See, so easy:
No Jail for Economic Crisis May Mean No Crime: Roger Lowenstein
Thank you for clearing that up, Roger.
Also, if you are acquitted of a crime, that means that you are innocent. Right, OJ?
The seeming intent — to mislead investors — was dishonest, and the tactic raised concerns within Lehman at the time. To prosecute it criminally, however, you would need to show willful intent to defraud, which is difficult.
Yes, why pursue something if its difficult. Let it be said that America’s top cops loathe hard-work. Or as Matt Taibbi says in “People v. Goldman Sachs“:
This is America: Corporate stealing is practically the national pastime, and Goldman Sachs is far from the only company to get away with doing it. But the prominence of this bank and the high-profile nature of its confrontation with a powerful Senate committee makes this a political story as well. If the Justice Department fails to give the American people a chance to judge this case — if Goldman skates without so much as a trial — it will confirm once and for all the embarrassing truth: that the law in America is subjective, and crime is defined not by what you did, but by who you are.
Well, there is this:
Will New York’s Attorney General Finally Nail the Banks?
judging by news reports on Tuesday, the New York AG is hoping to be the first law enforcement official to hold the big banks accountable for the subprime mortgage crisis — starting with Bank of America, Goldman Sachs, and Morgan Stanley.
Will it be a dog & pony show or will the NY AG actually “work hard” the way Roger Lowenstein thinks they need to? And lookie here:
Shahien Nasirpour at Huffington Post has broken a story that HUD’s Inspector General has conducted an audit of FHA-insured loan foreclosures by the big 5 servicers (BoA, JPM, Wells, Citi, Ally) and concluded that they have been defrauding the government by filing for FHA insurance payments to cover losses “on foreclosed homes that sold for less than the outstanding loan balance using defective and faulty documents.” Shahien reports that the HUD IG has referred the matter to the Department of Justice for potential False Claims Act (defrauding the government) suit.
Jiminy. More hard work! The converse property of Sir Roger: a crime must have been perpetrated if someone is accusing you of something. Guilty!
