What It's About-You the Jury

March 1st, 2011

The author is a former federal prosecutor who prosecuted the largest mortgage fraud cases in American history in New York in the 1970s. He was on the scene in Wall Street investment banks, including Lehman Brothers, Bear Stearns, Credit Suisse and others from 1999 through 2005, a period in which he repeatedly cautioned against a profound lack of quality control in mortgage origination practices. He was told by senior Wall Street executives, “Do you have any idea how much money we are making?” Hundreds of millions of mortgage default losses were dismissed as “rounding errors on our balance sheet.”

Mr. Accetta wants the public to know it is paying for fraud which its government is unwilling to prosecute, and which, because of a deliberate lack of accountability, will only be repeated in the future.

It Sure Was An "Inside Job"

February 28th, 2011

The Academy Award was given to a documentary last night, "Inside Job", which exposed the criminal conduct of financial institutions and their principals across Wall Street and the nation. Beginning in 2008 I wrote a book predicting there would be no serious consequences for financial institutions or major executives who committed the biggest frauds in the nation's history. I was quoted in Newsweek, The Cleveland Plain Dealer, the Denver Post, and elsewhere, saying there was no political will to deter the criminals who caused the housing crash. That prediction has come true. The next conclusion is that it will happen all over again. What is not deterred becomes incentive. The creators of "Inside Job" got it right, they just didn't know how far back mortgage fraud goes.

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