and FaceBook are engaged in TOTALITARIAN CENSORSHIP
GOOGLE backs the Clinton Bush CABAL ...... No Surprizes Here .......... There is a CIA Coup D'etat afoot to INSTALL Their Little Monsters FORMER CIA Commander and Theives the CLINTON / BUSH Cabal ........ It's Wake Up Time America ...... SEE ESPECIALLY THE GLOBAL FINANCIAL MONSTER FUELS THE CABAL The Burning of the Books Erasing History We Are Under Construction Be Patient The Mega Criminals of the Bush, Clinton CRIME MACHINE want the Internet Scrubbed of Their Crimes ....... Google and YouTube, FaceBook are BURNING THE BOOKS ..... Like Never Before In Human History THE WORLD IS BEING GAMED AND HUMANITY PLAYED The WORLD has been FINANCIALLY RAPED for TRILLIONS The CIA DOJ State Department and FBI are all GUILTY AS SIN. The Chinese and Russians NEVER HACKED The Vote ....... Obama Clinton Comey Lynch CIA NSA DOD DOJ Kerry and Company are ALL running DEEP COVER ........ Silent Weapons for Secret Wars ......... The SHADOW GOVERNMENT THE DEBAUCHERY OF THE OBAMA CLINTON BUSH PIZZA MESS ....... Yes Folks Splattered Civillians make Great PIZZA TOPPINGS ............ OBAMA & CLINTONS PIZZA FIXINS ....... http://www.thesleuthjournal.com/us-arms-sales-saudi-arabia-problem/ The BYU / CONTINENTAL ILLINOIS / ZIONS BANK MAFIA ........ The Hideaway Valley JOE SMITH MOB ....... Mittens Romney's HOOD ....... Imagine That ....... the fantastic amazing BYU Training of the LDS NSA Spy Center at Bluffdale ....... You can NOT Make This Stuff Up ....... Professor Stephen Jones ........ Imagine That Joe Smith and Zion and the US Treasury and David M. Kennedy / ZIONS BANK Charlie Foxtrot ......... WEAPONS ARE HOT ....... You are FREE TO ENGAGE ....... The World's Baddest of the Bad operate on DARK MONEY ....... Shedding light on these Vampires cuts off Their Rear and Dries Up Their Supply Lines ........ Vampires without DOUGH ...... Monsters that lack BREAD perish ....... LOL gee golly whiz IMAGINE THAT https://duckduckgo.com/?q=Churning+Daisy+Chains+Derivatives+Subprime+Oil+Futures+Land+Fraud+Bank+Looting&t=hs&ia=web Learning the Ropes from Swiss Bangksters is an ART FORM .......... Figuring out the Clinton Bush Foundation and the CIA's Military Financial Complex is JOB # 1. Just Saying LOSING MONEY allows it to VANISH All those Black Ops slush funds go OFFSHORE to Die HAHAHAHAHAHAHAHAHAHAHAHA https://duckduckgo.com/?q=Fed+Reserve+State+Department+Pentagon++Missing+Trillions&t=hs&ia=videos Printer-friendly versionSend to friendPaper: HOUSTON CHRONICLE Date: THU 03/23/1989 Section: Business Page: 4 Edition: 2 STAR Crime blamed for thrift crisis/Fraud, insider abuse the main culprits, GAO study finds Associated Press WASHINGTON - White-collar crimes, not poor economic conditions or deregulation, are the root cause of the savings and loan crisis, congressional auditors said Wednesday. The General Accounting Office told the House Judiciary Committee's criminal justice subcommittee that it had examined 26 insolvent thrift institutions in eight states and found evidence of fraud or abusive insider dealing in each. While the survey was skewed to S&Ls with the worst problems - the 26 thrifts represented 60 percent of losses sustained by the government's insurance fund from 1985 through 1987 - the pattern of fraud and abuse among all failed thrifts "clearly is pervasive," GAO officials said. The huge losses, estimated at $100 billion to $150 billion, will ultimately be passed to the nation's taxpayers and "did not come about primarily because of economic conditions or deregulation," Assistant GAO Comptroller General Frederick Wolf told the subcommittee. "The bulk of the losses are directly attributable to the failure by management of a minority of the industry to follow basic, prudent business practices, including the establishment of effective systems of internal control," Wolf said. Asked if that is a crime, Wolf said violation of fiduciary responsibilities to operate in a sound manner is clearly a criminal issue. The GAO said it found inadequate records and controls at all 26 of the failed thrifts it examined in detail, excessive loans to one borrower at 23 of them, conflicts of interest among officers or directors at 20 and excessive salaries and benefits at 17. The subcommittee's chairman, Rep. Charles E. Schumer, D-N.Y., complained that of the 11,000 S&L cases the Federal Home Loan Bank Board has referred to the Justice Department in the last two years for criminal prosecution, fewer than 200 have resulted in convictions. "Ten billion dollars would go a long way to housing the homeless, feeding the poor, educating the public, caring for the sick," Schumer said. "Instead it has been wasted on lavish parties, jets, real estate, travel and meals at the expense of taxpayers." ( Yeah like 550 Billion would do what 1,00s of times MORE - Judson Witham ) Attorney General Dick Thornburgh last month blamed fraud and insider abuses for 25 percent to 30 percent of the S&L failures. Industry regulators said they have found the crimes a "factor" in at least 70 percent of insolvent institutions. Of the 26 failed thrifts examined by the GAO, the Bank Board had referred 19 of them and allegations against 182 people to the Justice Department for suspected violations of criminal conspiracy, theft, fraud and embezzlement statutes. As of this month, Wolf said, 23 of those people had been convicted - at least 11 after pleading guilty - and 19 more were under indictment. Two people were acquitted in trials. Of those convicted, 15 were sentenced to prison, but the sentences "generally were suspended with probation," Wolfe said. The GAO did not name the 26 S&Ls it examined, saying some of them are still open, or the individuals who had been referred to the Justice Department for investigation. "We are prohibited by law from disclosing the names of open banks we review and, as a matter of long-standing policy, we treat thrifts in the same manner," Wolf said. He said the GAO also is "sensitive to the effect such disclosures could have on the government's effort to seek recoveries in civil suits or to prosecute alleged criminal acts." Message Those Funny Little DIRT ROAD CONS well Montgomery County Texas may want to explain a little more - Judson Witham judson witham wrote: The Continuing SAGA of MUD & MONEY - the Land Cons and Bank--S&L Lootings You Know Funny Thing Is CONROE , Houston and Dallas TEXAS resembles EXACTLY what went doen in FLIPPIN Arkansas In case anyone actually cares, I IN FACT litigated these matters in US Court in Houston and UNDER FEDERAL COURT ORDERS I obtained IN FACT exposed the Land Cons reported in the Houston Post and the Houston Chronicle and ABC, NBC, CBS, FOX and a host of other Radio Stations, TV Stations and many, many LOCAL NEWSPAPERS - Judson Witham (Crazy Like The FOX) UPDATES: Realty Times -- : https://realtytimes.com/rtcpages/20050301_titleco.htm How much real estate industry crime is costing consumers is not clear, but those costs are increasing rapidly as a fast growing number of industry outlaws seek to cash in on the quick run up in property values and prices. http://realtytimes.com/rtnews/nlpages/20050301_titleco.htm?opendocument&... Jud Witham wrote: That Little "DIRT ROAD" Land Con thing where these ASSHOLES Looted the S&Ls & BANKS is pretty interesting to !!! The ROSE LIEFIRM and those PESKY Land Title Questions, Plat Dedications anyone ? Another problem was that the thrift was in violation of the Interstate Land Sales Act, which required that the development be registered before any sales occurred. Sworn Testimony Of Jim Clarke " National Bank Examiner" How "DIRT ROAD SUBDIVISIONS" are used to ROB BANKS / S&Ls news Land owned by the Whitewater Development Corp. in Flippin, Ark. There are THOUSANDS of these DIRT ROAD CONS all over TEXAS and many other States. Judson Witham The Great Texas Bank Job have you seen that $ 550 Billion Lately ??? First a little background on " DIRT ROAD LAND CONS" http://www.pbs.org/wgbh/pages/frontline/shows/arkansas/castle/clarktesti... Where Can I get a SUB PRIME LOAN to retire in the Caribean On ??? The MUD and MONEY of Land Cons 101 : http://search.yahoo.com/search?p=Don+Bolles+Murder&yhdr_submit_button=We... http://search.yahoo.com/search?p=Don+Bolles+Murder&yhdr_submit_button=We... S&L's: Repeating the Past : http://rds.yahoo.com/_ylt=A0oGkxgnUUxHIHIBT31XNyoA;_ylu=X3oDMTE5c2VtcnNu... For example, more than 1,000 S&L insiders were convicted of felonies, and the ... fraud as the bubble expanded; these we could call "opportunistic control frauds. ... www.scu.edu/ethics/publications/ ethicalperspectives/fraud.html - 19k - Cached : http://rds.yahoo.com/_ylt=A0oGkxgnUUxHIHIBUH1XNyoA/SIG=186pa6d0s/EXP=119... http://www.thebostonchannel.com/consumer/8003031/detail.html In the EARLY 1980s myself and a very close friend were taken to RECORDING BOOTHS at the 515 Rusk offices of the FBI and we revealled how DIRT ROAD LAND DEVELOPMENTS "hundreds of them" all around CONROE, just minutes North of Houston were being used to LAUNDER MONEY from LAND FLIPS into POLITICAL CASH and SLUSH funds for POLITICAL CRONIES of many Publican and DEMONRAT politicos. see Resource Center || Search the IRE Publications Journal Database ... : http://rds.yahoo.com/_ylt=A0oGkkZQVExHeV8A_itXNyoA;_ylu=X3oDMTE5N29vcWI4... Daisy Chain" about the savings-and-loans debacle, as well as the "land flips" and "daisy chains" that occurred along with the crisis. ... ire.org/resourcecenter/ journal.php?action=search&...&method=unique - 18k - Cached : http://rds.yahoo.com/_ylt=A0oGkkZQVExHeV8A_ytXNyoA/SIG=1b8ol8nhm/EXP=119... Once Upon a Time in Arkansas : http://rds.yahoo.com/_ylt=A0oGkyE9U0xH.4ABBvNXNyoA;_ylu=X3oDMTE5c2VtcnNu... - Frontline Takes a look at the deals and relationships at the heart of the scandal. www.pbs.org/wgbh/pages/frontline/shows/arkansas - 10k - Cached : http://rds.yahoo.com/_ylt=A0oGkyE9U0xH.4ABB_NXNyoA/SIG=17jcmbgf1/EXP=119... The Castle Grande deal, like other transactions at the S&L, was essentially a sham deal -- a "pyramid scheme" intended to enrich institution insiders and bolster the institution's stated net worth. According to Clark http://www.pbs.org/wgbh/pages/frontline/shows/arkansas/castle/clarktesti... Madison was one of the three worst cases of insider dealing that heíd seen in his 20 years as an examiner. Clark also uncovered some additional transactions between Ward and McDougal, including an option agreement, suggesting that Ward would receive payments for his role in the Castle Grande deal. At the time, Clark was told by Madison officials that these transactions were not related to Castle Grande. But later, investigators with the Inspector General of the Federal Deposit Insurance Corporation, determined that the option agreement was indeed part of a concerted effort to further conceal Ward's role as a "straw man" in the sham Castle Grande deal. Road woes continue/Neighborhood battles county over upkeep : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1989_65... PAUL McKAY : Staff The problem goes a lot further than just this single subdivision." Pioneer Trails is probably one of the worst examples of an unrecorded subdivision," Winberry says. 09/24/1989 POTHOLES & PROMISES/Montgomery County's crumbling subdivisions/ Developers facing county crackdown : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff Montgomery County, in its crackdown on developers of unrecorded subdivisions, wants the mess cleaned up. In other words, I `poor-boyed' this subdivision. 06/23/1987 Advice for potential property buyers: Ask questions : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff If the subdivision next door is having a problem, that's a good indication your subdivision will too. This sometimes is a signal the subdivision is unrecorded and not up to county standards. 06/23/1987 Resident's crusading `fans fire'/Subdivision's critic outlines difficulties : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff It started six years ago with his myriad of complaints to developers and county officials about the unrecorded east county subdivision's drainage and roads. 06/22/1987 POTHOLES & PROMISES/Montgomery County's crumbling subdivisions/ Homeowners handle property woes : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff It has to be on which subdivisions are the worst. His property in the unrecorded Shepard's Landing subdivision off FM 2854 is not only in the flood plain, it's in the river bed. 06/21/1987 FBI Houston, was at that time OCCUPIED by pieces of RUBBISH like FORMER FBI TRASH John Connolly of the Boston, Bulger MAFIA. The DALLAS Postal Inspection Service did though BUST IT HARD !!! SEC Bank Fraud Wall Street Scandal Money Laundering FBI Texas Land ... : http://rds.yahoo.com/_ylt=A0oGkmCmUkxHRScANw5XNyoA;_ylu=X3oDMTE5ODAwdDlu... The Great Texas Bank Job was , Is and Always Will be a ... gone, along with the jobs of virtually all the bank's officers and managers and ... www.geocities.com/CapitolHill/ Parliament/5349 - 557k - Cached : http://rds.yahoo.com/_ylt=A0oGkmCmUkxHRScAOA5XNyoA/SIG=182aepups/EXP=119... John Connolly (FBI) : http://rds.yahoo.com/_ylt=A0oGkk3DT0xH_FUAp1RXNyoA;_ylu=X3oDMTE5aW10M2swBHNlYwNzcgRwb3MDNARjb2xvA3NrMQR2dGlkA0RGRDVfMTIyBGwDV1Mx/SIG=124ko1o3d/EXP=1196269891/**http%3a//en.wikipedia.org/wiki/John_Connolly_(FBI) - Wikipedia, the free encyclopediaJohn "Zip" Connolly is a former FBI agent, currently in federal prison for ... Living people | FBI agents | Corrupt FBI agents | United States crime ...Quick Links: External links : http://rds.yahoo.com/_ylt=A0oGkk3DT0xH_FUAqFRXNyoA/SIG=12t5qsu01/EXP=119... en.wikipedia.org/wiki/John_Connolly_ (FBI) - 16k - Cached : http://rds.yahoo.com/_ylt=A0oGkk3DT0xH_FUAqVRXNyoA/SIG=17t1q2332/EXP=119... In any event, the CLINTONIAN LAND CON the DIRT ROAD Whitewater and Castle Grande CONS there in Arkansas may be more recocnizable to lay persons. Suffice it to say DAIZY CHAINS of close CRONIES would simply FLIP these Illegal Subdivision Lots amongst themselves, EACH TIME FALSELY INFLATING the price and whalah - INSTANT MILLIONS for what Campaigns, Yachts, Woman and WEAPONS. You may look into Ollie North's IRAN CONTRA mess a little closer and oh yeah JACK ABRAMOFF and that Arkansas Governor's Mansion - You Know PIMP GATE there in Little Rock !! U.S. must pay $101.7 million to men framed by FBI - CNN.com... : http://rds.yahoo.com/_ylt=A0oGkjk8UExHPU0AmApXNyoA;_ylu=X3oDMTFhMDNvYWp2... murder they didn't commit after the FBI withheld evidence of their innocence. ... They argued that Boston FBI agents knew mob hitman Joseph "the Animal" Barboza ...www.cnn.com/2007/US/law/07/26/ wrongful.convictions.ap/index.html - 66k - Cached : http://rds.yahoo.com/_ylt=A0oGkjk8UExHPU0AmQpXNyoA/SIG=17ju5k6i4/EXP=119... FDIC: Criminal Activity Bibliography : http://rds.yahoo.com/_ylt=A0oGkkLDTkxHHDkBx_RXNyoA;_ylu=X3oDMTE5N29vcWI4... Gup, Benton, Bank Fraud: Exposing the Hidden Threat to Financial Institutions, ... Paul Muolo, Inside Job: The Looting of America's Savings and Loans, New ...www.fdic.gov/bank/historical/S&l/ slbib7.html - 14k - Cached : http://rds.yahoo.com/_ylt=A0oGkkLDTkxHHDkByPRXNyoA/SIG=1841rq3p6/EXP=119... Crime blamed for thrift crisis/Fraud, insider abuse the main culprits, GAO study finds : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1989_61... Associated Press Attorney General Dick Thornburgh last month blamed fraud and insider abuses for 25 percent to 30 percent of the S&L failures. 03/23/1989 Attention turns to shaky banks : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1989_66... JAMES FLANIGAN : Los Angeles Times Syndicate But failing to restrain the flow, in the S&L debacle, has proven to be political and economic poison. 11/18/1989 Failed S&Ls' losses staying lost in Texas/Federal recovery efforts fall far short : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1994_11... RICHARD KEIL : Associated Press Not a single RTC case against Texas S&L operators ever reached a jury. Questions remain about why so few S&L officials in Texas have been subpoenaed or found liable for thrift losses. 01/12/1994 Key figure in S&L case speaks out/McDougal asserts Clintons innocent : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1994_11... Associated Press McDougal owned Madison S&L and ran its real estate subsidiary, Madison Financial Corp. 01/09/1994 Villains, victims abound in S&L, bank crises : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1993_11... RICHARD H. HANNEMAN BCCI worked its way into the U.S. government in much the same way that the S&L industry did. 07/04/1993 No letup in S&L prosecutions/After a decade, Houston defendants getting day in court : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1992_10... JERRY URBAN : Staff The FBI declined to say how many agents are investigating S&L and bank fraud. 11/01/1992 Repeating The Past By William K. Black : http://www.utexas.edu/lbj/faculty/black.html Forgetting the mistakes of the past is bad, but we've done something far worse. This newest wave of corporate fraud occurred because we learned exactly the wrong lessons from our last wave, the savings & loan debacle. As Mark Twain warned, "It ain't what people don't know that hurts them, it's what they do know that ain't so." The S&L collapse was the largest financial scandal in U.S. history and cost taxpayers $150 billion, but the conventional economic wisdom about it is, even with the benefit of hindsight, 20:200. The best way to see this is to read a classic textbook, "The Economic Structure of Corporate Law," authored by Frank H. Easterbrook and Daniel R. Fischel. Here students are taught five myths about fraud: 1. Fraud is not a problem because the markets easily spot it. "A rule against fraud is not . . . an important ingredient of securities markets." 2. Only honest firms can get a clean opinion from a top auditor. "The accountant who certifies the books of many firms has a reputational interest . . . much greater than the gains to be made from slipshod or false certification of a particular firm." 3. CEOs who own stock in the firm will not defraud it. "If the firm does poorly, the managers lose with the other investors." 4. Highly leveraged firms are unlikely to be fraudulent. "Debt . . . forces the managers to pay out the profits, and if there are no profits, forces the firm into bankruptcy." 5. Regulation not only can't reduce fraud, it encourages fraud. The reality? 1. Massive frauds repeatedly fool the markets. 2. Every fraudulent S&L got a clean opinion from a top firm. 3. The worst S&L frauds were committed by owner/CEOs (these are known as "control frauds"). CEOs can loot millions while the firm fails, increasing their income and prestige. Insiders sell their shares before values collapse. 4. Debt creates pressures that induce fraud, and fraud staves off bankruptcy. 5. Fraud grows where rules and regulators are weak. For example, more than 1,000 S&L insiders were convicted of felonies, and the catastrophic failures were all control frauds. What do today's cases share with the S&L control frauds? They seem to understand that the way to loot a firm is with bad accounting, not by embezzling. You shop for an auditor who will bless your bad accounting. This perverts what is supposed to be an external control into your greatest ally. Fraud creates fictional income, which allows you to use normal corporate mechanisms such as bonuses and stock options, which you exercise and sell before the crash. Embezzlers are easy to convict, but it is very difficult to convict someone for receiving a bonus. Another understanding that the new and old frauds share is that a few politicians in the pocket can speed deregulation, which almost invariably makes accounting fraud easier and fends off the regulators. And all the CEOs involved share a similar personality: They are not brilliant but audacious. Enron set up scam partnerships that used "hedge accounting"—a notorious area of abuse—to create more than $1 billion of phony income while hiding the real losses. WorldCom's form of accounting fraud was pure audacity; no remotely competent auditor could have missed labeling $4 billion in expenses as "investments." Global Crossing swapped identical bandwidths with rival companies and both booked a gain. Imagine going to a department store and exchanging a medium shirt for a large at the same price. Now imagine that both you and the store claimed that this exchange created profit. That's what Global Crossing did. If it's any consolation, the S&Ls did something far worse. It was called "I'll trade you my dead horse for your dead cow." Both of our S&Ls paid $40 million to buy office buildings that were worth only $12 million. The regulators were demanding we each recognize a $28-million loss. We would buy each other's building for $50 million. Our real losses were instantly transmuted into fictional $10-million gains. Arthur Andersen played a prominent role in both scandals. At Enron, Andersen destroyed documents to cover up its culpability. But that was after Enron's collapse was public and it didn't hurt investors. At Lincoln Savings, Andersen created documents to make it look as if the S&L was following the law, giving cover to CEO Charles Keating to loot the company in what became the largest financial failure in U.S. history. Unfortunately, Andersen was not prosecuted though it paid scores of millions of dollars in damages. Enron bought national and state politicians wholesale and used its political leverage to bring about deregulation and force the chairman of the Federal Energy Regulatory Commission, Curtis Hebert, out of office when he wouldn't do Enron's bidding—Hebert has said this himself—and convince President George W. Bush to appoint Enron's choice as his replacement. Consider how large the list of prominent politicians is right now that is scrambling to return WorldCom's contributions. The newest control frauds were made possible by the greatest bull market in history during the second half of the 1990s, in which firms with no track record, no product and absurd valuations could raise funds in the equity markets and borrow from banks. This is the worst thing a bubble economy does: Investments are no longer made on the basis of fundamentals. Some CEOs were attracted by the chance to commit fraud as the bubble expanded; these we could call "opportunistic control frauds." More CEOs embraced fraud as a way to cover up their firm's failure when the bubble burst—"reactive control fraud." There are now dozens of investigations trying to sort out who did what to whom when. A new mentality took hold during the bubble. Cheating became rampant in the mid 1990s, and because it was the norm it was no longer seen as wrong. Indeed, it became seen by competing CEOs as clever. Many firms used this scam: Sell the product just before the end of the quarter and get the product back a week later as a return. This created phony profits for scores of Silicon Valley firms. The S&L scandal occurred during a time when real estate values in Texas were skyrocketing, even as vacancy rates were rising. This was a bubble: As real estate values shot up, the S&Ls created fictional income so they could pour even more real estate into a market that was already glutted; fundamentals had stopped driving investment decisions. Deregulation was a principal cause of the S&L debacle by making it easy to commit massive accounting fraud and grow rapidly. Deregulation of energy and telecommunications permitted the sales of energy and bandwidths that powered the Enron, WorldCom and Global Crossing frauds. Deregulation is made worse by "desupervision." If you don't vigorously enforce the rules, you create a fraud-friendly environment. The SEC does not have one-tenth the staff it needs to do its job, but its lack of leadership and will is even more disabling. There are two victims of fraud—the public and honest firms. Strong accounting regulation helps honest firms and makes markets more efficient. We need a new SEC chair committed to enforcement. President George W. Bush should stop opposing real accounting reform, remove the complacent regulators he put in place who have failed to protect the public, and prosecute the frauds. The rogue Democrats who blocked accounting reform under Clinton should not be re-elected. With both parties in thrall to the big auditors, it's hard to imagine real reform occurring. But this time, unlike in the S&L debacle, the crisis so severe that it is hammering the stock markets, causing the dollar to fall and threatening the entire economic recovery. The politicians can either back real reform or risk their re-election. William K. Black is an assistant professor at the LBJ School of Public Affairs, University of Texas at Austin. He was director of litigation for the Federal Home Loan Bank Board. He is also the visiting scholar at the Markkula Center for Applied Ethics 2002-03. This article originally appeared in Newsday on July 7, 2002. Criminal Activity Associated with S&L Failures Black, William, The Incidence and Cost of Fraud and Insider Abuse, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 13, 1993. Calavita, Kitty, Pontell, Henry N., and Tillman, Robert H. Big Money Game: Fraud and Politics in the Savings and Loan Crisis, Berkeley, Calif.: University of California Press, 1997. Ettleson, Sherry and Thomas Hilliard, Crime and Punishment in the S&L Industry: The Bush Administration's Anemic War on S&L Fraud, Washington, DC: Public Citizen's Congress Watch, 1990. Failed Thrifts: Internal Control Weaknesses Create an Environment Conducive to Fraud, Insider Abuse, and Related Unsafe Practices, Washington, DC: U.S. General Accounting Office, 1989. T-AFMD-90-4. Gup, Benton, Bank Fraud: Exposing the Hidden Threat to Financial Institutions, Rolling Meadows, IL: Bankers Publishing Co., 1990. Mayer, Martin, The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry, New York: Charles Scribner's Sons, 1990. O'Shea, James, The Daisy Chain: How Borrowed Billions Sank a Texas S&L, New York: Pocket Books, 1991. Pilzer, Paul Z. and Robert Deitz, Other People's Money: The Inside Story of the S&L Mess, New York: Simon and Schuster, 1989. Pizzo, Stephen, Fricker, Mary and Paul Muolo, Inside Job: The Looting of America's Savings and Loans, New York: McGraw-Hill Publishing Co., 1989. The U.S Government's War Against Fraud, Abuse, and Misconduct in Financial Institutions: Winning Some Battles but Losing the War: Twenty-Ninth Report, Washington, DC: U.S. House of Representatives. Committee on Government Operations, Committee Report 101-982, 1990. Whiteford, Taylor & Preston, Issues Regarding the Role of Fraud and Other Criminal Misconduct in Causing Failures in the Thrift Industry, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 14, 1993. Why S&L Crooks Have Failed to Pay Millions of Dollars in Court-Ordered Restitution: Nineteen Case Studies, Washington, DC: U.S. House of Representatives. Committee on Banking, Finance and Urban Affairs, Committee Print 102-11, 1992. "William Black Tackles the Savings and Loan Debacle," in Unsung Heroes: Federal Execucrats Making a Difference, pp. 22-63 by Norma M. Riccucci, Washington, DC, Georgetown University Press, 1995. Wilmsen, Steven K., Silverado: Neil Bush and the Savings and Loan Scandal, Washington, DC: National Press Books, 1991. |
The Oligarch's Cabal that have enabled the Clintons, Bushs , Obama , Reagan, Carter, Nixon, LBJ all run on FIAT SCRIP created endlessly since the MURDER of JFK and the Creation of the Federal Reserve. These corrupt Monsters have LEVERAGE THE ENTIRE WORLD with Phony Balony Money.
Charlie Foxtrot ......... WEAPONS ARE HOT ....... You are FREE TO ENGAGE ....... The World's Baddest of the Bad operate on DARK MONEY ....... Shedding light on these Vampires cuts off Their Rear and Dries Up Their Supply Lines ........ Vampires without DOUGH ...... Monsters that lack BREAD perish ....... LOL gee golly whiz IMAGINE THAT https://duckduckgo.com/?q=Churning+Daisy+Chains+Derivatives+Subprime+Oil+Futures+Land+Fraud+Bank+Looting&t=hs&ia=web Learning the Ropes from Swiss Bangksters is an ART FORM .......... Figuring out the Clinton Bush Foundation and the CIA's Military Financial Complex is JOB # 1. Just Saying LOSING MONEY allows it to VANISH All those Black Ops slush funds go OFFSHORE to Die HAHAHAHAHAHAHAHAHAHAHAHA https://duckduckgo.com/?q=Fed+Reserve+State+Department+Pentagon++Missing+Trillions&t=hs&ia=videos The Assault on Liberty is UNPRECEDENTED The REALITY of the Clintons call for Internet Censorship is that of the Bastard Mega Criminals that FINANCE THEM. THE VAST INTERNATIONAL BANKING AND REALTY SCHEMES ....... TRILLIONS HAVE BEEN LOOTED THE STATE FOUNDATION CLINTON DEPARTMENT Silent Weapons for Secret Wars The Obama Clinton Kerry Lynch Comey CIA Cover Up in Full Swing Down the MUTHA FKN Rabbit Hole ....... PIZZA DOUGH BREAD DOUGH Takes Lots of Bucks to run BLACK OP WARS ......... Ka Ching Kas Ching Ka Ching ...... ESPECIALLY THE ILLEGAL ONES ........ Clinton Bush Obama and Company's Unconstitutional Secret Wars TRILLIONS HAVE BEEN LOOTED THE DEBAUCHERY OF THE OBAMA CLINTON BUSH PIZZA MESS ....... Yes Folks Splattered Civillians make Great PIZZA TOPPINGS ............ OBAMA & CLINTONS PIZZA FIXINS ....... http://www.thesleuthjournal.com/us-arms-sales-saudi-arabia-problem/ The Entire World has been SUBVERTED by the Bush, Clinton, Rockefeller, Rothschild, BYU, LDS, Mormon, CIA Mafias. The Vatican and Jesuits have RAPED THE WORD ....... For the Love of Money THE ZION / PANAMA PAPERS ..... Can You Say BYU and the Salt Lake Temple Three Times Really Really Really Fast The Amazing Fantastic Story of ZIONS BANK and HSBC and the Jimmie Comey FBI / CIA Cabal with the Bushs and Clintons, Rockefellers and the Rothschilds https://americalooted.wordpress.com/ Printer-friendly versionSend to friendPaper: HOUSTON CHRONICLE Date: THU 03/23/1989 Section: Business Page: 4 Edition: 2 STAR Crime blamed for thrift crisis/Fraud, insider abuse the main culprits, GAO study finds Associated Press WASHINGTON - White-collar crimes, not poor economic conditions or deregulation, are the root cause of the savings and loan crisis, congressional auditors said Wednesday. The General Accounting Office told the House Judiciary Committee's criminal justice subcommittee that it had examined 26 insolvent thrift institutions in eight states and found evidence of fraud or abusive insider dealing in each. While the survey was skewed to S&Ls with the worst problems - the 26 thrifts represented 60 percent of losses sustained by the government's insurance fund from 1985 through 1987 - the pattern of fraud and abuse among all failed thrifts "clearly is pervasive," GAO officials said. The huge losses, estimated at $100 billion to $150 billion, will ultimately be passed to the nation's taxpayers and "did not come about primarily because of economic conditions or deregulation," Assistant GAO Comptroller General Frederick Wolf told the subcommittee. "The bulk of the losses are directly attributable to the failure by management of a minority of the industry to follow basic, prudent business practices, including the establishment of effective systems of internal control," Wolf said. Asked if that is a crime, Wolf said violation of fiduciary responsibilities to operate in a sound manner is clearly a criminal issue. The GAO said it found inadequate records and controls at all 26 of the failed thrifts it examined in detail, excessive loans to one borrower at 23 of them, conflicts of interest among officers or directors at 20 and excessive salaries and benefits at 17. The subcommittee's chairman, Rep. Charles E. Schumer, D-N.Y., complained that of the 11,000 S&L cases the Federal Home Loan Bank Board has referred to the Justice Department in the last two years for criminal prosecution, fewer than 200 have resulted in convictions. "Ten billion dollars would go a long way to housing the homeless, feeding the poor, educating the public, caring for the sick," Schumer said. "Instead it has been wasted on lavish parties, jets, real estate, travel and meals at the expense of taxpayers." ( Yeah like 550 Billion would do what 1,00s of times MORE - Judson Witham ) Attorney General Dick Thornburgh last month blamed fraud and insider abuses for 25 percent to 30 percent of the S&L failures. Industry regulators said they have found the crimes a "factor" in at least 70 percent of insolvent institutions. Of the 26 failed thrifts examined by the GAO, the Bank Board had referred 19 of them and allegations against 182 people to the Justice Department for suspected violations of criminal conspiracy, theft, fraud and embezzlement statutes. As of this month, Wolf said, 23 of those people had been convicted - at least 11 after pleading guilty - and 19 more were under indictment. Two people were acquitted in trials. Of those convicted, 15 were sentenced to prison, but the sentences "generally were suspended with probation," Wolfe said. The GAO did not name the 26 S&Ls it examined, saying some of them are still open, or the individuals who had been referred to the Justice Department for investigation. "We are prohibited by law from disclosing the names of open banks we review and, as a matter of long-standing policy, we treat thrifts in the same manner," Wolf said. He said the GAO also is "sensitive to the effect such disclosures could have on the government's effort to seek recoveries in civil suits or to prosecute alleged criminal acts." Message Those Funny Little DIRT ROAD CONS well Montgomery County Texas may want to explain a little more - Judson Witham judson witham wrote: The Continuing SAGA of MUD & MONEY - the Land Cons and Bank--S&L Lootings You Know Funny Thing Is CONROE , Houston and Dallas TEXAS resembles EXACTLY what went doen in FLIPPIN Arkansas In case anyone actually cares, I IN FACT litigated these matters in US Court in Houston and UNDER FEDERAL COURT ORDERS I obtained IN FACT exposed the Land Cons reported in the Houston Post and the Houston Chronicle and ABC, NBC, CBS, FOX and a host of other Radio Stations, TV Stations and many, many LOCAL NEWSPAPERS - Judson Witham (Crazy Like The FOX) UPDATES: Realty Times -- : https://realtytimes.com/rtcpages/20050301_titleco.htm How much real estate industry crime is costing consumers is not clear, but those costs are increasing rapidly as a fast growing number of industry outlaws seek to cash in on the quick run up in property values and prices. http://realtytimes.com/rtnews/nlpages/20050301_titleco.htm?opendocument&... Jud Witham wrote: That Little "DIRT ROAD" Land Con thing where these ASSHOLES Looted the S&Ls & BANKS is pretty interesting to !!! The ROSE LIEFIRM and those PESKY Land Title Questions, Plat Dedications anyone ? Another problem was that the thrift was in violation of the Interstate Land Sales Act, which required that the development be registered before any sales occurred. Sworn Testimony Of Jim Clarke " National Bank Examiner" How "DIRT ROAD SUBDIVISIONS" are used to ROB BANKS / S&Ls news Land owned by the Whitewater Development Corp. in Flippin, Ark. There are THOUSANDS of these DIRT ROAD CONS all over TEXAS and many other States. Judson Witham The Great Texas Bank Job have you seen that $ 550 Billion Lately ??? First a little background on " DIRT ROAD LAND CONS" http://www.pbs.org/wgbh/pages/frontline/shows/arkansas/castle/clarktesti... Where Can I get a SUB PRIME LOAN to retire in the Caribean On ??? The MUD and MONEY of Land Cons 101 : http://search.yahoo.com/search?p=Don+Bolles+Murder&yhdr_submit_button=We... http://search.yahoo.com/search?p=Don+Bolles+Murder&yhdr_submit_button=We... S&L's: Repeating the Past : http://rds.yahoo.com/_ylt=A0oGkxgnUUxHIHIBT31XNyoA;_ylu=X3oDMTE5c2VtcnNu... For example, more than 1,000 S&L insiders were convicted of felonies, and the ... fraud as the bubble expanded; these we could call "opportunistic control frauds. ... www.scu.edu/ethics/publications/ ethicalperspectives/fraud.html - 19k - Cached : http://rds.yahoo.com/_ylt=A0oGkxgnUUxHIHIBUH1XNyoA/SIG=186pa6d0s/EXP=119... http://www.thebostonchannel.com/consumer/8003031/detail.html In the EARLY 1980s myself and a very close friend were taken to RECORDING BOOTHS at the 515 Rusk offices of the FBI and we revealled how DIRT ROAD LAND DEVELOPMENTS "hundreds of them" all around CONROE, just minutes North of Houston were being used to LAUNDER MONEY from LAND FLIPS into POLITICAL CASH and SLUSH funds for POLITICAL CRONIES of many Publican and DEMONRAT politicos. see Resource Center || Search the IRE Publications Journal Database ... : http://rds.yahoo.com/_ylt=A0oGkkZQVExHeV8A_itXNyoA;_ylu=X3oDMTE5N29vcWI4... Daisy Chain" about the savings-and-loans debacle, as well as the "land flips" and "daisy chains" that occurred along with the crisis. ... ire.org/resourcecenter/ journal.php?action=search&...&method=unique - 18k - Cached : http://rds.yahoo.com/_ylt=A0oGkkZQVExHeV8A_ytXNyoA/SIG=1b8ol8nhm/EXP=119... Once Upon a Time in Arkansas : http://rds.yahoo.com/_ylt=A0oGkyE9U0xH.4ABBvNXNyoA;_ylu=X3oDMTE5c2VtcnNu... - Frontline Takes a look at the deals and relationships at the heart of the scandal. www.pbs.org/wgbh/pages/frontline/shows/arkansas - 10k - Cached : http://rds.yahoo.com/_ylt=A0oGkyE9U0xH.4ABB_NXNyoA/SIG=17jcmbgf1/EXP=119... The Castle Grande deal, like other transactions at the S&L, was essentially a sham deal -- a "pyramid scheme" intended to enrich institution insiders and bolster the institution's stated net worth. According to Clark http://www.pbs.org/wgbh/pages/frontline/shows/arkansas/castle/clarktesti... Madison was one of the three worst cases of insider dealing that heíd seen in his 20 years as an examiner. Clark also uncovered some additional transactions between Ward and McDougal, including an option agreement, suggesting that Ward would receive payments for his role in the Castle Grande deal. At the time, Clark was told by Madison officials that these transactions were not related to Castle Grande. But later, investigators with the Inspector General of the Federal Deposit Insurance Corporation, determined that the option agreement was indeed part of a concerted effort to further conceal Ward's role as a "straw man" in the sham Castle Grande deal. Road woes continue/Neighborhood battles county over upkeep : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1989_65... PAUL McKAY : Staff The problem goes a lot further than just this single subdivision." Pioneer Trails is probably one of the worst examples of an unrecorded subdivision," Winberry says. 09/24/1989 POTHOLES & PROMISES/Montgomery County's crumbling subdivisions/ Developers facing county crackdown : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff Montgomery County, in its crackdown on developers of unrecorded subdivisions, wants the mess cleaned up. In other words, I `poor-boyed' this subdivision. 06/23/1987 Advice for potential property buyers: Ask questions : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff If the subdivision next door is having a problem, that's a good indication your subdivision will too. This sometimes is a signal the subdivision is unrecorded and not up to county standards. 06/23/1987 Resident's crusading `fans fire'/Subdivision's critic outlines difficulties : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff It started six years ago with his myriad of complaints to developers and county officials about the unrecorded east county subdivision's drainage and roads. 06/22/1987 POTHOLES & PROMISES/Montgomery County's crumbling subdivisions/ Homeowners handle property woes : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1987_47... CATHY GORDON : Staff It has to be on which subdivisions are the worst. His property in the unrecorded Shepard's Landing subdivision off FM 2854 is not only in the flood plain, it's in the river bed. 06/21/1987 FBI Houston, was at that time OCCUPIED by pieces of RUBBISH like FORMER FBI TRASH John Connolly of the Boston, Bulger MAFIA. The DALLAS Postal Inspection Service did though BUST IT HARD !!! SEC Bank Fraud Wall Street Scandal Money Laundering FBI Texas Land ... : http://rds.yahoo.com/_ylt=A0oGkmCmUkxHRScANw5XNyoA;_ylu=X3oDMTE5ODAwdDlu... The Great Texas Bank Job was , Is and Always Will be a ... gone, along with the jobs of virtually all the bank's officers and managers and ... www.geocities.com/CapitolHill/ Parliament/5349 - 557k - Cached : http://rds.yahoo.com/_ylt=A0oGkmCmUkxHRScAOA5XNyoA/SIG=182aepups/EXP=119... John Connolly (FBI) : http://rds.yahoo.com/_ylt=A0oGkk3DT0xH_FUAp1RXNyoA;_ylu=X3oDMTE5aW10M2swBHNlYwNzcgRwb3MDNARjb2xvA3NrMQR2dGlkA0RGRDVfMTIyBGwDV1Mx/SIG=124ko1o3d/EXP=1196269891/**http%3a//en.wikipedia.org/wiki/John_Connolly_(FBI) - Wikipedia, the free encyclopediaJohn "Zip" Connolly is a former FBI agent, currently in federal prison for ... Living people | FBI agents | Corrupt FBI agents | United States crime ...Quick Links: External links : http://rds.yahoo.com/_ylt=A0oGkk3DT0xH_FUAqFRXNyoA/SIG=12t5qsu01/EXP=119... en.wikipedia.org/wiki/John_Connolly_ (FBI) - 16k - Cached : http://rds.yahoo.com/_ylt=A0oGkk3DT0xH_FUAqVRXNyoA/SIG=17t1q2332/EXP=119... In any event, the CLINTONIAN LAND CON the DIRT ROAD Whitewater and Castle Grande CONS there in Arkansas may be more recocnizable to lay persons. Suffice it to say DAIZY CHAINS of close CRONIES would simply FLIP these Illegal Subdivision Lots amongst themselves, EACH TIME FALSELY INFLATING the price and whalah - INSTANT MILLIONS for what Campaigns, Yachts, Woman and WEAPONS. You may look into Ollie North's IRAN CONTRA mess a little closer and oh yeah JACK ABRAMOFF and that Arkansas Governor's Mansion - You Know PIMP GATE there in Little Rock !! U.S. must pay $101.7 million to men framed by FBI - CNN.com... : http://rds.yahoo.com/_ylt=A0oGkjk8UExHPU0AmApXNyoA;_ylu=X3oDMTFhMDNvYWp2... murder they didn't commit after the FBI withheld evidence of their innocence. ... They argued that Boston FBI agents knew mob hitman Joseph "the Animal" Barboza ...www.cnn.com/2007/US/law/07/26/ wrongful.convictions.ap/index.html - 66k - Cached : http://rds.yahoo.com/_ylt=A0oGkjk8UExHPU0AmQpXNyoA/SIG=17ju5k6i4/EXP=119... FDIC: Criminal Activity Bibliography : http://rds.yahoo.com/_ylt=A0oGkkLDTkxHHDkBx_RXNyoA;_ylu=X3oDMTE5N29vcWI4... Gup, Benton, Bank Fraud: Exposing the Hidden Threat to Financial Institutions, ... Paul Muolo, Inside Job: The Looting of America's Savings and Loans, New ...www.fdic.gov/bank/historical/S&l/ slbib7.html - 14k - Cached : http://rds.yahoo.com/_ylt=A0oGkkLDTkxHHDkByPRXNyoA/SIG=1841rq3p6/EXP=119... Crime blamed for thrift crisis/Fraud, insider abuse the main culprits, GAO study finds : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1989_61... Associated Press Attorney General Dick Thornburgh last month blamed fraud and insider abuses for 25 percent to 30 percent of the S&L failures. 03/23/1989 Attention turns to shaky banks : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1989_66... JAMES FLANIGAN : Los Angeles Times Syndicate But failing to restrain the flow, in the S&L debacle, has proven to be political and economic poison. 11/18/1989 Failed S&Ls' losses staying lost in Texas/Federal recovery efforts fall far short : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1994_11... RICHARD KEIL : Associated Press Not a single RTC case against Texas S&L operators ever reached a jury. Questions remain about why so few S&L officials in Texas have been subpoenaed or found liable for thrift losses. 01/12/1994 Key figure in S&L case speaks out/McDougal asserts Clintons innocent : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1994_11... Associated Press McDougal owned Madison S&L and ran its real estate subsidiary, Madison Financial Corp. 01/09/1994 Villains, victims abound in S&L, bank crises : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1993_11... RICHARD H. HANNEMAN BCCI worked its way into the U.S. government in much the same way that the S&L industry did. 07/04/1993 No letup in S&L prosecutions/After a decade, Houston defendants getting day in court : http://search.chron.com/chronicle/openDocument.do?docRef=archive_1992_10... JERRY URBAN : Staff The FBI declined to say how many agents are investigating S&L and bank fraud. 11/01/1992 Repeating The Past By William K. Black : http://www.utexas.edu/lbj/faculty/black.html Forgetting the mistakes of the past is bad, but we've done something far worse. This newest wave of corporate fraud occurred because we learned exactly the wrong lessons from our last wave, the savings & loan debacle. As Mark Twain warned, "It ain't what people don't know that hurts them, it's what they do know that ain't so." The S&L collapse was the largest financial scandal in U.S. history and cost taxpayers $150 billion, but the conventional economic wisdom about it is, even with the benefit of hindsight, 20:200. The best way to see this is to read a classic textbook, "The Economic Structure of Corporate Law," authored by Frank H. Easterbrook and Daniel R. Fischel. Here students are taught five myths about fraud: 1. Fraud is not a problem because the markets easily spot it. "A rule against fraud is not . . . an important ingredient of securities markets." 2. Only honest firms can get a clean opinion from a top auditor. "The accountant who certifies the books of many firms has a reputational interest . . . much greater than the gains to be made from slipshod or false certification of a particular firm." 3. CEOs who own stock in the firm will not defraud it. "If the firm does poorly, the managers lose with the other investors." 4. Highly leveraged firms are unlikely to be fraudulent. "Debt . . . forces the managers to pay out the profits, and if there are no profits, forces the firm into bankruptcy." 5. Regulation not only can't reduce fraud, it encourages fraud. The reality? 1. Massive frauds repeatedly fool the markets. 2. Every fraudulent S&L got a clean opinion from a top firm. 3. The worst S&L frauds were committed by owner/CEOs (these are known as "control frauds"). CEOs can loot millions while the firm fails, increasing their income and prestige. Insiders sell their shares before values collapse. 4. Debt creates pressures that induce fraud, and fraud staves off bankruptcy. 5. Fraud grows where rules and regulators are weak. For example, more than 1,000 S&L insiders were convicted of felonies, and the catastrophic failures were all control frauds. What do today's cases share with the S&L control frauds? They seem to understand that the way to loot a firm is with bad accounting, not by embezzling. You shop for an auditor who will bless your bad accounting. This perverts what is supposed to be an external control into your greatest ally. Fraud creates fictional income, which allows you to use normal corporate mechanisms such as bonuses and stock options, which you exercise and sell before the crash. Embezzlers are easy to convict, but it is very difficult to convict someone for receiving a bonus. Another understanding that the new and old frauds share is that a few politicians in the pocket can speed deregulation, which almost invariably makes accounting fraud easier and fends off the regulators. And all the CEOs involved share a similar personality: They are not brilliant but audacious. Enron set up scam partnerships that used "hedge accounting"—a notorious area of abuse—to create more than $1 billion of phony income while hiding the real losses. WorldCom's form of accounting fraud was pure audacity; no remotely competent auditor could have missed labeling $4 billion in expenses as "investments." Global Crossing swapped identical bandwidths with rival companies and both booked a gain. Imagine going to a department store and exchanging a medium shirt for a large at the same price. Now imagine that both you and the store claimed that this exchange created profit. That's what Global Crossing did. If it's any consolation, the S&Ls did something far worse. It was called "I'll trade you my dead horse for your dead cow." Both of our S&Ls paid $40 million to buy office buildings that were worth only $12 million. The regulators were demanding we each recognize a $28-million loss. We would buy each other's building for $50 million. Our real losses were instantly transmuted into fictional $10-million gains. Arthur Andersen played a prominent role in both scandals. At Enron, Andersen destroyed documents to cover up its culpability. But that was after Enron's collapse was public and it didn't hurt investors. At Lincoln Savings, Andersen created documents to make it look as if the S&L was following the law, giving cover to CEO Charles Keating to loot the company in what became the largest financial failure in U.S. history. Unfortunately, Andersen was not prosecuted though it paid scores of millions of dollars in damages. Enron bought national and state politicians wholesale and used its political leverage to bring about deregulation and force the chairman of the Federal Energy Regulatory Commission, Curtis Hebert, out of office when he wouldn't do Enron's bidding—Hebert has said this himself—and convince President George W. Bush to appoint Enron's choice as his replacement. Consider how large the list of prominent politicians is right now that is scrambling to return WorldCom's contributions. The newest control frauds were made possible by the greatest bull market in history during the second half of the 1990s, in which firms with no track record, no product and absurd valuations could raise funds in the equity markets and borrow from banks. This is the worst thing a bubble economy does: Investments are no longer made on the basis of fundamentals. Some CEOs were attracted by the chance to commit fraud as the bubble expanded; these we could call "opportunistic control frauds." More CEOs embraced fraud as a way to cover up their firm's failure when the bubble burst—"reactive control fraud." There are now dozens of investigations trying to sort out who did what to whom when. A new mentality took hold during the bubble. Cheating became rampant in the mid 1990s, and because it was the norm it was no longer seen as wrong. Indeed, it became seen by competing CEOs as clever. Many firms used this scam: Sell the product just before the end of the quarter and get the product back a week later as a return. This created phony profits for scores of Silicon Valley firms. The S&L scandal occurred during a time when real estate values in Texas were skyrocketing, even as vacancy rates were rising. This was a bubble: As real estate values shot up, the S&Ls created fictional income so they could pour even more real estate into a market that was already glutted; fundamentals had stopped driving investment decisions. Deregulation was a principal cause of the S&L debacle by making it easy to commit massive accounting fraud and grow rapidly. Deregulation of energy and telecommunications permitted the sales of energy and bandwidths that powered the Enron, WorldCom and Global Crossing frauds. Deregulation is made worse by "desupervision." If you don't vigorously enforce the rules, you create a fraud-friendly environment. The SEC does not have one-tenth the staff it needs to do its job, but its lack of leadership and will is even more disabling. There are two victims of fraud—the public and honest firms. Strong accounting regulation helps honest firms and makes markets more efficient. We need a new SEC chair committed to enforcement. President George W. Bush should stop opposing real accounting reform, remove the complacent regulators he put in place who have failed to protect the public, and prosecute the frauds. The rogue Democrats who blocked accounting reform under Clinton should not be re-elected. With both parties in thrall to the big auditors, it's hard to imagine real reform occurring. But this time, unlike in the S&L debacle, the crisis so severe that it is hammering the stock markets, causing the dollar to fall and threatening the entire economic recovery. The politicians can either back real reform or risk their re-election. William K. Black is an assistant professor at the LBJ School of Public Affairs, University of Texas at Austin. He was director of litigation for the Federal Home Loan Bank Board. He is also the visiting scholar at the Markkula Center for Applied Ethics 2002-03. This article originally appeared in Newsday on July 7, 2002. Criminal Activity Associated with S&L Failures Black, William, The Incidence and Cost of Fraud and Insider Abuse, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 13, 1993. Calavita, Kitty, Pontell, Henry N., and Tillman, Robert H. Big Money Game: Fraud and Politics in the Savings and Loan Crisis, Berkeley, Calif.: University of California Press, 1997. Ettleson, Sherry and Thomas Hilliard, Crime and Punishment in the S&L Industry: The Bush Administration's Anemic War on S&L Fraud, Washington, DC: Public Citizen's Congress Watch, 1990. Failed Thrifts: Internal Control Weaknesses Create an Environment Conducive to Fraud, Insider Abuse, and Related Unsafe Practices, Washington, DC: U.S. General Accounting Office, 1989. T-AFMD-90-4. Gup, Benton, Bank Fraud: Exposing the Hidden Threat to Financial Institutions, Rolling Meadows, IL: Bankers Publishing Co., 1990. Mayer, Martin, The Greatest-Ever Bank Robbery: The Collapse of the Savings and Loan Industry, New York: Charles Scribner's Sons, 1990. O'Shea, James, The Daisy Chain: How Borrowed Billions Sank a Texas S&L, New York: Pocket Books, 1991. Pilzer, Paul Z. and Robert Deitz, Other People's Money: The Inside Story of the S&L Mess, New York: Simon and Schuster, 1989. Pizzo, Stephen, Fricker, Mary and Paul Muolo, Inside Job: The Looting of America's Savings and Loans, New York: McGraw-Hill Publishing Co., 1989. The U.S Government's War Against Fraud, Abuse, and Misconduct in Financial Institutions: Winning Some Battles but Losing the War: Twenty-Ninth Report, Washington, DC: U.S. House of Representatives. Committee on Government Operations, Committee Report 101-982, 1990. Whiteford, Taylor & Preston, Issues Regarding the Role of Fraud and Other Criminal Misconduct in Causing Failures in the Thrift Industry, Washington, DC: National Commission on Financial Institution Reform, Recovery and Enforcement, Staff Report No. 14, 1993. Why S&L Crooks Have Failed to Pay Millions of Dollars in Court-Ordered Restitution: Nineteen Case Studies, Washington, DC: U.S. House of Representatives. Committee on Banking, Finance and Urban Affairs, Committee Print 102-11, 1992. "William Black Tackles the Savings and Loan Debacle," in Unsung Heroes: Federal Execucrats Making a Difference, pp. 22-63 by Norma M. Riccucci, Washington, DC, Georgetown University Press, 1995. Wilmsen, Steven K., Silverado: Neil Bush and the Savings and Loan Scandal, Washington, DC: National Press Books, 1991. |
Fahrenheit 451 and 1984 the Silencing of the Whistleblowers is being driven by the Financial Oligarchs and Cabals that have... USING Fiat Quantitative Easing SCRIP ... these International Criminals have Leveraged the Entire World with IMAGINEERED Q&E Fake Fake Fake Money
Printed from Thin Air and Simply Key Stroked into Existence Q E Fiat Money
In the Days and Weeks ahead We will be RECREATING Our Net Presence. Google, Yahoo and FaceBook have essentially wiped out VAST amounts of Data ...... ERASING HISTORY to Whitewash and Cover Up the CRIME Spree of Clinton, Bush, LBJ, Nixon, Regan, Carter and Obama and many others that has been perpetrated for DECADES in America and around the World,
WE WERE ABLE TO RECOVER AND SAVE LOTS OF INFORMATION AND DATA GOOGLE AND YOUTUBE DESTROYED ......... Enjoy All The Information and Research The GREAT Global Bank Job .... Interesting Subject https://www.google.com/search?biw=1093&bih=530&ei=C6L8Wpr6GMTW5gLa57bABA&q=Land+Swindle+Predatory+Lending+Mortgage+Fraud+Bank+Looting&oq=Land+Swindle+Predatory+Lending+Mortgage+Fraud+Bank+Looting&gs_l=psy-ab.12...0.0.0.17072.0.0.0.0.0.0.0.0..0.0....0...1..64.psy-ab..0.0.0....0.Ls64TpU0i5w |
Look forward to many many terabytes of ACTUAL NEWS and EVIDENCE of this Crime Spree that has spanned the DECADES . We'll be back up and running SOON
NEW EMAIL COMING ShortlyHere's a PRIMER on Hillary and Bill's VILLAGE PEOPLE ......... Down in the Commune SEX WITH THE FED Please Share Your data and stories with Us [email protected] ........ I have COMPLETELY Repudiated GOOGLE and YouTube They are STAZI Asswipes The WORLD has been FINANCIALLY RAPED for TRILLIONS |