Bill Black on Criminal charges against Abacus Bank for Mortgage Fraud

To this date there has not been anything
that would pass for a real criminal investigation
of any of the larges entities
whose fraud drove this crisis.”

“Let’s call’em for what they really are:
Systemicly DANGEROUS institutions.”

“We had never figured out that the way to financial stability
was to leave fraudulent CEOs
in charge of the largest banks in the world.”

William K. Black,
Professor, Missouri University, Kansas City

Abacus Bank Indicted for Mortgage Fraud; More Prosecutions to Come?

June 8 (Bloomberg Law) — Last week Manhattan DA Cy Vance filed charges against Abacus Bank and 19 former employees for committing mortgage fraud. Does this mean more prosecutions of other banks for crimes committed prior to the housing crisis?Probably not, according to Bill Black, former regulator and current professor at University of Missouri-Kansas City. Bill tells Bloomberg Law’s Lee Pacchia that there is a profound lack of resources in state and federal government to investigate and prosecute banks and employees for mortgage fraud despite substantial evidence of criminal activity. Bill also claims that Treasury Secretary Timothy Geithner has discouraged regulators and prosecutors from pursuing large banks for malfeasance and fraud.

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