U.S. Justice Department charges ex-Deutsche Bank subprime trader with civil fraud

Reuters via Yahoo News. ^ | Sep 11, 2017 | By Sarah N. Lynch

[HLPhat]

WASHINGTON (Reuters) - The U.S. Justice Department on Monday charged Deutsche Bank's former head of subprime mortgage trading with civil fraud in connection with conduct dating back to the 2007-2009 financial crisis.

Paul Mangione, the former trader, is accused in the complaint of misrepresenting information about the loans underpinning two residential mortgage-backed securities that were sold to investors.

The government's case against the former trader, filed in a federal court in Brooklyn, came after the bank in January reached a $7.2 billion settlement in a related case over risky mortgage securities sold to investors.

[HLPhat]

Sued... Not PROSECUTED.

FAIL.

[HLPhat]

Correct title:

[U.S. Justice Department charges ex-Deutsche Bank subprime trader with civil fraud]

[fella]

The interesting film “99 Homes” is about how this scam worked at the lowest levels.

[HLPhat]

What kind of punishment is it for a looter to pay a fine with their looted booty?

http://graphics8.nytimes.com/2010/07/10/business/complaint.pdf?mcubz=3

How many of the dozens of “defendants” have been/will ever be prosecuted for criminal fraud?

Queue the new Banana Republic Anthem:

[Minions Banana Song Full Song]
https://www.youtube.com/watch?v=sFukyIIM1XI

[HLPhat]

Thanks. Will see if I can find it on Netflix.

An interesting thing about all the documentaries I've watched regarding the sub-prime fiasco is that NONE of them have thus far mentioned Ameriquest and the role of its owner, "The Godfather of Subprime" - Bush Ambassador to the Netherlands, Roland Arnall:

"Oops!"

Likewise, none of them ever seem to mention the role Obama Secretary of Commerce Penny Pritzker's Chicago family-owned Superior bank (which failed in 2001) played in the ACORN farming scheme.

Republic, Banana; 1 each.

[Nifster]

You couldn’t copy and paste the headline instead of the URL?

[HLPhat]

Brain fart. I thought I did.

[Nifster]

You obviously don’t understand what the term prosecution means

[HLPhat]

>>You obviously don’t understand what the term prosecution means

I’m pretty sure I understand what filing criminal charges verses “suing” a defendant in civil court means.

[Nifster]

They are being prosecuted for civil fraud by the govt.

[HLPhat]

Go ahead and play semantic games.

The govt is suing them in a civil action - not prosecuting them for a criminal offense.

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§1442. Federal officers or agencies sued or prosecuted
(a) A civil action or criminal prosecution that is commenced in a State court and that is against or directed to any of the following may be removed by them to the district court of the United States for the district and division embracing the place wherein it is pending:
(1) The United States or any agency thereof or any officer (or any person acting under that officer) of the United States or of any agency thereof, in an official or individual capacity, for or relating to any act under color of such office or on account of any right, title or authority claimed under any Act of Congress for the apprehension or punishment of criminals or the collection of the revenue.
(2) A property holder whose title is derived from any such officer, where such action or prosecution affects the validity of any law of the United States.
(3) Any officer of the courts of the United States, for or relating to any act under color of office or in the performance of his duties;
(4) Any officer of either House of Congress, for or relating to any act in the discharge of his official duty under an order of such House.
http://uscode.house.gov/view.xhtml?req=(title:28%20section:1442%20edition:prelim)

[HLPhat]

>>They are being prosecuted for civil fraud by the govt.

And how much deterrent jail time will that render?

ZERO.

Hey, why not rob a bank if the only punishment is to pay a fine... with the money you stole!