Oh Look! Handcuffs! (TBW)

The Market Ticker ^ | 2/25/2011 | Karl Denninger

[FromLori]

The first pair! I'm impressed.

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.

[FromLori]

ping

[Choozer]

If he had given more of it to the Democrats, he wouldn’t be in this mess.

[FromLori]

lol probably true look at the banks like JP Morgan/Goldman Sucks/Citi Fraud they gave obama a lot of money and they are doing just fine.

[Titus Quinctius Cincinnatus]

I’ll ping you too, just so you don’t miss it!

[Titus Quinctius Cincinnatus]

I’ll ping you too, just so you don’t miss it!

[Kartographer]

BUT...But...but there are no 'banksters' only 'Dead Beats' I was assure so by...(Fill in the blank with your favorite FR 'Dead Beat Beater')

[ArrogantBustard]

Justice will not have been served until Barney Frank is in handcuffs for his involvement in banking scandals.

[Dixie Yooper]

Not sure why you dragged BB&T's name into this. BB&T was never in any trouble before, during or after the crash. They were strong-armed by Obama’s administration to take more than $3 Billion in TARP funds, then forced to wait to pay it all back, plus more than $25 million in interest. After that they were once again strong-armed by Obama’s administration to aquire Colonial’s assets, which to this day has held BB&T's stock prices from growing like they would have without Colonial. BB&T is a very conservatively run commercial bank. If BB&T's BOD had been running Fannie and Freddie Mac as well as Goldman Sachs and all the other investment banks that played Russian roulette with other people's money, we never would have gotten into this mess.

[FromLori]

This Criminal ripped us all off through TARP I would like to see the people who seem to condone everything these crooks do defend this one.

Ex-Taylor Bean Treasurer Desiree Brown Pleads Guilty to Fraud Conspiracy

[FromLori]

Poor criminal is that what your saying? This lousy crook defrauded us all.

[Chunga85]

Don’t go down alone Desiree! Blow that whistle!

[Dixie Yooper]

Lee Farkas and his involvement with the BB&T board of directors was short lived and only because of the Colonial acquisition. Saying BB&T willingly took part in this crook’s scheme is reckless.