The answer may be close at hand. A reader recently left a comment as to the validity of DOJ getting ready to indict 5,000 people in financial institutions for crimes of fraud. I did the research and here is what I found published January 15, 2009.
U.S. Attorney General's 5,000 DOJ Pending Indictments Targeting Financial Fraud, And National Security...published in FamilySecurityMatters.org
by C. Austin Burrell
Last week, in a speech given in West Palm Beach, Attorney General Holder announced 5,000 pending indictments by the Department of Justice of individuals linked to financial institution fraud as part of an overall targeting of market manipulators and cheaters across the board.
I broke this down into a single memo of eight bullet points for not only these parties but also for numerous journalists, lawyers, victims, government officials and more, with a uniform silence from them with only a handful of exceptions. The summation of this memo was that criminals both domestic and global were tactically manipulating all forms of assets, engaging in various forms of counterfeiting facilitated by vested public interests, in a huge global conspiracy lined inextricably to all forms of organized crime, again, done strategically to launder U.S. assets into foreign accounts for the purpose of evading all forms of taxes, both legitimate and illegitimate.
The enormous size of the thefts here (in the trillions of dollars) threatens U.S. national security, and global stability.
Mr. Burrell goes on to identify what type of companies could be targeted here. Speaking of who these criminal acts affected he says:
These same thefts could never have been executed except with the wholesale cooperation of not just hedge funds, and investment banks, but only with the implicit cooperation, support and protection of every form of financial service monopoly involved in trading, clearance and settlement of securities globally in all forms of assets along with the major international money center banks, a pliant press, and a corrupt research industry perforated by criminal interests who pay top price for the purchase or sale of research for securities they specialize in. Oversight provided by our U.S. government branches and agencies hasn’t been deficient, it has been non-existent, a canard by every perspective.His thoughts and beliefs mirror those of many of us. The question is, will these so called pending indictments come to the forefront and actually be acted upon. I remember two years ago the FBI releasing a statement that they were investigating 15 large financial institutions for possible fraud activities. Two years later not one word has ever been mentioned as to who they were investigating and what the outcome of those investigations were. Could this announcement by Attorney General Holder be the same - just an announcement to lead the peole to believe that "our" government is doing sometning but in reality is not?
We have all been made aware of the many possible criminal actions - or at the very least questionable actions - by Goldman Sachs, JP Morgan, The New York Federal Reserve Bank (when under the direction of our Treasury Secretary. Hundreds of mortgage professionals have been imprisoned some justly and some unjustly for their participation in fraud. Yet, without the main suppliers providing the product, the "street pusher" would not have had access to product enabling their crimes. No, I do not justify any criminal activity just like I do not justify the common street drug pusher. But they to could not function if their supply was cut off.
Proof of this is also obviouos. When Wall Street stopped securitizing (almost overnight) the multitude of mortgage products allowing the abuses leading to our economic crisis ended. The cause of this was not due to effective law enforcement - it was the Wall Street cartels - seemingly led by Goldman Sachs - eliminating the product. Proof, to me at least, that our economic meltdown was due to their fraudulent actions.
It will be very interesting to see if these indictments are opened, served and acted upon. More intersting will be to see who they are served on, how thorough the investigations were and how deep into government they go.
In a time of little confidence in our government by the people, can our government truly be acting on behalf of the people not just using window dressing to to appease us and divert our attention altogether as has been the case for quite some time.
We will certainly follow this story and report on it as it develops.
Read Burrell's full article...click here...