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If you wonder why I sound frustrated when you call me...... - CHARLENE  PERRY/MD
12/15/2011 3:43:26 PM (2629 views)

[+] Rush for Gas Rights Ignites Battle for Control of Land - Leigh Attridge/MA (1 reply)
12/14/2011 5:18:05 PM (4455 views)

[+] Dodd-Frank and QRM's - CHARLENE  PERRY/MD (3 replies)
12/13/2011 2:22:35 PM (3083 views)

[+] Comment on "PA Government Official Arrested for Lying about Connection to Title Company" - Source of Title/OH (2 replies)
12/12/2011 12:47:41 PM (2769 views)

[+] Strategic Defaults - What's good for American Airlines might be good for borrowers - Leigh Attridge/MA (7 replies)
12/12/2011 10:24:24 AM (4329 views)




[+] Multifunction Printers/Scanners - F P/VA (16 replies)
12/12/2011 9:31:43 AM (3090 views)

Slightly Off-Topic...Read At Your Own Risk - Scott Perry/PA
12/11/2011 1:16:06 AM (4030 views)

title insurance "bundled" or flat rates - Sally Tamborski/OH
12/9/2011 8:44:11 AM (2730 views)

[+] Liability Question - Nils Nelson/ME (4 replies)
12/8/2011 3:58:09 PM (2877 views)

Realty Data - Dan Zook/NY
12/8/2011 12:00:31 PM (2541 views)

[+] Comment on "Congress Possibly to Take Up Amendment to Dodd-Frank Favorable to AfBAs " - Source of Title/OH (1 reply)
12/7/2011 11:33:43 AM (2760 views)

Leveraging Up with Housing Loans - Wyatt Bell/FL
12/5/2011 3:44:06 PM (3936 views)

[+] Is BOA Holding America Hostage? - Leigh Attridge/MA (1 reply)
12/5/2011 2:46:35 PM (4489 views)

[+] Beware of Boston National Title - Deborah Jackson/GA (8 replies)
12/5/2011 11:49:16 AM (13847 views)

[-] Will the 60 Minutes report on the lack of Wall Street prosecutions... - Slade Smith/OH (4 replies)
12/5/2011 10:28:03 AM (4620 views)

...have a similar effect to their segment on robo-signing last year?

In the report last night, Steve Kroft, the same reporter who did the robo-signing segment, laid out how executives in charge of investigating and reporting mortgage fraud at Countrywide and Citigroup were ignored and then sacked when they honestly reported the rampant mortgage fraud going on within their companies to top executives, and reported that the internal controls to prevent fraud were broken.  Top management would later sign off on financial reports required under the Sarbanes Oxley law, which certified that these internal controls were not broken.  These seemingly false certifications are criminally punishable-- one avenue by which Wall Street executives could be held accountable for their role in the financial meltdown-- but to date no Wall Street executives have been held criminally accountable.

Like the report on robo-signing scandal, there was nothing really new in the 60 Minutes report, but like the robo-signing report, the report did a good job of laying out the situation in simple terms that everybody will be able to understand.  This report also showed the whistleblowers at the banks as credible people who were trying to save the companies they worked for from the rampant fraud, but were sacked for their efforts.  On the other hand, the Justice Department official who was interviewed came off as mealy-mouthed and unconvincing, as he tried to explain the lack of prosecutions.

You can watch the 60 Minutes report here.  The report is broken into multiple videos.

When the 60 Minutes robo-signing report aired, even though the information reported was already in the public domain, it seemingly woke people up, and since then, there has been a flurry of activity aimed at the banks specifically regarding robo-signing, coming from county recorders, state attorneys general, and federal regulators.  Will this new report wake up federal prosecutors to prosecute any Wall Street executives?

I predict yes.  After this report, we will finally see a top Wall Street executive indicted for their role in the financial crisis. 

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Re: Will the 60 Minutes report on the lack of Wall Street prosecutions... - john franz/NJ
12/5/2011 11:14:34 AM (3258 views)
Re: Will the 60 Minutes report on the lack of Wall Street prosecutions... - Scott Perry/PA
12/5/2011 9:52:19 PM (3011 views)
Re: Will the 60 Minutes report on the lack of Wall Street prosecutions... - CHARLENE  PERRY/MD
12/6/2011 3:59:18 PM (2970 views)
Re: Will the 60 Minutes report on the lack of Wall Street prosecutions... - Leigh Attridge/MA
12/6/2011 5:54:00 PM (2900 views)


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