Former Bear Stearns mortgage executives who now run mortgage divisions of Goldman Sachs, Bank of America, and Ally Financial have been accused of cheating and defrauding investors through the mortgage securities they created and sold while at Bear. According to e-mails and internal audits, JPMorgan had known about this fraud since the spring of 2008, but hid it from the public eye through legal maneuvering.

Cheat and then fail upward, they'll cover for you.

No doubt, repealing the limited financial sector reform we barely managed to pass after the Wall Street disaster is an awesome idea.

Comments

[Kim]

Wow, talk about laughing all the way to the bank.

[Will Tax For Food]

Give 'em a sign that reads:

[justcorbly]

It'd be nice if people with money refused to do business with criminals, but I guess that's asking too much. Success at accumulating wealth appears to be a remover of sins, at least among the covetous.

[tk solomon]

don't look now but jp morgan has the food stamp distribution and servicing contracts which have almost doubled in the last 2 years. they also have the unemployment contracts in at least 8 states. goldman sachs is the agent when the FED buys treasuries, but you and i can buy them direct. their sins must have been purged with all this reform. i never received a bid notice for these services or the construction and custodial contracts at FEMA camps.