Veracity Jones
February 6th 08, 10:36 PM
This just in from the Pittsburgh Post-Gazette:
Flanked by officials from the state attorney general's office,
postal inspectors, the IRS and the county sheriff, U.S. Attorney Mary
Beth Buchanan announced a joint task force to look into what she said
is widening evidence of fraud in the region.
"We are looking at certain people within the industry who have
helped to perpetrate hundreds of frauds," she said at an afternoon
news conference.
The announcement comes as a meltdown in the subprime mortgage
market continues to roil global financial markets, threatening the
U.S. economy as hundreds of billions in loans sold as investments on
the bond market continue to default.
Twenty-four people were indicted for fraud, with more to come. Most of
the fraudulent activity surrounds supplying false or misleading
information to secure loans that would not have otherwise been
approved. You have to believe the dominoes have only begun to topple.
Here we have just one more illustration of how a few cheaters
(relatively speaking) can impact the masses. 2008 is sure to be an
interesting - and possibly troubling - year as various markets correct
themselves and millions of consumers dig their way out of the deep
trouble they found by getting into (in many cases) adjustable-rate
mortgages they had no chance of keeping up with.
As with the housing industry, so it is with other markets, including
Wall Street. Manipulative, conniving cheaters adversely affect the
welfare of so many. To reverse the trend, measures must be taken; the
limbs upon which the vultures perch must be shaken.
America must get her house in order. While we're at it, let's clean up
the Street, too. Everybody grab your broom. It's time for a clean
sweep.
That's the Word on the Street.
Veracity Jones
www.basherbusters.com
Flanked by officials from the state attorney general's office,
postal inspectors, the IRS and the county sheriff, U.S. Attorney Mary
Beth Buchanan announced a joint task force to look into what she said
is widening evidence of fraud in the region.
"We are looking at certain people within the industry who have
helped to perpetrate hundreds of frauds," she said at an afternoon
news conference.
The announcement comes as a meltdown in the subprime mortgage
market continues to roil global financial markets, threatening the
U.S. economy as hundreds of billions in loans sold as investments on
the bond market continue to default.
Twenty-four people were indicted for fraud, with more to come. Most of
the fraudulent activity surrounds supplying false or misleading
information to secure loans that would not have otherwise been
approved. You have to believe the dominoes have only begun to topple.
Here we have just one more illustration of how a few cheaters
(relatively speaking) can impact the masses. 2008 is sure to be an
interesting - and possibly troubling - year as various markets correct
themselves and millions of consumers dig their way out of the deep
trouble they found by getting into (in many cases) adjustable-rate
mortgages they had no chance of keeping up with.
As with the housing industry, so it is with other markets, including
Wall Street. Manipulative, conniving cheaters adversely affect the
welfare of so many. To reverse the trend, measures must be taken; the
limbs upon which the vultures perch must be shaken.
America must get her house in order. While we're at it, let's clean up
the Street, too. Everybody grab your broom. It's time for a clean
sweep.
That's the Word on the Street.
Veracity Jones
www.basherbusters.com