Barry Ritholtz sez, "The Washington Post has been kind enough to allow me to vent about what is wrong with Wall Street and Washington DC. Today's episode: Robosigning Bank Settlement."
Before the settlement, we learned that nearly every aspect of the robosigned documents was false. None of the details were ever reviewed. The signatures attesting to the review of the documents were fabricated — made by someone other than the person whose name was on the document. Neither person — the supposed signatory to the document nor the hired forger — ever validated the facts of each case. All of the safeguards put in place to make sure foreclosures were done correctly and legally were bypassed. Even the notary stamps were bogus — they were not real, and not signed by a notary to validate that the signer and the signature matched...
The bigger issue is the economics of criminality. Most people who get caught committing crimes are punished. Commit a felony — if you run a bank — and your shareholders pay a monetary fine. Violating the law has merely become the banker’s cost of doing business.
Thus, the robosigning agreement has allowed the mass production of perjury. It has gone unrecognized and unpunished. It has made perjury a business expense, like travel or office furniture. The same reckless approach to giving loans to unqualified people was institutionalized, leading to another reckless approach to foreclosing homes.
Foreclosure settlement a failure of law, a triumph for bank attorneys
The UK is one of the easiest places in the world to set up a shady company, which is why accused Mafia money-launderer Antonio “Tonino the Blond” Righi set up his shell company Magnolia Fundaction UK with Britain’s Companies House, giving an address in Soho.
Before being convicted of felony securities fraud, smirking cartoon villain pharma-douche-bro Martin Shkreli had to be tried in front of a jury and this presented a unique problem because everyone hates Martin Shkreli, and thus more than 100 jurors were dismissed from the pool during pre-trial questioning. Here are some of the statements that led […]
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