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Sunday, October 19, 2008

Wall Steet Fraud + No Accountability = Financial Crisis

FBI resources limited for economic probes
Reuters News Service - October 18, 2008


NEW YORK (Reuters) – 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 programs, moved into those areas, the Times said.

"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 percent and securities fraud decreased by 17 percent, the Times said.

"The administration's top priority since the 9/11 attacks has been counterterrorism," Justice Department spokesman Peter Carr told the paper. "In part, that's reflected by a significant investment of resources at the FBI to answer the call from Congress and the American public to become a domestic intelligence agency, in addition to a law enforcement agency." According to the Times, several former law enforcement officials said that senior administration officials, notably those at the White House and the Treasury Department, made clear that they were concerned the Justice Department and the FBI were taking an anti-business attitude that could inhibit corporate risk-taking. One former official said some in the administration characterized aggressive corporate prosecutions as "over-deterrence." (Reporting by Chris Michaud)

8 comments:

Anonymous said...

If the FBI needs help investigating corruption. I am willing and able to join them. I don't require a high pay just enough to survive and medical insurance. Where do I send my application?

Anonymous said...

This needs Grand Juries and subpoenaed and seized documents. They don't need the FBI for probable cause, the collapse is probable cause enough. The big wigs involved have attorneys and know not to talk to Police or FBI.

the sleuth said...

this article is a duck and cover puff (a plant) piece for the FBI, they are afraid someone is going to blame them. It's all political.

Anonymous said...

Nothing is going to get fixed because all those people whose job it has been to manage and supervise the government and run agencies have done nothing except to look out for themselves and their cronies.


How many of you have made complaints to agencies which were supposed to investigate corruption and misconduct only to be completely ignored? This is a systemic problem and there is no one in charge who is the least bit interested in fixing anything. Has anyone come forward to address what the real problems are? Try writing to your government representatives and requesting that they look into the issues of the failures of the very agencies they created to perform their mandated functions. The answer you will still get, it that "I hear what your saying, but I can't get involved." That is why we are in the mess we find ourselves and it probably won't ever change.

Anonymous said...

I realized that the national corruption would be imminent back in the very early 90's, when the NY court system had serious issues with bias, discrimination and outright criminal acts that mimicked those of the people they were judging. They ignored their implications with perjurous and criminal coverups and payoffs of those participating in the coverup activities!

The judicial system for years , even if it was a tad corrupt, took great strides to contain and corral it for those many years.. with only a few insiders viewing the mess unwind. I myself, being in the middle, never witnessed anything so boldly unjust, until the time I described!
Justice after all is the American heart, and the courts knew that it had to at least always be... perceived that way!

When the courthouse blatantly consumed greed and arrogance, as overtly as they breathed air...you knew they were in the final stages of this bust, because they were just a reflection of or vice versa, of the financial institutions, that resided just doors away and drank with them at night!

I felt strongly since 2005, that our national demise would be a reflection of our judicial one, but was years from actual recognition and topple!

I assure you, I never expected it to be this soon and this bad! I can only repond by thinking that the national order will reform and we will see a government...for the people.... and political parties will be knocked around so violently, you will not recognize them as they stand today!

Americans are survivors, since we all came here from somewhere far away. We will make it...I am confident of that, and do not doubt that the people will address the corruption...not the FBI, DOJ, EEOC or any other agency devised for that purpose. Hopefully, they also will be eliminated or at least rendered less powerful in America ,and we the citizens will regain the American respect in this nation and world!

Louise Uccio said...

To the author above this...

Look into the Adoption and Safe Families Act - find info on "Forged Linkages"...

I'll bet my left kidney that - therein lies the problem!

Remember Judge Kaye and the raises?

Remember they couldn't get a raise until another branch of Gov. also got a raise?

Things that make ya go hmmmm

green hornet said...

Judge Charles Ramos is one of the prime canidates, he could have prevented much of the Wall Street corruption but, instead he joined the party and got his piece of the action, he is a real PIG.

Anonymous said...

May Saint Andrew, the patron living Saint of Lawyers and Judges gone wrong, bless them with his compassion; these are good men and women lured by a moral hazard that they could not resist. Unless you could resist the temptation, please have Saint Andrew's compassion.

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See Video of Senator John L. Sampson's 1st Hearing on Court 'Ethics' Corruption

The first hearing, held in Albany on June 8, 2009 hearing is on two videos:


               Video of 1st Hearing on Court 'Ethics' Corruption
               The June 8, 2009 hearing is on two videos:
         
               CLICK HERE TO SEE Part 1
               CLICK HERE TO SEE Part 2