Massive corruption in the government led to this financial crisis
Posted on | April 21, 2011 | 1 Comment
“In financial crisis, no prosecutions of top figures”… Because of widespread corruption of the justice system, they are effectively immune…
The widespread corruption of the US justice system is a key factor in the financial crisis, which is often overlooked.
Angelo Mozilo Sandor Samuels Brian Moynihan Los Angeles, April 21 – in a recent column, the New York Times Pulitzer-prize winner Gretchen Morgenson questioned the failure of the US to prosecute any of the top figures in the ongoing financial crisis. [[i]] In response, Joseph Zernik, PhD, of Human Rights Alert (NGO), offered Morgenson an explanation, which they had discussed already in early 2008:
There is no way to criminally prosecute banking executives in the courts – effectively, due to widespread corruption of the courts, banking executives are vested in immunity.
The evidence of corrupt practices in the state and US courts in cases involving Countrywide and later Bank of America is extensive:
- In January 2008 – Countrywide collapsed, following the publication of a report by Morgenson in the New York Times regarding the filing of “Recreated Letters” as evidence by Countrywide attorneys in the US Bankruptcy Court in Pennsylvania. [[ii]]
- In March 2008 – The Honorable Jeff Bohm’s Memorandum Opinion in the US Bankruptcy Court in Texas, detailed a year-long study of the litigation practices of Countrywide in courts across the United States and documented various litigation fraud methods employed by the bank and its attorneys, summarized as “disregard for the professional and ethical obligations of the legal profession and judicial system”. (p8) [[iii]]
- The 2009-10 litigation of SEC v Bank of America in the US District Court in New York, which was widely reported as enforcement of banking regulation, was later opined as Fraud on the Court. [[iv]]
- In May 2010 – Evidence of racketeering in the courts by Countrywide and BofA, including direct involvement by Sandor Samuels (then Countrywide’s Chief Legal Officer, later BofA Associate General Counsel), and Brian Moynihan (then BofA General Counsel, today BofA President) was filed with US law enforcement. [[v]]
- In April 2011 – Bank of America was caught again engaging in the same practices in the Los Angeles Superior Court. [[vi]]
Regardless, Countrywide, Bank of America, their executives, and their outside counsel never suffered any consequences.
In most of these cases state and US judges colluded with the banks:
Corruption of the courts was related in all these cases to falsification of court records, facilitated by fraudulent computerized record keeping systems in the state (eCourt and Sustain) and US courts (PACER and CM/ECF), and collusion by the clerks of the courts.
Dr Zernik’s opinion regarding fraud in computers of the state and US courts were supported by international experts. [[viii]] More recently, he requested Harvard Law Professor Prof Yochai Benkler, an expert on computers and the law, to review the evidence. [[ix]]
“Countrywide and Bank of America executives are linked through such cases to a wide network of corrupt law-firms, and corrupt state and US judges,” says Dr Zernik, “The widespread corruption of the US justice system is a key factor in the financial crisis, which is often overlooked”. [[x]]
Corruption of the US justice system as a central factor in the financial crisis is the subject of his presentations in the upcoming World Criminology Congress, papers, previously published in an international, peer-reviewed computer science journal, and a report, adopted by the United Nations Human Rights Council. [[xi]]
“Like the Great Depression a century ago, the current financial crisis is a system-wide integrity crisis.” Accordingly, he concludes that unless integrity of the US justice system is addressed, socio-economic and civil society conditions in the United States are unlikely to improve.
LINK
[i] 11-04-14: Morgenson – In Financial Crisis, No Prosecutions of Top Figures – NYTimes
https://www.scribd.com/doc/53115928/
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April 21st, 2011 @ 9:46 am
How about the intentional bundling of risky mortgage-backed securities being sold to investors as good products, when the real goal was to have other investors short sell them or have hedge funds created to earn money when the bundles failed?
The government made many errors, but the practices of many Wall Street banks are much greater in comparison, and are the real blame. The US Government failed as a regulator, but it is one particular party (I’ll let you all guess) who regularly fights against having oversight of Hedge funds. Not to mention raising the tax rate for those hedge fund directors that only pay around 15% in taxes no matter how much they make.