Jeffrey L. Levine, 70, one of the Atlanta-based bank’s co- founders, pleaded guilty in January 2010 to charges he altered bank records as part of a scheme to cover up defaulting mortgage loans. U.S. District Judge Owen Forrester sentenced Levine to prison today after finding his actions were intended to hide the bank’s true financial condition.
“You managed to participate in the crime of the century,” the judge told Levine in court. “Globally, the whole financial industry is on its heels.”
Oh, where have we seen that before? Lehman’s forensic report anyone? As just one of many examples, of course.
The crime of the century, and only the little cockroaches get busted and go to prison. The big ones? Well they’re the flying sort of cockroach, and include such illustrious folks as wives of high-power Wall Street executives who get $220 million in “no risk” loans from The Fed to “buy toxic assets.”
That’s a cute game, incidentally. It’s called “if we win we keep the money, and if we lose the taxpayers get to eat it.”
There’s no skill required to invest in that casino! All you need is a corrupt Federal Reserve and corrupt Congress that is bought off by Wall Street, and voila! We fleece America – again.
Of course the “Red Meat” folks won’t tolerate this rampant criminality without someone going to prison, so we pick on this little guy at a bank nobody heard of and indict, try and sentence him.
Yes, he did it, and yes, he deserves to go to prison.
The problem is that he’s one of a thousand that deserve to go to prison, and in terms of the economic damage he did he’s a fly on the elephant’s ass.
The architects of these schemes and frauds?
They’re still “doing God’s work” and the people refuse to demand they all be locked up.