Fraud In The Bailouts? You Don’t Say.
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I know this comes as a great shock to you, but there may be some fraud going on with the financial services bailout. Around 20 criminal investigations have already been launched, and the ink is barely dry on those printed bucks the Fed issued on our behalf! Neil Barofsky, the inspector general for the TARP bank rescue program says in a report released to Congress today:
“…the probes involve possible public corruption, corporate, stock and tax fraud, insider trading and mortgage fraud.”
Some of the wrongdoing banks are being investigated for “cooking their books” to qualify for the rescue money. Barofsky says “those who made intentional representations in the TARP application process, or in their financial reporting to the Treasury may be in violation of several criminal statutes.”
An audit of the Treasury Department’s decision to invest $45 Billion into Bank of America is now being expanded to include the first nine firms that got taxpayer money, according to the report. Who wants to bet Goldman Sachs comes out of this smelling like a rose? A firm THAT tight with the government could dispatch a LOT of competitors pretty quickly. Hide and watch.
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