Big deal, a few billion of fraud here, a few billion there....
And they screwed their BEST CUSTOMERS to boot !!!!!
This is why none of the regulating agencies are effective in curtailing such ILLEGAL behavior.

Haul the asses of these scumbags to jail for 10+ years. They are no different from a common bank robber with the exception of writing a note. Instead they used email.

Who says white collar crime doesn't pay never scored $20 million or so !!!!!!

We are a country that is becomming a disgrace unto itself. The most dangerous phrases to believe, whether oral or written 'TRUST ME." or
something equivlent. IF QUESTIONS PROVOKE INDIGNATION, BEWARE1

Carl, I disagree, they are NOT regular robbers, the regular robbers
1) don't rob the bank for $330 billions
2) get away with it

They are worse and the worst part is:
for every one jailed (if any) 100 more will take their place.

http://sergebirbrair.com/UBS.html

http://www.solari.com/news/announcements/08-07-07/
In 1995, a senior Clinton Administration official shared with me the Administration's targets for Fannie Mae and Freddie Mac mortgage volumes in low- and moderate-income communities. We had recently reviewed the Administration’s plans to increase government mortgage guarantees — most of these mortgages would also be pooled and sold as securities to investors. Even in 1995, I could see that these plans would create unserviceable debt loads in communities struggling with the falling incomes expected from globalization. Homeowners would default on mortgages while losses on mortgage-backed securities would drain retirement savings from 401(k)s and pension plans. Taxpayers would ultimately be hit with a large bill . . . but insiders would make a bundle.

I looked at the official and said that the Administration was planning on issuing more mortgages than there were houses or residents. “Shut up, this is none of your business,” the official snapped back.

Recently, we have seen numerous press accounts of bank and hedge fund losses from sub-prime mortgages. Remarkably, these reports imply that the losses are the result of a market downturn or contracting credit cycle. But there has been no mention of the extraordinary profits that were generated or who reaped them. There is no mention of who is poised to make a fortune on the bubble collapse. Even the most sophisticated commentators of our day are describing this financial coup d'etat as the unintentional consequence of "market forces."

To help the Solari network survive and thrive, I have written and spoken about the intentional engineering of the U.S. housing bubble and its ramifications for Americans and global investors. "Do not attempt to cure what you do not understand" is our motto for navigating the gathering storm. As we work to mitigate investment losses in the mortgage market and the harm done to communities through the fraudulent inducement of debt, we are well served to understand what has happened, who is benefiting, and why. The following resources will help.
— Catherine Austin Fitts
Director and member of the Board of Wall Street investment bank Dillon Read & Co. Inc., Assistant Secretary of Housing - Federal Housing Commissioner in the first Bush Administration and President of Hamilton Securities Group, a Washington DC investment bank.
About her: http://www.solari.com/blog/?page_id=2

GRAB YOUR CASH IT S GONNA CRASH DO DA DO DA BROKER S STEALIN ALL YOUR CASH DO DA DO DA DAY STEALIN IT TODAY STEALIN IT TONIGHT GRAB YOUR CASH IT S GONNA CRASH DO DA DO DA DAY $$$$$$$ HEY $$$$$$$$$$$ EVERYBODY SING$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$ BACKTOTOP$$$$$$$$$$$$$$$$$$$$$$$$$$$$$HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA HA

Now let me get this straight. Taxpayers need credit to buy homes, for personal reasons, and for businesses to get started and to expand, but the banks won't lend because the bankers don't know how deep is the well of worthless investments they're holding on their books? Furthermore, the Federal Reserve opened the "discount window" not once, but several times from which to borrow funds at 2.25%.
Very nice terms which we the people can't get . So, in effect, the banks are using our money. are they not?
Now along comes Henry Paulson our gallant Treasury Secretary and lashes the entire nation, via the Fed, to buying equity in failing banks (not buying equity in private American failing businesses and individuals, right? Just failing U.S. banks.)
Got that terrible sickly feeling you've been had?? Got that equally sickly feeling the entire banking system has claims against the pocketbooks of the American people?
Short of the Libertarian Party's solution to close the Federal Reserve Bank, I propose closing the banks. Prosecute the bankers vigorously which the SEC and Fed have not done to date. Seize their assets --our money given to them by Ben Bernanke--and create The National Federal Reserve Bank of America. Any bank which doesn't wish to remain in the Federal Reserve System can opt out and function in a manner similar to British or European private banks. All future loans to this Federal Reserve Bank and to all private banks opting for the private bank status will receive funds from a consortium of bankers involving equity holders, bank share holders, and bonds issued by the reconstituted Federal Reserve Bank. This consortium would be called by the Nation's banks to meet crises, or a sudden rash of bank failures. In effect, this is return to the system in use at the time of the 1907 panic.
The American people should not tethered to the private banking facilities as they are chartered now.
Allan Greenspan is right, Freddie and Fannie are accidents waiting to happen. So is the entire banking system an accident waiting to happen. Stop America. We need to get off this fast moving train heading for a collision.