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60 Minutes - Prosecuting Wall Street Fraud At Citigroup And Countrywide - DOJ On The Defensive

Video - Part 1 - Dec. 4, 2011

Outstanding segment from last month for anyone who missed it.  This first portion focuses on fraud at Countrywide.  This is very good television.


60 Minutes Video - Prosecuting Wall Street - Part 2

Vikram Pandit comes under fire.  Don't skip this second part.


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Reader Comments (46)

It was a pretty good report. We should celebrate the moments when MSM gets it right, and this was one.
Dec 6, 2011 at 3:26 PM | Unregistered CommenterCheyenne
I bet if Lanny Breuer was answering those questions hooked up to a lie detector the damn thing would jump off the table and explode.
Lying makes you sweat, and he's sweating big time.
Dec 6, 2011 at 4:05 PM | Unregistered CommenterSagebrush
This will be interesting to watch. If anyone didn't know, the outcome will be obvious. The DOJ exists to protect the corporate structure. A few scapegoats will be made. There will be "slap on the wrist" fines. By the time the dust settles, millions of counts of fraud and theft will go unpunished.

Dec 6, 2011 at 11:22 PM | Unregistered CommenterGeorge Forfa
It would be interesting to know how the public would react were drive-by shootings involving drugs weren't prosecuted, which by now had crept up everywhere, and then the local 6pm news then to feature the following exchange:

ABC4 Reporter: So why hasn't a single person in the sheriff's office raised so much as a finger to prosecute these law-breaking, uh, hooligans?

Sheriff's Lawyer: Well, there's that pesky criminal intent element, which must be proved beyond a reasonable doubt. It's VERY difficult, but trust Jesus we're doing everything we can.

Try pulling that with anything but a financial crime--which seem to render otherwise intelligent people retarded--and let me know how that turns out.
Dec 6, 2011 at 11:23 PM | Unregistered CommenterCheyenne
Ummmmmmm.....and this is news?....AB
Dec 7, 2011 at 12:02 AM | Unregistered CommenterAin't Bullshittin'
I was a good but not great law student. I partied a lot. But I never let partying get in the way of passion. And one passion that happened to be legal popped up in law school, and it was a course called Remedies taught by an ancient professor who always wore a suit and tie named Robert Byrd.

He took that shit seriously, remedies, and so did we all. The man was hell-bent on matching punishments with crimes.

I took advantage of the rest of the class by parlaying my librarian's assistant position, which paid $330 every other week ($5.50/hr. capped at 30 hrs/week), into knowledge no one else had access to. This is 1993, really before widespread internet.

That was my only AmJur award (highest grade in the class; mine had 30.) It's a funny thing running into guys like Robert Byrd.
Dec 7, 2011 at 12:02 AM | Unregistered CommenterCheyenne
Really cool Cheyenne. That had to hard to do? I knew a guy that worked as a Bellman at the Flamingo in Las Vegas for years before he went off to medical school. A funny thing was, That was after he went to law school and dropped out the first semester. He said the Dean gave a speech that made him sick. Something about ethics and why he as the Dean felt students should have a ruthless type sole. To paraphrase a bit there. True though. He dropped and said he could never be an attorney just for that reason. That always stuck with me.
Dec 7, 2011 at 12:21 AM | Unregistered CommenterDave
Well, we're seeing more "words matter" situations than ever before, which is the healthiest sign I can find, among bottomless stories of financial fraud like MF Global.

I can only pray that Rob Zombie doesn't catch wind of MF Global. House of 1000 Corpses scared the shit out of me. But it's childsplay compared to what goes on in D.C. every day.

See, what people don't get is this: Zombie is simply a very skilled illustrator.
Dec 7, 2011 at 12:39 AM | Unregistered CommenterCheyenne
This sucks!

Breaking News - US set to use army to put down protests

Dec 7, 2011 at 12:45 AM | Unregistered CommenterDave
Politicians have never been suckier. Their credibility is absolutely shot...for a million reasons.

Here is one I like. But where are the rest of them? Will they help her?? I doubt it.

R.I. Senator Moura Complaint To The Department of Treasury RE: Wells Fargo (Foreclosure Fraud)

Dec 7, 2011 at 1:51 PM | Unregistered Commenterchunga
Makes one wonder how much money the Government has invested in these banks which makes them untouchable. I am sure the Comprehensive Annual Financial Report (CAFR) of the U. S. Government would not show it listed, and has it hidden or buried in some manner. Naw! Our Government would not do that, would they? Their method of bookkeeping used in the private sector would put anyone else in jail.
Dec 7, 2011 at 2:13 PM | Unregistered CommenterJordan
Dave, it's actually an evolution of existing elite policy. Instead of the cops and the National Guard they will try to get the regular military to enforce their agendas. I hope this one blows up in their faces as a lot of the 1% are regular military.

Historically when Aboriginal Americans, Religious groups, striking miners, industrial workers, world war one veterans, antiwar protesters, students, and and any other groups of people have objected to and refused the demands of the controlling elite in the United States, The thin veneer of Democracy vanishes along with the Constitution and the Bill of Rights. Replaced early on with Smallpox infected blankets, guns, fire and starvation. Today it's Pepper Spray, Tear Gas, 50,000 volt Tasers, Rubber Bullets, Handcuffs and occasionally guns.

Imprisoning, assaulting, or killing, people who object to their policies has been an elite tradition in this country for a long time.
Dec 7, 2011 at 2:23 PM | Unregistered CommenterSageBrush
E.Holder (panicked) to Obama: "60 minutes doing a Wall street fraud thingy. Should I talk?"

Obama (smokin' a Kool) to E.Holder: "just march Lanny out there and tell him not to sweat too much. people will forget in a week, especially if the casino goes up 100 points..."
Dec 7, 2011 at 4:10 PM | Unregistered CommenterJosie
New link to Senator Moura's letter to Treasury and Wells Fargo bums (minus) the good Senator's cell number...lol.

Dec 7, 2011 at 5:28 PM | Unregistered Commenterchunga
I wonder what we will be worried about next year at this time. Look just one year back, and how things have gone down hill since.........

A lot more happpened than the people know about. April 1st, 2013 will be interesting...
Dec 7, 2011 at 7:54 PM | Unregistered CommenterTexas Dar
Good program and insightful comments. I posted a link on my blog: http://www.jamesrgrangerjr.com
Dec 8, 2011 at 8:32 AM | Unregistered CommenterJimmyG
"smokin' a Kool" -- classic.

Anyhow, if you haven't read this, you should. It gives full gory details on the Occupy LA arrests and how people were abused by the police. (It also has some nice things to say about Chuck Prince.) On an outrage scale of 1 to 10, I rate this one at 42 aneurysms.
Dec 8, 2011 at 9:54 AM | Unregistered CommenterPitchfork
Occupy Boston has been ordered to vacate by midnight tonight.


This link also includes multiple live feeds for this evening.
Dec 8, 2011 at 6:37 PM | Unregistered Commenterjohn
@ Pitchfork

That was a good read. Stuff like this is happening coast-to-coast today. I saw on a news chanel that the goverment is ready to send in the Army to take down the protesters in just a few weeks..........Thats Not Good ?
Dec 8, 2011 at 7:22 PM | Unregistered CommenterTexas Dar
Say what, T Dar? The Army? Ironic considering that the TBTF banksters are actual (financial) terrorists. How dare the peasants try to exercise their right to peaceably assemble -- send in the troops!
Dec 9, 2011 at 12:39 AM | Unregistered CommenterPitchfork
MF Global: The SERIOUS Issues Reach Mainstream Media


Please note of the London Connection.

This is from Zero Hedge a couple of days ago.... again note the London connection.



As readers will recall, the actual office that blew up the world the first time around, was not even based in the US. It was a small office located on the top floor of 1 Curzon Street in London’s Mayfair district, run by one Joe Cassano: the head of AIG Financial Products. The reason why this office of US-based AIG was in London, is so that Cassano could sell CDS as far away from the eye of Federal regulators as possible.

flashback re: Joe Cassano.

Case Said to Conclude Against Head of A.I.G. Unit

Dec 9, 2011 at 11:34 AM | Unregistered Commenterjohn
I have tried to e-mail this to me and do not receive the e-mail?
Dec 9, 2011 at 1:53 PM | Unregistered CommenterMarc
send in the troops!

I will try and find the piece. It came in the mail last week, i thought i saved it but cant find where i put it........"Lyme Brain" !
Dec 9, 2011 at 2:47 PM | Unregistered CommenterTexas Dar
Here is a part of the same thing thats brewing in the goverment toilet................

Detainment Camps Going Live: FEMA Seeking Subcontractors to Provide “Temporary Camp Services” In All 50 States


This is where the protesters will be going.......!
Dec 9, 2011 at 4:53 PM | Unregistered CommenterTexas Dar
Dec 9, 2011 at 4:59 PM | Unregistered CommenterTexas Dar
We knew this would happen for the ones that have no clue why they are protesting.........!

Occupy's 'nerve center' staffed by Soros activists
Professional radicals caught red-handed running so-called 'leaderless' movement

Read more: Occupy's 'nerve center' staffed by Soros activists http://www.wnd.com/?pageId=375565#ixzz1g5UAvYbS


Just now we have the proof !
Dec 9, 2011 at 7:35 PM | Unregistered CommenterTexas Dar
I have access of piles of detailed notes, emails, faxes and requests to explain in great detail the poor practices of Wells Fargo. Your repeated requests for documentation, I believe, are nothing more than an attempt to trap homeowners into non-compliance or failure. I suppose the more requests you make the greater the likelihood there will finally be on the homeowner(s) cannot meet.

In an effort to encourage other homeowners in my state to come forward with their stories, the complaint will be made public. I promise it will be as forgiving as your loan modification guidelines.

So true Chunga. The response regarding credibility is a fair question as well. Will they help her?

I suppose being honest regarding my own feeling on the matter is better understood. Which is to say perhaps people who feel or know better see the light at the end of this madness. I wish somewhere people would set aside their own and help each other.

When I see on Dylan Ratigan's show Senator Bernie Sanders agreeing that investigation into the Federal Reserve (part one) then another and another, to it's eventual outcome (if we ever get there that is) is going to require a "Grass Roots Effort". Again, on my own personal level feel the emptiness in government's power.

Power to examen, and execute prosecution to those who committed these real crimes.

@ SageBrush, I agree with you wholeheartedly with what you said.. In summation to your comment, it is a matter of self preservation for the 1%. What frightens me is when I speak of this to neighbors, people at the grocery store and so on, is that most have no idea what is happening.

I know most here at the DB agree and know how ugly and what an oxymoron "Bill S 1867" really is. Strange it's noted as to protect our Constitutional Rights but in turn destroys our 6th amendment rights in doing so. I mean should it have passed, in turn the very people who voted for it should be incarcerated as described. At least thats what I'm thinking??

It simply makes no sense.

What does make sense to me is though I live in Nevada, I should be writing and contacting the powers that be in Florida if nothing else to support my fellow citizens who are tirelessly fighting what we ALL now know to be plane and simple fraud. Lies, law breaking, life taking lies by Public Servants who have become our masters.

To Chunga and SageBrush.

Since S 1867 was a blatant attempt to turn us into a police or military state I suppose I best enjoy the 1st amendment freedom while I still have it.

Apologies for sounding so grim. I just know in my heart that it real and it will take as many people as we can muster in such a grass roots efforts as Dylan Ratigan mentioned to Senator Bernie Sanders in mid October during the first crack at the FED.

I'm open to suggestion on how to better approach this.


P.S. I just caught this. It may be of interest to some here.

NY-NJ bridge policeman earns $221,000
By CHRIS HAWLEY | AP – 12 mins ago

Dec 9, 2011 at 8:21 PM | Unregistered CommenterDave
Shadow Rehypothecation, Infinte Leverage, And Why Breaking The Tyrrany Of Ignorance Is The Only Solution



And the punchline: "Liquidity requires symmetric information, which is easiest to achieve when everyone is ignorant. This determines the design of many securities, including the design of debt and securitization." Reread the last statement as it explains perhaps better than anything, the true functioning of modern capital markets and why they are terminally broken: in order to preserve the system, the banking cartel need to make everything of virtually infinite complexity so that no one has a clear understanding of what is going on! Which is where sites like Zero Hedge step in - to expose "shadowy" places where things are best left unseen.
Dec 10, 2011 at 1:51 PM | Unregistered Commenterjohn
The nagging thought that refuses to go away is that the consequences of failing to recover full restitution of damages will be disastrous. The possibility of a prolonged and deep collapse in the housing market could have lasting negative effects for a very long time.

Dec 10, 2011 at 8:08 PM | Unregistered CommenterGeorge Forfa
The Denials Begin: Interactive Brokers Is First To Claim It Has Not Engaged In Commingling Rehypothecation

Dec 11, 2011 at 12:13 PM | Unregistered Commenterjohn
Chinese solar panel companies financed by U.S. investment banks

Dec 12, 2011 at 9:24 AM | Unregistered Commenterjohn
MF's Corzine said to know of customer-backed loan


Must See Video: Go to 16:00 minutes.

Dec 13, 2011 at 8:54 PM | Unregistered Commenterjohn
Live MF Global Congressional Hearing at 1pm eastern.

Dec 15, 2011 at 12:52 PM | Unregistered Commenterjohn
Washington and Wall Street. The game is rigged every way you look at it. Billionaires, Millionaires and want to bes are gaming the system and getting away with it in broad daylight. It's crony capitalism and a faked free market system. The wealthy, powerful, and influencial rarely are held accountable for their behavior. It's unbelievable to me that there aren't riots in the streets in response to how shamelessly the everyday American is getting screwed by their Washington public servants and Corporations doing business as usual. Time to get tough and serious about white collar crime. Stop giving these people passes, and start throwing them in jail. "Justice for all" Ha-Ha-Ha. Get caught with an ounce of pot see what happens....jail/record/criminal status. Push the world's financial systems to the brink of collapse....oops/wrist slap/bonus/meaningless settlement/appointment to a different board of directors.........INCREDIBLE! This is America? Illegal, unethical, & immoral behavior gets you ahead in this country. Honest hard work gets you more of the same until you are not needed any more then you are thrown away. Prosperity is increasingly being reserved for a select fee. It's obscene!!!!
Dec 17, 2011 at 6:24 PM | Unregistered CommenterBill
Darrell Issa: Four lawmakers got VIP loans


House ethics rules require that lawmakers and staff may only accept “loans from banks and other financial institutions on terms generally available to the public.
Congress has been roiled in recent months over so far unproven allegations of insider trading against senior lawmakers, and the disclosure that sitting lawmakers received below-market mortgage deals will do little to improve the already battered image of the institution.



On January 5, 2011, six months after shepherding the bill through the senate, under a cloud of ethics scandal, senate banking committee chairman Chris Dodd announced he would not seek a sixth four-year term in 2012.

Dodd's ethics trouble began in June 2008, when Conde Nast Portfolio revealed that he had been granted two cut-rate mortgages of nearly US$800,000 by subprime mortgage giant Countrywide Financial in 2003. As the magazine reported, Dodd was a "Friend of Angelo" - one of several notables marked for special treatment by Countrywide co-founder Angelo Mozilo.
Dec 19, 2011 at 7:15 AM | Unregistered Commenterjohn
Lanny Breuer is a zionist dedicated to the circumvention of the law. Before he was Assistant Attorney General, he was a private shyster who defended Enron and Clinton.

He's also deeply involved in the implementation and coverup of the Fast and Furious gun scandal. He's a lying scumbag. But you won't see Steve Kroft saying anything about that will you? Noooo. He lets him get away with that smug sincerity. Its enough to make you gag.
Dec 20, 2011 at 4:20 AM | Unregistered CommenterSanta Fe Slim
The DoJ should go after Countrywide, BoA, Goldman, and every corporation that has committed fraud with the RICO Act. Charge these criminals with Racketeering and seize all their assets. It would accomplish 2 things. It would get our money back from the criminals, and it would send a message to all the other corporations. Seize their mansions and open them to homeless Vets. Sell off their cars, buildings...throw the criminals in maximum security prisons for life. Put them in general population to be raped. Bend over Dimon, they have something for you.
Dec 20, 2011 at 11:40 AM | Unregistered CommenterJim
I'm a person who has lost so much to this situation and may not survive it. All I have left is a small bit of hope that justice, be it by man or god will set things straight before i'm gone. At times I'm so empty and hopless that I just want to quit the good fight. That's if I even gave it one. ?

Other times I realize it's all I have left. What happened was simply wrong. A real crime against humanity as a whole. I read other posts and sometimes wish I had the luxery to take the position of some who I know are much smarter than I. But then I think it's not as complicated as it sounds.

Meaning, there is enough information to show cause/proof of unethical behavior on behalf who were charged to protect the people's best interest. I mean no offence to you Cheyenne when I say we can't afford 18 thousand or million workers to end up like myself. I understand what your getting at and at times too feel the same. It's a constant struggle. The worst of it for myself is I know what's right, I know it can be rectified. Not by some rebellion on my behalf but through the legal system.

I suppose in the end it will be largely a matter of luck or gods good humor. Something like that I suppose?
When I listen to Professor William Black offer up a solution via the RICO act only to hear Dr. Fine has used it in the California court system, and was placed in jail for doing so. It certainly takes the fight out of me replacing it with wonder.

I for one have done so much to make the wrong in my life right. I even was able to land proof of "hardships" via a fax to president Obama at the request of the White House call center. And still nothing. Which I consider the middle finger. Considering I sent hard truth and proof of 1/4 century of work lost, not for any other reason than lies. I suppose lying to myself and taking everyone elses advise of "suck it up" is the most popular way to go. But for reasons perhps elementary and pridful. Somewhere in the back of my mind I keep looking for some sign of hope that this wrong will be validated and I will be whole again. However I'd be lying if I said that hope seems to be fading fast.

Inherantly people know right from wrong. If they didn't, the plea "I was just folling orders" would have been enough to let a lot of bad men go free. That said, I have to hang on to that small hope that we as a whole will not have to reinvent new laws after a great deal of more tragety for things to balance and restore. As I said, I can only hope when I see strenght in others who hope as I do.

I suppose that's enough from me.
Dec 20, 2011 at 11:17 PM | Unregistered CommenterDave
After the last 40 years of banking corruption, people surely must know that the Public / Private partnership is bad for financial health. The protection provided by government for injury to property rights is the key to public treasury. Once the boundaries of law are breached, nothing is safe. The fraud that afflicts us is now institutionalized. This is what happens when corporations dictate public policy.

Jan 19, 2012 at 11:48 AM | Unregistered CommenterGeorge Forfa
Where are the RICO warrants and seasures from DOJ?
Jan 19, 2012 at 12:39 PM | Unregistered CommenterParis
And Martha Stewart was sent to prison.
Jan 19, 2012 at 1:30 PM | Unregistered CommenterProfnasty
"I mean no offence to you Cheyenne when I say we can't afford 18 thousand or million workers to end up like myself. "

I apologize if I gave you the impression that I'd ever disagree with that statement. One of the things that kills me the most about this meltdown is the concerted, calculated, and premeditated effort to vilify the victims of the greatest fraud in history.

In aggregate, these victims show up on the BLS Not in Labor Force tables and graphs (87MM and counting), as well as on the SNAP rolls (47MM, up from 32MM pre-TARP).

But even that wouldn't bother me all that much but for meeting strangers at airport bars. People are HURTING, badly. It's in the air; you can taste it, the blood. And it's fucking everywhere, and no one wants to talk about it with loved ones. But a sympathetic stranger who'll buy you a beer? I get an earful.

Last week at LaGuardia it was a 60-year old from Michigan.

"I've never seen thing this bad," he said. "Not never."

We're in a depression, I said, but no one wants to talk about it.

"Hell, yeah we are," he said.

Scenes like that play out every day in front of my eyes. It's unbelievably bad. I don't even catch shit any more yelling at televisions in airports or especially train stations.

Quite honestly, I don't really know how many more hard-working good souls can be ground down further, which sounds like what's happened to you, without unforeseen and disastrous consequences.

I'm down myself a lot more now, but I find a way just to get through that day, whatever that takes, and move on from there.

That's shitty advice, probably, but it's what I do.
Jan 19, 2012 at 6:06 PM | Unregistered CommenterCheyenne
Nice anecdote, Cheyenne. I see the same thing. Cynicism and despair over the economy and politics is higher than I've ever seen in my adult life. Sadly, it's going to continue for several more years I think. As many have said, the best way to begin repairing the system would be to begin putting the financial crooks in jail. But it's not going to happen on Obama's watch. That much is now certain. Fuck you Geithner. In a just world, he would be among the first to go to prison for orchestrating and enabling the cover-up.
Jan 20, 2012 at 10:31 AM | Registered CommenterDailyBail
Where are the RICO warrants and seasures from DOJ?


That's pretty much the point, Paris. They are nowhere to be found, thanks in large part to Tim Geithner and his efforts to prevent prosecution.
Jan 20, 2012 at 10:33 AM | Registered CommenterDailyBail

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