MASSIVE COVER UP AND FRAUD

Crimes Suspected In 20 Bailout Cases

Tuesday, April 21, 2009Los Angeles Times
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 disclosures reinforce fears that the hastily designed and rapidly changing bailout program run by the Treasury Department and Federal Reserve is going to carry a heavy price of fraud against taxpayers -- even as questions grow about its ability to stabilize the nation's financial system.

Barofsky said the complex nature of the bailout program makes it "inherently vulnerable to fraud, waste and abuse, including significant issues relating to conflicts of interest facing fund managers, collusion between participants, and vulnerabilities to money laundering."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.



Former Bank Regulator Wm Black was interviewed on PBS recently, he says the reason Bank execs have not been replaced is if they did an honest man might try to get to bottom of the issues, abuses and they DON’T WANT THAT!

WHY did $12 B go thought AIG directly to Goldman Sachs? And on top of that GS had a huge SHORT on AIG and got paid for that too!?

How can the banks be reporting “better than expected results recently” prompting CNBC clowns and ADM officials to quip,,,,,” the worse may be over, proof its getting better”

What they forgot to tell people was an NEW accounting change for GS took DEC figures (and they were bad) off the reporting qtr. And now the banks are free to mark their holdings to a value they see fit vs Mark to Mkt. WHY would FASB do away with mark to market acct? Because it would show most banks INSOLVANT as we speak.

NO oversight? Of a TRILLION $$$?? Who is that stupid? OH our elected officials. DIDN’T READ THE DAMN BILL? Who is that stupid or lazy? OH our elected officials.

If the American public doesn’t wake up now when will they and get mad?