July 16, 2008

FLASH: FIVE YEARS TOO LATE, FBI IS CONFIRMED TO BE INVESTIGATING LIAR'S LOAN KING INDYMAC FOR FRAUD. GREAT. WHAT TOOK SO LONG?


WHAT TOOK THE INCOMPETENT IDIOTS AT THE FBI FIVE YEARS TO FINALLY GET AROUND TO THIS, WE'LL NEVER KNOW.

Man, I'm happy to see this, but damn...

The very definition of "closing the barn door after the cows got out"

Michael Perry - you're going to jail. Your glorious frog-march-in-daylight is just days away. But you're lucky - you should have been arrested years ago. Mortgage fraud used to be a crime in America. If you're planning on fleeing to Mexico, you might want to get packing right about....... now.

Source: FBI investigating Indymac for fraud

WASHINGTON (CNN) -- The FBI is investigating Indymac Bancorp for fraud, a source tells CNN.

The California-based bank was taken over by federal regulators last week.

Indymac's collapse was the second-largest bank failure in U.S. history.

A source said the federal government is looking into whether the bank engaged in fraud when it made home loans to high-risk borrowers.

The source said the investigation is focused primarily on the company, not individuals.

31 comments:

Anonymous said...

murst!!!

Larry said...

WTF, is this a joke?

The Dow Jones Industrial Average climbed 276.74, or 2.5 percent, to 11,239.28.

``It was really quite an extraordinary rally,'' said John Carey, a Boston-based money manager at Pioneer Investment Management, which oversees about $300 billion. ``There was panic buying. A lot of people have been quite underweight the financials, and yet they remain an important part of the market. If there's a sense they're going to move higher, you have a lot of people coming in to buy all the names at the same time.''

Anonymous said...

Great Rogers vid..

http://www.youtube.com/watch?v=vWa9AfkjwoY

k.w. - Southern Ca. said...

Let the patient pass away . . .
http://tinyurl.com/58m88v

Anonymous said...

What's so hard to believe larry? As much as you would like to return to medieval times, all the banks aren't collectively worth zero.

BelowTheCrowd said...

In the speech I posted yesterday (which you graciously linked to this morning), scumball Perry said several interesting things, which I think could together lead to a conviction:

1) He makes clear that from the start, he was paid to write loans. He also is clear that having any sort of systems or other infrastructure in place was secondary.

2) He makes clear that they had no clue who their borrowers were. He acted like they were surprised that flippers were lying about their residency status to get loans they shouldn't have. He acts like he was surprised when Orange-tinted Angelo told him about the phenomenon.

3) He's quite clear on the fact that they knew some of these loans were no good, and blames "the market" for forcing him to compete with people who didn't verify anything. Meaning he didn't verify anything either because if he did "they would have gone someplace else."

Bottom line to me is that this speech puts together a picture of an organization out of control, which wanted to write loans in the worst possible way, and did.

It defies credibility to believe that he wasn't aware of all this. His "I didn't know" case is even weaker than Lay and Skilling's, and they both went to jail.

Personally I think the big abandoned Archstone development outside of Bakersfield should be turned into a prison camp where all these guys can live out their lives with all the water they can pump from a well, all the food they can grow for themselves in the middle of the desert and nothing but incomplete McMansion floors to sleep on.

-btc

Anonymous said...

The "liar loan specialist". Was there not one person at IMB with a conscience? A whistleblower could have made millions!

WalnutCreekMafia said...

How do you investigate a "company" and not individuals? Is this some type of new Web 3.0 company that does not have people making decisions?

Eric said...

@larry

I've been pondering the merits of this rally all day long. It seems like the "market" (as if the Dow is the market) moves in the opposite direction that I would assume based on news. Unless every else knows something I don't.

Anonymous said...

I know Hollyweird always tries to paint The (F)ucking (B)oneheads and (I)diots as competent crime stoppers, but really, they are as incompetent and timely as any other gubbermint organization. Which is to say, NOT.

What were they doing the past 5 years?? Catching all of Osama's little evil doers??? What a pathetic bunch of boobs.

Anonymous said...

We need to cut the FBI some slack - they've been under tremendous pressure to wrap up the D. B. Cooper cold case....

BelowTheCrowd said...

Hold it. "Focused on the company not on individuals????" WTF???? Now that the company's out of business, you investigate it? Why bother?

Investigate the individuals. Then banish them to live in those defunct desert communities they all promoted to us. Forever.

Anonymous said...

WTF, is this a joke?

Is this the government buying banks with tax dollars?

How long will Wall St believe it?

leftarded sheeple said...

For once in a blue moon CNN reports a fact for the sheeple viewers

LibVet said...

Beats me, larry; it's like no one has seen the 5 year chart for BAC.

How about,

"Wall St. soars on banks' best day in 16 years"

"Soars"? Really? Up 2% is soaring?

Maybe this is just one gigantic pump and dump. Who knows?

$xxxooo$ said...

Just to show you how rich we all are:

"Worse, nearly 60% of people 44 and under didn't even have $500 set aside for an emergency, according to the Federal Reserve Board's 2004 Survey of Consumer Finances."

does that mean they had it in stocks, CD's or something else?

I only have $15.21 in my checking everything else is invested.

Melody said...

Perry said he has also asked the board to reduce his base salary by half.

Is this good enough?

SENATE FOA COMMITTEE said...

10 O'CLOCK NEWS JUST SAID PEOPLE HAVE BEEN "WAITING ALL DAY TO GET CASH BACK AT INDYMAC."

DUMBASSES!

ALL THEY HAD TO DO WAS TAKE OUT ONE OF THEIR HOME LOANS. THEY COULD HAVE GOTTEN ALL THE CASH BACK THEY WANTED WITH NO WAIT...

DOPES!!!

Anonymous said...

Out of chaos comes order and out of order comes chaos.
Did I just make that up or did I hear it someplace....?

obamas unicorns and rainbows said...

Nothing like creating a fake rally by threatening shorts with martial law. There was a stampede of traders trying to cover shorts before the corrupt gov comes knocking. However, the rotten fundamentals remain the same.

Stuck in So Pa said...

Every company is, after all, comprised of individuals. How the hell can you investigate a company, but not individuals! A company is not a self-thinking entity; it’s made up of individual people who do the thinking and deciding.

What a moronic statement by the FBI!

BigDaddy said...

This just in. FBI investigating Teapot Dome Scandal, Enron collapse, and Sonny Bloch.


Somewhere Casey Serin is laughing his ass off.

Anonymous said...

NOTHING gets by our intrepid lawmen.

Well; maybe somebody like Hank Asher, but that's a national security matter.

Then there's Richard Jewell. Oooops.

How about the crazed lawyer/bomber with the hard-to-read fingerprints? The anthrax mailer?

Fuk. Mi.

Anonymous said...

That should be a blue light special. Everything is on sale, even GM.

Anonymous said...

Rally on Wall Street because they think the Feds will bail out everything and anything . And they are acting like they will .

I don't feel very comfortable with this lack of law and order in
America.

Funny how Congress and the Senate are making laws to stop mortgage crime ,but the truth is those laws were already on the books. There has always been laws against mortgage fraud ,and borrowers can't commit perjury on loan applications ,and loan agents and real estate agents aren't suppose to help borrowers commit fraud or commit it themselves .

The real truth is the regulators and Congress/Senate Wall Street and the lenders and all the boys did not enforce the laws .

Lenders like CountyWide and Indymac
simply refusing to underwrite loans because they thought they could just pass them on to suckers in the Secondary Market is a form of fraud
or willful neglect of duty to prevent fraud or underwrite loans or supervise your agent staff .

If a Airplane Company allowed their mechanics to not check the planes ,and a plane went down because of neglect from the mechanic,that Company would still be liable because of the damage they caused .

The fact that the Senate/Congress and the regulators and Wall Street didn't do their job ,doesn't give them a pass on the housing damage .
Where was Dodds ? Where was Wall Street with their duty to check the loans that were being given to them from the corrupt front lines .What about the Real Estate complex aiding and abetting this fraud with borrowers and
this open false advertising they were doing on a National level ?

All the cover-my-ass players are simply obstructing Justice to save their own asses by all these bail-outs.
The taxpayers and innocent people will end up footing the bill and it will be the biggest con job in history .

The public has got to kick all the political clowns out (except the few good ones )and let the other liable ones go to Court on their liability .

There are times in the course of human events that there reaches a critical juncture in history where the only way to solve the real problems at hand ,in the best interest of the Country, is to realize that the elected politicians have failed the public . Failed the public to such a huge extend that it is a very threat to the survival of that Country .

Anonymous said...

BULLS ARE BACK!

The Housing Bubble Ate My Balls said...

Oh Come on!!!!

We don't need the FBI... There were no crimes!!!

Everyone knows that Sen. Charles Schumer singlehandedly destroyed a fine and solid institution with nothing more than a few words on an 8 1/2" x 11" sheet of paper.

It was this "massive" run that amounted to one-half of one percent of all deposits over the 11 days after Schumer's baseless and slanderous letter came out that caused the downfall of IndyMac.

CNN, Larry Kudlow, numerous pundits, and experts all agree. Do you guys not get this, I mean for days now they have been telling us that is why IndyMac imploded. Really, You guys need to get with the program. According to them Indy Mac was a fine upright, solid institution with solid books and no hint of any wrong doing what so ever. If that isn't true why would they still be reporting that fact now even days later.

I mean even the FDIC said they didn't even have them on their watch list. So that proves it.

Honestly, this is a waste of taxpayer money. The money the FBI will spend investigating a bank that was so clearly on the up and up is an outrage. Those tax dollars would be better spent bailing out those other banks and GSEs that aren't really in trouble either. We should have that money along with an unlimited amount more available just in case. Really, we don't need it, honest. We so don't need any money to bailout GSEs and banks because they are in such good shape that it is not worth the effort to even put a price or a limit on how much money we don't need to bail them out. That is how much we don't need any bailout money, because they don't really need it anyways, everybody is fine, honest.

To make matters worse that dastardly Schumer is at it again too. He is hatching a plan to steal $2.53 billion (of the bailout money we don't need because, really, the banks and GSEs are fine and viable, honest.) and launder it through little old ladies and poor families under the guise of keeping them from freezing to death this winter.
http://tinyurl.com/5qxwa9

I mean who does the Schumer think he is!! He even has the unmitigated gall to leak his evil plot and have it posted all over the internet RIGHT IN THE FBI's FACE! can they not see that they should be after this Schumer guy because he is truly America's Number one banking terrorist. Where are the APBs!! Where are the wanted posters!! Where are the road blocks!! The wire taps!! The house to house searches!!! The FBI must handle this Schumer character in a fashion no less brutal than that which they brought down Bonnie and Clyde!!

Can the FBI be so miss guided that they now are going to waste time and money (that could be used to bail out banks that don't need bailing out because they are in fine shape, honest.) falling for this corrupt bank ruse that obviously was so cleverly masterminded by an evil genius??

The FBI really needs to stick to doing what it is best at and what this country needs most! Protecting celebrities and their baby shower pictures from falling into the wrong (terrorist?) hands after all.
http://tinyurl.com/gt5h6

DOPES!!!

[SARCASM ENDS]

:-)

Anonymous said...

If valuations were still climbing as they were in the past, this would not be taking place. Everyone was fat and happy so long as the valuations continued to climb higher. Greed made everyone look the other way.

Anonymous said...

We all know the FBI, etc just go after normal Americans who are behind on child-support or drive while disqualified, while criminals such as Indymac & big business prosper! Why are we all supporting the Government - wake up call - most of you will be unemployed, bankrupt & living in the streets soon!

Anonymous said...

What took so long?? Are you f*cking kidding me? It took so long because Indymac didn't go belly up five years ago and wasn't thrust into the national spotlight suddenly.

Indymac execs was giving kickbacks and otherwise greasing the wheels like good little crooks but they made the ultimate mistake of getting caught and now the government has to feign propriety. It was all good until they got caught but now heads have to roll just so that the woefully ignorant American sheeple can rest their heads at night believing that justice has been served. Laughable.

Anonymous said...

Its about time somebody started investigating those crooks. But sending rich people to jail, well, don't hold your breath. Rich people in America are mostly above the law.