Skip to main content

Four people sentenced to death and two more given life sentences on charges linked to a $2.6 billion bank fraud described as the biggest financial scam in the country's history, an official said Monday, July 30th. Another 33 people will spend up to 25 years in jail. In addition to jail time, some were sentenced to flogging, ordered to pay fines and banned from government jobs the chief prosecutor was quoted as saying.

The scandal involved forged documents reportedly used by an investment company to secure loans worth $2.6bn.  (Not Snark).

What I find most interesting is there is NO mention of this Bankster Fraud in ANY of our major media outlets. Not CBS, not NBC, Not ABC, and of course no mention on Fox. I will credit Reuters, Yahoo and Bloomberg for putting it out there for all to see, though.

I am sure that the 5 media conglomerates that control almost all of the average US citizens media intake had no desire to put ideas into the serfs and peons heads (Can't have pitchforks and tar/feathers in this Corporate owned society). As we all know, among others, Ex-Countrywide Financial CEO Angelo Mozilo, who agreed to a $67.5 million settlement to avoid trial on civil fraud and insider trading charges, should be sitting in jail at this very moment.

Source 1

Banks/Wall Street own our Congress.  Is there any dispute to this statement......I thought not.

Another aspect of this case that should be familiar to American audiences is the lack of prosecution of top level executives. As The Guardian reports, allegations are rife that the judiciary only cracked down on low-level conspirators in the fraud, leaving senior officials and executives unscathed. "Many other banking officials are outside of prison right now".
Among the public, outraged at the apparent cronyism and fraud, there are suspicions that not everybody involved in the fraud is being punished.

One of the defendants complained that low-ranked fraudsters were being used as scapegoats while senior officials had escaped justice: "Many other banking officials are outside of prison right now," he said. "Why are you able to put us on trial and have nothing to do with them?"

The fraud and the punishments meted out have prompted comparisons with events in the West.

Investment blog Zero Hedge tweeted: "In Iran 4 people were sentenced to death for the biggest financial scam in the nation's history. In America... Nobody".

The country in question is Iran.

Tags

Poll

Should at least one high level Bank CEO currently be in prison for corruption and wreaking the economy?

13%7 votes
3%2 votes
1%1 votes
0%0 votes
17%9 votes
60%31 votes
1%1 votes
0%0 votes

| 51 votes | Vote | Results

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site