NEW YORK TIMES Column: …Most of all, the report is depressing because it indicates that the Justice Department, our nation’s top law enforcement agency, is simply unequipped — or unwilling — to combat complex financial frauds.
Here is one of the report’s conclusions: “We found that, despite public statements by the Financial Fraud Enforcement Task Force and the department about the importance of pursuing financial fraud cases, including mortgage fraud, the F.B.I. Criminal Investigative Division ranked complex financial crimes as the lowest of the six ranked criminal threats within its area of responsibility, and ranked mortgage fraud as the lowest subcategory threat within the complex financial crimes category. Additionally, we found mortgage fraud to be a low priority, or not listed as a priority, for F.B.I. field offices in the locations we visited, including Baltimore, Los Angeles, Miami, and New York.”
Got that? Complex financial crimes were the lowest priority for the criminal investigative division… (more)
EDITOR: Hoards of con man and hucksters were in on it. The situation got so out of control that to indict one would be to have to indict thousands. Where to start?
It was the regulators, the administrations, and Congress that allowed this to occur who bear the main responsibility.
