Former FirstCity Bank executives Mark A. Conner, 44, and Clayton A. Coe, 41, each face conspiracy and bank fraud charges, the U.S. Attorney’s Office said in a release. Conner is charged separately with conducting a continuing financial crimes enterprise and allegedly netted, along with an unknown number of co-conspirators, more than $5 million.
Conner could face up to life in prison if convicted, and Coe could face up to 30 years, according to federal guidelines.
Criminal charges this time? I’m somewhat impressed, given that this appears to be more-or-less a first. Oh sure, there was the TBW stuff, but those weren’t really banks – they were people who screwed with Colonial, more-or-less.
“At the heart of this indictment is an abuse of power by key insiders, who are charged with tricking their own colleagues into approving millions of dollars in commercial loans to fund the defendants’ own personal business activities, and to enrich themselves at the bank’s expense,” U.S. Attorney Sally Quillian Yates said.
How does this not apply to basically all of the TBTF institutions? After all, this entire mess was all about their personal homes in the Hamptons, yachts and other similar things, right?
Wait a second… I think I get it. If you “make” billions in salary and bonuses by writing eighty percent of your paper with trashy loans, fail as a business but then succeed in extorting $14 trillion from The Federal Government and Federal Reserve (not my numbers, those are from SIGTARP) to save your sorry firm’s ass then it’s all ok.
It’s only if you fail to extort the government and the bank blows up that you get indicted?