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Financial Institutions Investigations

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Anonymous

Guest
One report today says they only have 261 Agents available nationwide right now to work on investigating these banking interests....And is coming out in the Congressional hearings and testimony- fraud ran rampant- not only with the financial institutions, but also within the ratings companies, home appraisal firms, and accounting firms that were supposed to be the private watchdogs....

Now confidence is completely shattered- with the financial institutions not even trusting themselves or each other or the private watchdogs- and Joe Blow the investor on the street not trusting any or them or government...

As was the consensus of the Congressional witness's (Snow, Greenspan, Cox, etal) - self policing did not work and they need to get some laws and oversight regulations passed before any chance of confidence will come back- either to the bankers or the investors and markets- and any hope of freeing up the credit freeze and stock and commodity markets...

But we also need to go after these greedy crooks that caused this- and Bush/Congress needs to dig up about 10 fold the Agents plus fund a bunch of state and local task forces and stick some of these folks away for 20 years as an example for the future...

These CROOKS shouldn't be allowed to walk free after reeking havoc on this country....

FBI lacks agents to investigate financial crimes

NEW YORK: The FBI, after years spent focusing on national security, is struggling to find agents and resources to investigate wrongdoing tied to the country’s economic crisis, The New York Times reported in Sunday editions.
Citing current and former FBI officials, the Times said cutbacks in its criminal investigative workforce following the September 11 attacks left the FBI weaker in areas like white collar crime.
The cutbacks were the result of a shift in focus to terrorism and intelligence matters. More than 1,800 agents, or nearly one-third of all those in criminal programmes, moved into those areas.
“Clearly, we have felt the effects of moving resources from criminal investigations to national security,” the newspaper quoted FBI Assistant Director John Miller as saying. “In white collar crime, while we initiated fewer cases over all, we targeted the areas where we could have the biggest impact. We focused on multimillion-dollar corporate fraud, where we could make arrests but also recover money for the fraud victims.”
While the FBI plans to double the number of agents working on financial crimes, people within and outside the Justice Department question where the agents will come from and whether that will suffice, the Times said.
Records and interviews show that FBI officials have warned of a looming mortgage threat since 2004, and asked the Bush administration to fund such nonterrorism investigations, but the requests were denied and no new agents were approved for financial criminal investigation work, the newspaper said.
Internal FBI data shows the cutbacks were especially sharp in areas of white collar crime like mortgage fraud, with more than 600 agents lost, or more than one-third of 2001 levels.
According to Justice Department data, fraud prosecutions directed at financial institutions dropped by nearly one-half from 2000 to 2007, insurance fraud cases fell 75% and securities fraud decreased by 17%, the Times said. – Reuters
 

fff

Well-known member
But there are enough FBI agents to investigate ACORN. The rich cats at the financial institutions will walk away with their $billions of OUR money, but the middle/low income folks will have their right to vote challenged by this Administration. :mad:
 
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