The former treasurer of Taylor, Bean & Whitaker Mortgage Corporation, once one of the largest mortgage lenders in the country, admitted to helping run a $1.9 billion fraud scheme that was directed at the government’s Troubled Asset Relief Program and contributed to the failure of Colonial Bank.
Up to 30 years in the Bubbette Motel. That’s a start…
Of course one straw prosecution doesn’t impress me. There should be thousands. Colonial alone was a massive screw job as I repeatedly documented, and BB&T set forth in stark relief exactly how bad the malfeasance and misfeasance related to this case (of which TBW was a part) went, with losses reaching forty percent of the allegedly-claimed asset base.
The problem with this simply being a fraud without government involvement is that banks are supposedly supervised and there are supposed to be examiners looking at the facts and figures. How do you lose nearly half the value of the claimed “assets” without anyone that does the auditing catching it, unless they’re smoking doobies in the lunchroom instead of getting a cup of coffee?
In any event I like seeing these…. now let’s see a bunch more, starting with the clown-car brigade on Wall Street.