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FBI Knew About Mortgage Problems From 2004

...And Engaged In Criminal Negligence In Looking The Other Way

September 25. 2008

Robert Mueller (FBI Director)

In news that will upset many, it was revealed recently the FBI saw the mortgage crisis coming from 2004 and did absolutely nothing to stop it. I’m not surprised. Bush appointee Robert Mueller heads the FBI and they meet with each other every week. The duo’s motto for America has been citizens must be spied on and corporations can do no wrong. Only an unwise person would think such a thing would work, but that’s what they did and to horrible results.

The crash of the U.S. banking industry created terrible ripple effects in the world. Degree holding people in America, Britain and Europe lost their jobs in the financial sector, when Bush gave the banking industry the greenlight to gouge the American people, via loans with terrible interest rates and horrible repayment guidelines, which created many foreclosures across the nation.

Said guidelines, a result of corporate greed, created America's fall from financial prominence in the world, which many U.S. CEOs took for granted, otherwise they would not have abused it.

Once again, the FBI failed the American people (and the world) in not preventing this crisis, when they were legally empowered to do so from day one. Even I tried to warn two years ago and again a year and a half ago, through online articles that America was headed for significant financial trouble.

However, you guys spotted troubling patterns in 2004 by way of investigative data revealing a problem in the making, yet did nothing, though you could have made arrests that would have terrified many key corporate America executives into straightening up and flying right, averting the catastrophe we've hit today. But following George Bush's disgraceful policies that large corporations were untouchable, you did nothing.

The FBI is establishing a very firm pattern of knowing about forthcoming disasters in advance, such as 9/11, the first World Trade Center bombings and 7/7 in Britain...and when the American people and the world need them most...doing absolutely nothing and letting the unthinkable happen to innocent people. I've said it before and I will say it again, the FBI needs to be closed. 

FBI forecast mortgage mess, failed to avert it

Former FBI official with Charlotte ties predicted fraud-related problems, potential for huge losses…

Long before the mortgage crisis began rocking Main Street and Wall Street, a top FBI official made a chilling if little-noticed prediction: The mortgage business, fueled by low interest rates and soaring home values, was starting to attract shady operators, and billions in losses were possible.

“It has the potential to be an epidemic,” Chris Swecker, the FBI official in charge of criminal investigations, told reporters in September 2004. But Swecker, who used to lead Charlotte's FBI office and later took at job at Bank of America, added reassuringly that the FBI was on the case. “We think we can prevent a problem that could have as much impact as the S&L crisis,” he said at the time.

Today, the damage from the global mortgage meltdown has more than matched that of the savings-and-loan bailouts of the 1980s and early 1990s. By some estimates, it has made that debacle look like chump change. But what is also clear is that the FBI failed to avert a problem it had forecast accurately…

But it wasn't just regulators who were looking the other way. The FBI and the Justice Department, which are supposed to police potentially illegal activities by bankers and others, were so focused on national security and other priorities that they paid little attention to white-collar crimes that might have contributed to the lending and securities debacle.

And now that the problems are out in the open, the government's response strikes some regulators as too little, too late.

http://www.charlotteobserver.com

FBI probes AIG and Lehman as pressure mounts for legal action

Authorities ask whether executives knew about the dire state of firms' finances

Investigators at the FBI are combing documents and emails related to the collapse of Lehman Brothers and AIG and the events leading to the nationalisation of Fannie Mae and Freddie Mac, as they widen the search for executive wrongdoing that may have contributed to the credit crisis.

Political pressure for legal action against the people behind the financial chaos has intensified sharply since the United States government sought $700bn of taxpayer funds to bail out firms that have lost billions of dollars in disastrous mortgage investments.

http://www.independent.co.uk

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