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? Continue reading