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View Diary: Freddie Mac Sues Big Banks for Fraud and Antitrust Violations for Rigging LIBOR Rate (8 comments)

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  •  No chance that "fraud" is a crime as in (6+ / 0-)

    criminal complaint, is there? . . . . . Probably not, imagine the economic consequences!

    We suffer GREATER economic consequences by not prosecuting criminals in the financial sector - it encourages them to continue their swindlesome ways. Whatever the fine, or the civil penalty can always be chalked up to the cost of doing business.

    “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

    by Phoebe Loosinhouse on Wed Mar 20, 2013 at 02:26:02 PM PDT

    •  No (4+ / 0-)
      Recommended by:
      Onomastic, Amber6541, cotterperson, Lujane

      This is strictly a civil suit.  No jail time for anyone, I'm afraid.

      "If you tell the truth, you'll eventually be found out." Mark Twain

      by Steven D on Wed Mar 20, 2013 at 02:29:08 PM PDT

      [ Parent ]

      •  I know. I was being facetious. nt (4+ / 0-)

        “Human kindness has never weakened the stamina or softened the fiber of a free people. A nation does not have to be cruel to be tough.” FDR

        by Phoebe Loosinhouse on Wed Mar 20, 2013 at 02:29:50 PM PDT

        [ Parent ]

      •  There's this little law called "The RICO Act" n/t (6+ / 0-)

        "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

        by bobswern on Wed Mar 20, 2013 at 02:43:57 PM PDT

        [ Parent ]

        •  Per the Wiki... (6+ / 0-)

          The Wiki page for "Racket (crime)..."

          The RICO Act

          Main article: Racketeer Influenced and Corrupt Organizations Act

          On October 15, 1970, the Racketeer Influenced and Corrupt Organizations Act (18 U.S.C. §§ 1961–1968), commonly referred to as the "RICO Act", became United States law. The RICO Act allowed law enforcement to charge a person or group of people with racketeering, defined as committing multiple violations of certain varieties within a ten-year period. The purpose of the RICO Act was stated as "the elimination of the infiltration of organized crime and racketeering into legitimate organizations operating in interstate commerce". S.Rep. No. 617, 91st Cong., 1st Sess. 76 (1968). However, the statute is sufficiently broad to encompass illegal activities relating to any enterprise affecting interstate or foreign commerce.

          Section 1961(10) of Title 18 provides that the Attorney General of the United States may designate any department or agency to conduct investigations authorized by the RICO statute and such department or agency may use the investigative provisions of the statute or the investigative power of such department or agency otherwise conferred by law. Absent a specific designation by the Attorney General, jurisdiction to conduct investigations for violations of 18 U.S.C. § 1962 lies with the agency having jurisdiction over the violations constituting the pattern of racketeering activity listed in 18 U.S.C. § 1961.[3]

          In the U.S., civil racketeering laws are also used in federal and state courts. The National Federation of Independent Business challenged these civil laws in 2006 for being excessively abusive.[4]

          "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

          by bobswern on Wed Mar 20, 2013 at 02:48:47 PM PDT

          [ Parent ]

        •  Yes (7+ / 0-)

          Now if we could only find a prosecutor willing to use it ...

          "If you tell the truth, you'll eventually be found out." Mark Twain

          by Steven D on Wed Mar 20, 2013 at 02:49:35 PM PDT

          [ Parent ]

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