How much did we loose here in the City of Coatesville

I wonder how much the City of Coatesville lost because of these soon to be alleged criminal bankers.

The scope of the alleged criminal conspiracy is astonishing.

JPMorgan, Lehman, UBS Named as Conspirators in Muni Bid-Rigging

March 26 (Bloomberg) -- JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.
A government list of previously unidentified “co- conspirators” contains more than two dozen bankers at firms also including Bank of America Corp., Bear Stearns Cos., Societe Generale, two of General Electric Co.’s financial businesses and Salomon Smith Barney, the former unit of Citigroup Inc., according to documents filed in U.S. District Court in Manhattan on March 24. The papers were filed by attorneys for a former employee of CDR Financial Products Inc., an advisory firm indicted in October. The attorneys, as part of their legal filing, identified the roster as being provided by the government. The document is labeled “list of co-conspirators.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=anW3hAG0Zw5k

Case Summary.docx

Nicky Scarfo's investment banking companies are greatly diminished

FirstPlus Finiancial Group Inc.

http://resources.bnet.com/topic/firstplus+financial+group+inc..html

Rutgers Investment, a FirstPlus subsidiary with offices in Wayne, PA.

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=35859882

Now Eric Holder needs to pursue executives and former executives at Bear Stearns, AIG, Goldman Sachs and others.

"Three Card Monte Is for Suckers"

A fellow I knew was suckered into a variation of the ‘Three Card Monte”, a “shell game” in NYC. The people running the con weren’t even very skillful. Their con was as soon as they had the man’s money a NY City cop that was part of the con appeared and they all scattered, with his money of course.

Time for Truth: Three Card Monte Is for Suckers

Eliot Spitzer and William K. Black, 03.16.2010

We believe that the Valukas report cries out for an immediate Congressional investigation. As we did with A.I.G., we demand the release of the e-mails and internal documents from the New York Fed and Lehman executives.

http://www.huffingtonpost.com/eliot-spitzer/time-for-truth-three-card_b_500867.html

“It muted the tragedy in such a way that it certainly increased the possibility of an even greater tragedy down the road”

Watch CBS News Videos Online

"CBS) If you had to pick someone to write the autopsy report on the Wall Street financial collapse 18 months ago, you couldn't do any better than Michael Lewis. He is one of the country's preeminent non-fiction writers with a knack for turning complicated, mind numbing material into fascinating yarns.

He wrote his first bestseller, "Liar's Poker," about his experiences as a young Wall Street bond trader when he was still in his 20s and has since followed up with seven more bestsellers on subjects ranging from Silicon Valley in "The New New Thing" to big time sports in "Money Ball" and "The Blind Side."

His new book, called "The Big Short: Inside the Doomsday Machine," comes out later this week and it explains how some of Wall Street's finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets.

'60 Minutes' and correspondent Steve Kroft spent two days debriefing Lewis at his home in California."



Watch CBS News Videos Online

"And really what's going on is the people at the top of firm wanna make a lot of money. And if they're gonna make a lot of money they gotta pay the people under them a lot of money," he added. "So it's a very elegant form of theft right now."


Watch CBS News Videos Online

Much more at:

March 14, 2010
Wall Street: Inside the Collapse
Author Tells "60 Minutes" What Led to Wall Street Collapse and Who Predicted It

http://www.cbsnews.com/stories/2010/03/12/60minutes/main6292458.shtml?tag=cbsContent;cbsCarousel

300 Harleysville Bank employees lose their jobs.

An ordinary hometown bank goes under while the Wall Street bankers that caused Harleysville Bank’s problems receive gigantic bonuses with the aid of Federal bailout money.

300 jobs will be cut at Harleysville

By Harold Brubaker
Inquirer Staff Writer

http://www.philly.com/philly/business/20100130_300_jobs_will_be_cut_at_Harleysville.html?nlid=2815537

Long Beach Mortgage Company

I looked through hundreds of property records (from the Chester County Recorder of Deeds) in Coatesville while investigating landlords here. I remember coming across Long Beach Mortgage Company frequently. I can’t say any fraud was involved. Some properties did wind up being sold at Sheriff's Sale.

I wonder if anyone that had a mortgage from Long Beach Mortgage Company here in Coatesville has any comments to send to the Huffington Post. Or the FBI.

At Top Subprime Mortgage Lender, Policies Were An Invitation To Fraud
Huffington Post Investigative Fund | David Heath

“Those who worked inside Long Beach Mortgage echo this sentiment. Kosch, who worked in the same office as Ngo and Blanford as well as the top executives of Long Beach Mortgage, said people on her team - though they couldn't prove anything - were suspicious about the loans executed by some of their colleagues.

'Oh my gosh, they were making a lot of money,' she said.

Sources within the Justice Department have acknowledged that there is a criminal investigation of senior management at Washington Mutual. As of now, however, Ngo and Blanford are the only employees of Long Beach Mortgage or Washington Mutual charged with crimes related to the subprime meltdown.”

http://www.huffingtonpost.com/2009/12/21/at-long-beach-mortgage-a_n_399295.html

Are you concerned about the corruption in companies like AIG or Bear Sterns?

Something not mentioned by President Obama:
The FBI and USDoJ are “going gang busters” on a hiring spree that has not been seen in decades. Convictions and prison are coming for the boys and girls of investment banking.