As always great quality journalism by PBS. This basically highlights that Justice is not equal for all; never has been. Wealth creates power, that same power writes the laws all others live by. Greed has been driving middle class into the poverty line for decades.
Martin Smith and the Frontline team have been leaders in financial investigative journalism for decades. Thank you both.
Ted Kaufman is an object lesson in why direct corporate campaign contributions and lobbying should be illegal. Yes, banks and large corporations deserve a voice—but we clearly are living in a system where their voice is so insanely outsized that not even objective truth can get a word in edgewise.
It is sad to see this was aired in 2013 and still nothing has changed
Thank you for exposing these criminals who get away with crimes…your a great show..please never ever stop
My parents lost 70% of their retirement People that had no part in this were devastated and the bonuses those executives got. WTF. Travesty of Justice
My parents were impacted by this, our house got foreclosed on in 2006. By then I had already graduated and all the kids were thankfully out the house. I graduated college 2009 when we were finally starting to somewhat recover and even then some of my fellow graduates weren’t getting jobs or had to start jobs later. What a crazy time to start my adulthood.
If you want to commit crimes without being held accountable, give shareholders a cut. Corporations are the new crime families.
Back in the 90s I knew two people who had gotten mortgages and I just couldn’t figure out how it happened. We worked really hard to qualify for ours and we had 2 incomes, reasonable credit (no bankruptcies but two late payments a couple years ago) two student loans but they were in good standing) and our debt to income was reasonable. We really only had the mortgage to worry about. Our parents were helping us with the points and down payment. The company handling our mortgage was firm that our debt to income had to be below 32% including the house payment. The people who were buying the houses? Made about the same as us but had car payments, bad credit and were overextended. I know one got an adjustable rate which we told her not to do but it was the only way she could afford the mortgage. The other we still have no idea how they qualified except… it was a Countrywide mortgage. I know the one with the adjustable rate mortgage had to declare bankruptcy about 6 months after she was in the house. I think the one with Countrywide sold their home shortly after I left the state. It was nuts.
Hyper rich stealing and avoiding prison or not even losing their job is a slap in the face to the true working class of the world
from 50:00 to 50:50 is exactly why i love to watch these pbs docs…the guys in the editing room make this entertainment. I have to raise a glass to you guys in the frontline editing office: to calra, frank, erika, raney, dan, andrew, lauren and everybody else underneath…many thanks and cheers on a job well done!!!
At the very least, the rating agencies should have been held liable. As their deliberate deception was at the very root of this bubble.
great documentary, to me is fascinating the financial system i could watch all day. It is amazing how people have forgot about all that happened and are making almost the same mistakes now.
Once the corporations were given “person-hood” it was OVER as far as any accountability. There was a time LONG ago when the corporate board AND shareholders could be fined but today it NEVER HAPPENS. The idea that the FBI and SEC would EVER do anything to the oligarchy who OWNS then is hilarious….
This still makes my blood boil.
Tell it Frontline. I’ve been with you for almost 40 years, best journalistic entity ever…. Love me some public broadcasting system
We are, unfortunately, living in an era where corruption runs rampant through many of our institutions. The FDA, FAA, Congress, etc. It’s very sad and disappointing.
The job of the prosecutor is to pursue justice and not to worry about the banking system. It’s like, not going after a crime, but more worried about the welfare of the criminals
A family friend of ours was an underwriter for Countrywide and when she tried to speak up about people being approved for loans they couldn’t possibly afford, she was told in no uncertain terms to sit down and shut up and not interrupt the revenue.
It’s really a shame Eliot Spitzer had his problems… He was doing a damn good job going after the ” Big Guys” in the banking industry that caused the mortgage debacles.
Laws in every country and throughout time have always been centered around a single idea…”he who has the gold makes the rules”
Maybe instead of a criminal case against the bankers, the US government should’ve brought a civil suit. Instead of the burden of proof being “beyond a reasonable doubt” it becomes “the defendant is PROBABLY legally responsible.” Even if there was a verdict in a criminal case, it’d result in a fine (a laughably small one at best). If there’s a civil suit, the US gov’t (on behalf of taxpayers) could sue for billions in order to plow under a bank or two to send a message. Besides, in today’s world, justice only comes in the form of financial deprivation.
Greed is not necessarily a crime unless you are poor and committed !! Truth + Wisdom = Peace ✌ 🙏 🙌
Lawyers are cowards if they might fail despite being the right thing to do.
The wealthy and well-connected operate under their own system of justice.
Corrupt at the highest levels!
I thought this was new until I heard the narrator say “4 years ago in 2008”. Frontline you got me🤣excellent work as always💪
Amazing investigative reporting done by Frontline. Appreciate the content
This entire reality we are forced to participate in is nothing more than one huge grift.
They should’ve prosecuted and let the jury decide .
2008-2022 Fourteen years and instead of being behind bars these people at the top are now much wealthier than they were then. I marched with Occupy Wall Street knowing in my heart that we were a big joke to those guys. Untouchable for sure.
I just bet that if this were prosecuted under a jury all of these criminals would be in prison.
49:26 “The jobs of tens of thousands of employees can literally be at stake.'” To me, this is the heart of it right here. Assistant Attorney General Lanny Breuer does a lot of hand-waving and circle speak throughout the interview, but he ultimately gives this as his justification for not pressing charges. Essentially, he’s saying that he believes there’s so much corruption in the financial sector that any attempt to prosecute it would be a catastrophic for the economy, so… let them do whatever they want?
During this period of time I worked in the model home selling new home. I was shocking at what the secondary lenders were getting approved. This was back when you could get a new home from the 90,000 range. Builders were averaging 3-4K but making more selling the mortgages from what I heard. These loans they are talking about is what’s a called a “no doc” loan meaning no documentation to prove income loans.
i love the end of Goodfellas. as the mobsters are being rounded up one of the off camera mobsters taunts the law enforcement officers: “how about you guys go down to Wall Street and get some real fucking crooks.”
Wow the FBI, SEC and regulators are portrayed as such negligent (knowingly or not) dumbasses. All that myth of fighting terrorism when the worst terrorists are right there in front of their noses, what a waste of money and lives. Loved the independent filmmaker saying that he found a bunch of whistleblowers during his spare time while the regulators didn’t (want to) find them. The sheer negligence is comical. Don’t know if it applies in the US justice system but in my country anybody working for the public administration cannot allege ignorance nor negligence just like that, they’d be prosecuted. That, at the very lest is what should happen to Lanny and the other buffoons who didn’t do their job properly. I really wish your people the best. The more I watch Frontline and similar docs, the more convinced I am that the corporate world is always wanting to screw you.
The Fed: “We have thoroughly investigated our benefactors, yet we have found only scant and woefully insufficient evidence of any wrongdoing.”
what a corrupt world we try to survive within. 😭
Too big to fail, too connected to jail, but our nation can’t succeed, with this level of greed.
Why is it unreasonable that a waitress or waiter would make 10K a month (120K a year) while an executive would make 20, 30, or 150 million a year? What could an executive do that is worth that much?
This is an absolute stain on the justice system. This video is the epitome of what the US govt has become. Take whatever money you want and steal and even if you resign from your CEO position .. you pay yourself millions a year retirement. Ha. Most govt officials own half of stocks or even are on board of these banks and companies. It’s sickening and huge conflict of interest
It’s shameful how this across the board failure of morality almost collapsed the world economy. At least sometimes you will run across an honest person.
A definite sense of injustice against the financial institutions
That’s why politicians fight so hard to keep there seat to defend this type of crime and who they arrest the lil guy.. Bunch of cowards.. This was a crime. It was intentional…
You just have to divide crime between multiple levels of people. Then nobody can be blamed.
In 2005, I was approved for $670,000 with no income verification. I thought i would never be approved. Went into foreclosure a few years later.
It’s 2022, I lost everything back then, and have never recovered, all I do now is work to survive No options for retirement or an own home just survival, and every year there are months where it’s wretched. These guys will keep getting richer and the middle class will be eroded,
There’s nothing worse then watching your parents lose their home & business. My brother-in-law was his partner. My sister & her kids lost their home of 25 years too. Neither my parents or sister bought a home they couldn’t afford. My sisters house was a fixer upper they bought just after they married 18 years ago & I grew up in my parents house. They built grocery stores; Ralph’s, Northgate & Vons. There was just nobody building grocery stores or literally anything else after 2008. And nobody was hiring. The business was 38 yo. I’m a Dir. of HR so for the first time in my life I was unemployed also. It was terrifying to watch my parents as an adult lose everything & there was nothing I could do I still have nightmares about it.
47:00 the ease with which Nick Verbitsky found these whistleblowers begs the question as to why the US DOJ never found them
A similar thing (well not exactly similar) is happening in India right now with the National Stock Exchange. Once you get the taste of those millions & billions there is no turning back for these rich people. Seriously, the majority wealth is being handled by the rich tyrants while the rest of us are struggling. Countries have to be made on the back of common people but the benefits can only be enjoyed by a select few.
The destruction this caused was no laughing matter at anytime
Person in Federal prison: I should have been a wall Street banker like momma and my high school teachers suggested.
Honestly too depressing to watch.
I remember the home affordable modification plan and how difficult that was for common man to pay, now I get to know where it all started from.
Not only that, but the bankers got a HUGE bailout payment, SAD 😢
The rich and powerful will always live by different laws and standards. Heads should have rolled. But with money, comes corruption and power.
No. it started with the sales facilitators. Whoever came up with the FICO score made the bubble possible. Homes was overvalued. The way the term future value was and still is used is disingenuous. There were so many untrained people in the business. The mind set as to Whether home buyers could afford a mortgage, was and still is “that’s their problem, as long as I get mine”.
I remember when I went to get my mortgage loan. I was approved for a 178 thousand dollar loan. After talking to my parents they told me stay away from an arm loan and demand a fixed. When I went to the bank to get clarification on the structure of the loan the loan officer kept beating around the bush. I pushed enough until he told me it was an arm loan, I demanded a fixed and at that point he scrapped the loan and only approved me for 80 thousand.
My question, since they sold the loans packaged as derivatives, (CDOs) collateralized debt obligations, mortgage-backed securities, how do they still own any interest in the property? They have destroyed the notes, after converting them into CDOs. They have effectively gained remuneration for the same value, presumably, at least, if not more. And they also recover losses in duplicate, if there is a default and they collect PMI. How do they come back and pretend it’s business as usual with no note, using lost note affidavits? When in actuality the notes were deliberately destroyed. And the investors lost their money. The bank had zero risk once they sold the risk, essentially, in the form of the securities. And then with shoddy paperwork they go to court to claim ownership of the same thing that they had previously sold. What the hell kind of racket do these corrupt bankers think that they can pull? That they have gotten away with. We need new regulations 100%! They’re playing the same games that led up to 2008!
Hardcore crims get off the hook from legal loopholes, but everyone knows it’s morally wrong. Same principle here.
Zero-accountability equals zero democracy.
I worked on Wall St in the securities for 32 years and I can tell you first hand that management for the majority of these firms are more concerned about profits and not getting caught than the law. Management will bark out orders that are questionable but will not sign off on anything that may incriminate them and THEN DENY everything once the law gets involved leaving their subordinates to sacrifice their careers by being forced to take blame.
This is an industry that is heavily represented in government . It just feels like asking for prosecutions is like asking the monster to eat itself. They are all in bed together. The senator and his merry gang are just outliers . Its obvious to everyone. Frontline is just too professional to spit it out.
In 2001, I applied for a home loan making $60K-$70K. After my approval I was asked “HOW MUCH DO YOU WANT”. I said $200K. They gave me $250k. I should’ve asked for $350k and bought some rentals.
Thank you Frontline for amazing information and always getting the truth out there. Made God bless you 🙏 and God bless America. The Greed the Greed. All ask too say.
It’s incredibly hard to prosecute companies you plan on working for later…….come on man lol
Kareem Serageldin (born in 1973) is a former executive at Credit Suisse. He is the only banker in the United States to be sentenced to jail time as a result of the financial crisis of 2007–2008, a conviction resulting from mismarking bond prices to hide losses.
If they were held criminal liable for fraud it would have been the first step in fixing the corruption in our country.
This aired 2013; I’d love to see an update.
It defies logic that they get bail outs instead of prison
Open eyes, full blast exposures, excellent journalism PBS Martin running to the winning zone with this episode.
Kind of hard for them to prosecute when they were probably involved in it
Reporter does not realize that suspecting something is true and proving that it is true beyond a reasonable doubt (criminal), or even by a preponderance of the evidence (civil), are completely different things. Suspicions are not evidence. Admissible evidence is much more difficult to obtain.
Such an impressive presentation. And so disconcerting. . . as is often the case when “the veil is lifted.” “Knowledge increases sorrows.”
They need to start putting out more videos of more things happening today or following up on stories and see what has changed over time
Why should I shed a tear for accredited investors who bought these loans?
Great reporting, give us more!👍👍👍🛠
I find it so difficult to watch this when so much has changed in the world. I don’t feel like anything has changed because the House and Senate are too busy bickering over their own interests.
Funny how all these people who were directly involved had a magical epiphany after the fact and now speak against it. Every last one of them knew exactly what they were doing/involved in and are now playing dumb to save their own a$. “But but but I sent an email”. Sure thing….you also kept accepting that paycheck the entire time. These same after the fact “whistle blowers” didn’t stay with the company (during the time period) because they were self appointed private investigators. They just want to stay out of jail and that’s it….which then creates the other extreme end of the spectrum. Meaning these people will say literally ANYTHING to cover themselves, which also means actual facts get diluted in the BS because all of them are going to tip toe around self incrimination. THAT’S why the only thing they can prove beyond a reasonable doubt is the end result….versus the convoluted chain of hundreds of people directly involved in the fraud who some of which are now asking for action against the same fraud….they themselves knowingly committed? But now somehow believe they are “better” or above what they were directly doing. Guilt is a hell of a thing.
Tell me if I’m wrong but from what I learned from this video it’s like this was a sky scraper falling, each worker had a small dent in their block which they prob should have replaced with a new one but for the sake of time and money decided why not, it’s not like it’s going to damage the overall structural integrity. But when everyone starts doing that it created a unstable structure and since the inspectors( regulators ) didn’t have the equipment (power/resources) they couldn’t find and fix the problem. Then the building falls and kills everyone in it. But even though this is much worse than a single family household falling since no one person action was clearly criminal it’s impossible to convict them. When a (small) single family household falls you can blame the person responsible Bc a person chose shitty building blocks to save money and let the whole building collapse. Clearly wrong like insider trading.
Quite amazingly to see these big heads corporations “dancing” around the questions being asked better than watching Michael Jackson’s performing his famous dances..😆..These corporations should be given golden 🏆 for being a 👌Tangos dancers..😂..
Breuer was wrong…….wrong wrong……to think for one second that he held some mysteriously powerful deck of cards to be dealt in the case of criminally prosecuting a Wall Street level exec and that dealing having some ripple effect that would “hurt” the economy undermined his specific purpose as a prosecutor. Such egomania. I remember this story from years back and it still pisses me off that even an FBI prosecutor got away with some kind of negligence while in the process of investigating Wall Street’s gratuitous negligence.
33:40 to put what he is saying simply “I am a servant to my corporate masters and only do what they command.”
I was doing systems for alot of mortgage companies and I knew the bubble was going to burst when I saw a loan for a 75 year old lady with a 400 something score get approved What was funny was after the bubble burst and the rules sort of had to be followed …these companies couldn’t sell a thing ….they got so use to the scam that anything legitimate they had no clue how to do
I was lucky kind of. I had two 401K plans when this collapse happened. I cashed both out before the crash. Unfortunately for me I had been in a bad accident and couldn’t work for a year. I had that money to fall back on. If I had the accident 1 year later I would have had nothing to fall back on. I had seen people ready to retire lose their entire retirement funds. so sad and the people who went to jail didn’t even scratch the surface of who should have gone to jail. I recovered my money and the profit. It was unlucky luck.
Lucky this sort of thing only happens in corrupt dictatorships without any rule of law.
Wall Street has a heart of a beast,
Thanks again for your assistance today and tomorrow for our Homeless Homeland 15 years + on the streets, thanks FB
The possible reason the CEO’s didn’t get jail time is because they typically didn’t start the process that began with the realtor bubble, only after the bubble started busting!
I recall an article in the Boston Globe back when this happened lamenting the loss of their home during this crisis by a married couple. The mortgage was for a $400,000 and the couples gross yearly income was $50,000. Simple math would have told them they were way over their heads. The lender should have been ashamed
Great documentary but incomplete. The reason why they would approve any loan was because houses were appreciating by about 30% a year. so it didn’t matter if that waitress was not making 12K a month, just the increase in equity would make it a good loan. Mortgage rates were low, thanks to the Fed, but were variable. Nobody could lose as long as houses appreciated, nobody thought this could come to an end. When Greenspan started to raise interest rates again, around 2006, the party was over. A lot of people could not make their monthly payment, the bubble popped and the rest is history. The root of the problem was the Fed manipulating interest rates.
Lanny A. Breuer statement from 50:09 is so ridiculous…..he should be worried about providing justice and not the health of the economy due to a lawsuit…its a foolish statement. he is such a fearful Attorney that he thinks he may end up loosing….wow…DOJ is under safe hands then… Amazing documentary by frontline team….keep it up …
What world does this guy live in for him to say a teacher gets paid $10k a month 12:00? These are the moron’s that almost did our country in. He should be arrested, put in prison, with time to think about it.
So the Due Diligence Underwriters failed to perform their due diligence. Great investigative report Frontline.
A small section of the society makes mockery of the laws whereas the majority suffers. Same story across the globe.
As someone who was financially ruined by this activity I am insenced that they walk free while I , like thousands of others have to scrape by
It robbed me of my job at an age in which no new employer wanted to hire men of 55 years old and up. Thanks for showing us just how corrupt the system is and has been with no accountability. Greed may not be criminal but it is immoral and destructive to nation, state, community family. Maybe it should be criminal to a civic level where the masses arrive to the mansions with torches and pitchforks.
Remember when Rudy Giuliani used to go after these guys? Now he’s on their side.
“Give a man a gun he robs a bank, give a man a bank and he robs the word” – Internet
Very good reporting! Thanks!
As a poor worker, whose known other poor workers doing big jail time for something as small as selling small amounts of marijuana, just to survive or other petty crimes I cannot watch this. It makes my blood boil.
Wow the cinematography and video quality are gorgeous, this is like a moving painting
Hard to take this documentary serious when they have Spitzer as a “good” guy
Never assume malicious intent when stupidity is an adequate explanation. Bankers have never been very bright, and they repeat their mistakes again and again.
government and Wall St. are ONE.
When everything collapses. You best believe we’ll find these bankers and show them just how touchable they are. OFF WITH THEIR HEADS.
Rich people don’t have to plea bargain. Their bad intent is ” understandable and merely greed ” without regard to who is damaged or displaced.
Look Mr. Bauer is like Charles Rhoads Jr. from the series Billions, he’s gotta do what he wants to do as long as it benefits his personal agenda with assured win
You can see the hardness and the brutal aggressiveness in the faces of the banking crooks. SILKY LIARS! They self destroy in time..
My parents lost 70% of their retirement People that had no part in this were devastated and the bonuses those executives got. WTF. Travesty of Justice
TLDW: The corrrupt continue with their actions, and the common folk continue losing faith in the system.
We never really recovered from this and these animals get to walk the streets like they did nothing.
LET ME tell you where the banks conspired to CUT every COUNTY RECORDER OFFICE IN THE COUNTRY out of their Mortgage transfer fees which are recorded in the County Deed books NOTING who EXACTLY held mortgages. Property Law had been well settled in the United States for approx 300 years, recorded in the county where the property is located, plats, deeds, mortgages, liens etc. The banks when they began their nonsense in the late 90’s unilaterally changed the county recording of the mortgage notes and created something called Mortgage Electronic Registration Systems – MERS – this way they could trade and cut up mortgages and repackage them etc without recording the sales etc of the individual mortgage with the localities where the properties were located avoiding a $35 fee everytime it was sold and also not having to file paperwork. As long as everyone was paying… all is well. When a borrower chose to fight a foreclosure MERS was not recognized in court as being a party to the suit as they were not the owner of the mortgage. It is my belief that ANYONE who had BAD PAPER on their mortgages were ALLOWED to refi under that HARP thing. – homeowners assistance refinancing program
“A stain on the American Justice system”
Im now wondering if an evolved capitalist system unregulated turns into a semi-oligarchy down the line.
The last three minutes sum up the entire issue with govt
Wait this isn’t a documentary about MC Hammer. Edit: “What does a due diligence underwriter do?” is a goddamn tounge twister and a half.
After having watched this piece of fine work by PBS FrontLine , I can only speculate that a lot of those involved were the same ones working on the hill .
corruption is the name of the game
thanks for giving us this great programming free 8 YEARS AFTER IT FIRST AIRED national public broadcasting , yeah only if you pay for viewing current programming, just wait till the microchip situation gets straightened out. the automobile bubble will burst and millions will be stuck with huge payments owed on vehicles that will be nearly worthless.
This is why we had the Tea Party, Occupy Wall Street, and ultimately, Donald Trump. Everybody knows that there is one set of rules for the rich and powerful and another set of rules for everyone else. Failure to fix this before resulted in Donald Trump. Failure to fix this now could result in someone even worse.
If my lawsuit goes to a jury, I would win & Judge would personally send the Bankers & Mortgage Investors who bought loans to prison.
After watching this, it just given me more conviction on my $AMC trade… it’s a long battle, but totally worth it
The entitled rich never pay. If others suffer, it’s “oops, oh well…”
How wonderful is this repeat documentary at this time. While we watch “Inventing Anna” and see how someone who scammed her way through the NY social scene is punished, we see nothing of the same for banksters. I guess 300K is way more important than screwing away billions and getting bailed out on the taxpayer dime. What did that one guy say, “shooting fish in a barrel”. Also, Anna Sorokin sits in a N.J. jail for overstaying her Visa while 12K Haitians disappear and countless bus loads of illegals vaporize in the night. Not one of those banksters went to jail – think about it. This is a wonderful and timely documentary. I though Eliot Spitzer pontificating about honesty, integrity, etc., was absolutely hilarious. Keep those socks on dude!!!
Lanny Breuer needed to be investigated himself. He was incentivized somehow to not actually investigate and to not charge any executives.
Question for anyone. When wallstreet shorted these securities, were they publicly traded? And you can form any investment into a security to trade?
Saw this in my feed and my first thought was, “Man. I don’t think I wanna watch this because I know it’s just really gonna piss me off.”
Imagine if they arrested Bob, how is it fair to him to be charged; when nobody else is.
Here we are 30 yrs later and my credit is still shot out They still own the credit reporting agencies They have perfected their criminal affairs Nothing short of a CARTEL
And yet, there are so many stories of a person (usually black man) being charged criminally for some drug infraction or other crime on the word of a single witness and serves time in prison, or even is charged and spends months in jail unable to raise bail, yet these men could not be charged with any crime
I saw that before 2008 and never understood how people would be able to pay back the loans with the type of job they had….
At one point, an elected proclaimed that those selling mortgages to homeowners need to be accountable. Does he those who lied about their incomes? Those who didn’t read the contracts before signing them? Or those bought new houses at suddenly lower prices before walking away from the underwater property they already had? He certainly must mean yhe appraisers who thought elevated prices were never going down. And the mortgage writers who passed off the mortgages to the foolish quangos, Fannie and Freddie. Government involvement in housing created the conditions for all of it, as Congress, once again, failed to protect the interests of the taxpayer.
Not of the big boys. We knew that there would be no prosecution for them.
The ‘No prosecutions, no investigations, no interviews’ signals that looking for ways to game the system can continue. We are mistaken to think that, if only the oversight, due-diligence process had worked, we’d have a stable economic system. This is wrong because the system is inherently unstable. A dishonest market (one distorted by economic externalities) makes it inevitable that causing harm will be profitable (when harmful practices are part of providing some real or imagined need). IF we manage our impacts on the environment in a way that holds pollution and rates of depletion of resources to limits that are sustainable over time, we can make a sustainable civilization. If we fail to limit impacts to what is sustainable, we promise only a bleak future to youth. A system of fees charged proportional to harm done (emissions, extraction, habitat destruction, etc.) would help to moderate a heating economy and the sharing of fee proceeds would prevent the system from ever slowing so much that spending on basic need would stop. (The most vital sectors of the economy would be insulated from vicissitudes of the business ‘cycle’.
Executives of banks cause a crash/ recession and no prison time.. a mom pretends to live in a school district taking the risk for her kid to get a good education and she gets 3-5.. America in a nutshell
I sold subprime mortgages when I was 26. Didn’t really know what I was doing. Just following orders. But it always smelled fishy…
Stated income stated assets. “I work at McDonald’s. Part time fry cook. I’m 19. I make 100k$ a year. my debt to income is 89%. The loan to value on the property I’m looking at is 99%.” Originator: Just heard from the appraiser and the crazy thing is that he meant to to adjust it but he forgot to factor in the comps closest to the property and the LTV is where we need it. One more thing… Didn’t you tell me that you worked a second job at Dairy Queen that gives you another $5k a month in income? Mortgagee: ughhhh…… Maybe?…. Yes? Yeah Originator: Great, we close in 7 days. Me and my closer will meet you after your shift. Fries on you right?
These people live like kings while we toil, I know without a doubt my 401K will be gone come the day I can collect
Another great documentary by Martin Smith.
This whole mess was much more fun and interesting from the perspective covered in “The Big Short” by Michael Lewis…..
Greed is not criminal? If the system is control by greedy people you think the system will be fair?
Great coverage, excellent journalism. Some palms were being lubed. For sure.
Why not make a documentary on MCC,its impact,consequences ,theories vs reality ,… in the context of developing country like Nepal.?
The facts are, we live in the worst country in the world and that’s a 100% FACT 💯
Well it good to know the investigator lay in his bed at home and worry about the future of the banks all while they take the government handout and evicting thousands of homeowners whom are trying to find a place to sleep in a shelter or bridge. He should have been fired and case reopened on biased actions personally I think the investigators were paid off.
The executive bankers can commit blatant crimes (obvious to anyone beneath their qualifications) and get caught, leaving devastation and a paper trail and witnesses to prove they did it, but they can’t be convicted without proving they intended to commit the crime. Didn’t they get certified or sign contracts, sign legal documents that make them legally responsible and accountable to follow the laws, code of ethics, agreements, etc. Somewhere in the process of these bankers getting hired, and qualifying to do their job they must have known and agreed to the level of responsibilities and the seriousness of those responsibilities. A lot of parents go to jail, lose their children for being humanly imperfect and flawed, being irresponsible in the slightest ways knowing damn well that was not their intent. Yet these bankers gave the green light on a mass level of fraud in plain sight, with the power of their pen. I find it amazing that these big-time lawyers can not prove criminal intent. Crazy stuff. There’s definitely a cover-up going on, power plays.
The law is applicable on poors & the riches are dancing on it
One of PBS’s many many in good documentaries a manpower an hour I caught on February 25th 2022 was very enlightening on the Ukraine situation finally giving me some material on what has brought this to this point I’m curious though if this is all repercussions of the dissolving of the USSR with the coming down of the wall during the second term Ronald Reagan in Russia restructure their Treasury and their money if I can get any input on that that would be greatly appreciated thank you
I love Frontline!
The more I watch shows on this subject the more I’m convinced that this system is designed to make some people more powerful, making the rest of us their supporters. How can anybody, in his/her right mind accept this way of doing things that way?. The main idea to accumulate goods is to be safer, not weaker. The main idea of having too many goods is to share them with the ones that lack them and make them more secure to work on their potentials. Instead we are becoming more and more individualistic and instead of trying to do good we invade countries, that have “our” resources and don’t know how to profit from them. This is madness and we all know that, but we love to be above everybody else, specially if they seem to be “different”. The coming generations (if we last that long) will have a big task ahead. The whole world belong to all of us and we should be responsible in order to survive and flourish. We all have to come out with a different system that help us all, even if it takes getting rid of shopping like there’s not tomorrow or destroying our environment because “i deserve to own a lot of toys”. Greetings from Toronto.
We were soo lucky we didn’t go and try and get a house in 2007-08. Our credit sucked and we would have gotten stuck with an adjustable rate mortgage. So many people told us NOW is the time to get a house. I kept my head down and we worked on our credit and actually obtained “good” credit. We got our house last year with an extremely low fixed rate mortgage with our credit union. We would have been ruined for good if we hopped on the hype train in 08
As if Breuer was really going to go after the Wall Street bosses, they were all his friends. Farcical.
How about an updated version? This aired 9 years ago!
Just love that Southern accent! Once met a F1-11 pilot in Iran who introduced himself as ‘Alice’. Years later I realized that he was saying ‘Ellis’.
People get wealthy in crisis. I did in 2020. Bought a home thanks to low interest rates. 🙂
Those prosecutors at the local level have no problem bringing charges against any low income citizen to fund their city budgets. Fact !!! Sad fact !!!
Had close Bernie friend’s. People miss that wall street is all intermarried with each others relatives. “Its not a small community but it’s a small number of traders that aren’t part of our community”
In the mid 80’s there was the 28% and 36% rule. A person could not qualify a loan if the mortage payment was more than 28% of their gross income or 36% mortgage plus outstanding monthly pmts due to other debt like a car loan or Credit Card pmts. It was a good rule. In the mid 2000’s that all went down the toilet.
In Iceland the bankers went to jail. The government was fired and new elections were held. In America we gave them the bail out.
My Confidence In The DOJ And FBI Just Went To Zero!!!
🤣🤣🤣🤣 What the hell was I doing when all this free money was floating around!!! Damn I could be living large on DoorDash delivery gig pay 💰. There is no way I shall be pass when the next bubble comes and they dish out easy 💵
I’m starving and these bankers look like HOT FOOD. Counting down.
“Capitalism no longer favors nor values the “hard working, driven individual” but rather, favors and values leveraged fraud, corruption, hype and vaporware.” Rogue Nemi
“YOU’LL OWN NOTHING AND YOU’LL BE HAPPY” The GREAT Reset
Real eyes. Realize. Real lies. 👑
The system cannot change due to the corrupt business model. If you completely stopped Wall Street right now and rebuilt it, you may have a chance. The problem is very very deep and covered by layers of corruption.
That is interesting, they make sure everyone have a share, so no one high up go to jail.
Fighting 7.5% inflation (more like 15%) with a 1% fed funds interest rate is like stopping a Forest fire with a bucket of water. Folks prepare accordingly. Make investment in other not to depend on the government for funds
What untouchable for most of us is 19th level of hell. 19th level of hell is deeper than 18th level of hell (according to Buddhism there are only 18 levels of hell). In 19th level of hell, a soul is tortured in the most extreme pain, beyond all perception, beyond the universe, and beyond eternity.
Oh, I thought this documentary was about the members of congress who have built enormous wealth on front running stocks that they know would/wouldn’t benefit them based on the bill they’re creating.
It’s very difficult to put handcuffs on a corporation
Mr Breuer should be held accountable for his at the justice department lawyers not doing the due diligence process of getting these executives that accountable for their wrongdoings.
How do used car dealers get away with so much Fraud.
Nice video back when PBS actually did real reporting that wasn’t biased
Our justice system loses more credibility daily.
They brought Elliot Spitzer down when he tried to hold them accountable.
When are we going to get a proper documentary about the Fed and inflation for 2021, that last documentary PBS did on the Fed was really tepid.
The GFC was a honest mistake, could have happened to anyone. As long as the little guy takes the fall it’s all good
What a shock incompetence within our govt
I’m no longer waiting for the stimulus check because I earn $22,000 every 14-16 day’s recently 🚀
Must finish this..ily my KING 🤴 ❤
Poor performers on every side… but smart enough to figure how to play the system they were embedded in. That is why they do this…. bankers who are almost savvy enough to run a bank… but not quite. So they resort to sharp practices. The same with all the underlings who just went-along-to-get-along. They are poor performers in the job market, couldn’t find a job that did not involve scamming, that also fit their skillset and income desires. So they resort to sharp practices.
Incompetency of the staff from justice department terrifies, they all should be Fired! Maybe even corruption involved
Wait, was it not government that pressured banks to give away mortgages to unqualified applicants via the Community Reinvestment Act? Did not government have a role in all this?
I’ve never heard anyone speak “word salad” like Breuer. Totally incompetent at his job apparently.
This shows how Market Magicians always find new “gray areas” in the laws of the financial sector. Sub Prime Loans exit stage left..Enter Bitcoin center stage.
Ted Kauffman is a hero
I always thought that after the 2008 financial crisis, If the Obama administration had at least made a pretense of bringing justice, he could have made a deal where the CEO’s directly involved could’ve been publicly arrested, with the media cameras rolling, then quietly released later, but by not doing anything, this led to the occupy wall street protests, anonymous, and all the subsequent activism and unrest we have today. Obama gave them all a pass.
Suited crooks and it still happens.. fines are just a part of doing business. No justice.
if you die on the street homeless and no one claims you, it costs 200 dollars for the city to cremate you. That’s the price of a human life, 200 dollars.
When you have all the big hitters hitters paying off everybody that had any potential of charging them criminally or wrecking the whole world financially that’s why nothing ever happened…. They keep the wheels greased so that the wagon rolls smooth every time
The rich sees an economic crisis as a garage sale also the rich stays rich by investing and diversifying their portfolio with stocks, Crypto currency and Forex trading which is the wisest thing every individual needs to do and it’s real profiting.
A waitress working full-time. With no OT. @ 4 weeks. Would need to make $600 a day. I’ll say this so granted I ran from 6am till about 10pm as a homeless Junkie. Just middlemaning I was making my dealer $200 easy a day. Running 23 hours I could do $600 a day. With a job I could do $400 per shift easy. All time best day was like $1,180. Women alone doing all the wrong things could put my numbers to shame. So yeah plausible and I’m no where near Vegas and the county that AC is in alone could make that easy offshore. I’d say plausible. Wonder what a silicone valley type waitress could do now. If she didn’t give everything to a dealer and used it in assets. Yeah, plausible.
the answer is simple: this is ‘merica
Capitalism : A love story. This isn’t democracy, it’s Wall Street power, and I am appalled as the “great US'” can accept this kind of behavior from the banks and give the taxpayers money to the banks when they’re about to collapse. These tycoons deserve severe jail time. Hasta la victoria siempre !
I am a big Obama fan, but lack of prosecution was a huge failing of his administration. Millionaires hired to protect Billionaires.
Excellent work. LOTS of lying & CYA by these so called investigators. I’d bet there was pressure & back room agreements – as usual. MONEY, POWER, EGO, POLITICS, etc.
PBS is so awesome, no matter who has power, it’s always a Republican’s fault 🤡🤡🤡
The whole mortgage refinancing industry have to be looked into again.
Just got finished watching the whole documentary…well done, bravo bravoe
I hope Lanny has watched this and knows that he let Americas down like few others in American history.
Even if they did not go to jail, how could they not have been sued to a point of their own bankruptcy. Fuld made millions in the year Lehman went under.
They all have to go to jail so they give up their rights
Eliott Spitzer – a really credible commentator – HAH!
The rules don’t apply to rich people? Wow, what a shocking revelation! hahaha
Banksters Of America
This is why I tell people the crash of a weight is unlike any other prior crash in history. There was blatant corruption yes, but no penalties due to fear of “what ifs”. It shouldn’t MATTER WHAT IF! What matters is WHAT HAPPENED AND WHY and hold those at fault accountable!
It’s interesting that Grassly said that it’s too bad no one went after bigger fish. I wonder if he feels the same today with the people in his own party who helped foment the insurrection on Jan 6?
The “JUST-HIS-SYSTEM”. “One rule for thee and one rule for we”. “The more things change, the more they stay the same”. Trust in God!!!🙏🏽
“Lloyd Blankfein was unapologetic”—gee, what a surprise!!!!!!
OH HELL YES i just got food….time for some good dinner and movie
HALF THE STORY. Prosecute the people who lied on their applications too. They are as much the problem as those who gave the loans without verifying the income of the borrowers. Also, most people, and ALL politicians, are far too ignorant to criticize market making and laying off risk. They can conceive that Goldman is paid to make markets….NOT to take the other side of YOUR risk. Plus, who do you think they’re “taking advantage” of? The entities they deal with know damned well what risks they’re taking. It’s not like Mom and Pop get to trade with Goldman. It’s $10 mil net worth and up only. Populism absolutely consumes logic.
and yet Americans will not do revolution, just comment on Youtube and move on the next day.
FOLLOW EVERY PENNY IN CIRCULATION OVER THE LAST HUNDRED YEARS. I would love to see the eb and flow of family name wealth of EVERY POLITICIAN and government employees.
I had one loans back then .🤢
Forget about any other story, if this narrator reads a grocery list, I’ll fall asleep fast.
I got a different take on this. Starting with, Do Diligence Underwriters? These people were not doing their jobs properly, regardless of what supervisors and others told them how to do their jobs. They knew what they were doing was wrong, but they did it and cashed the paychecks. Next, the buyers of homes. Knowingly, stating their income so they could buy a house, a bigger house. I ain’t saying that banks, lenders, mortgage companies are not responsible, but from the buyer to the real estate agents, to the real estate lawyers, to every single person up and down the whole home buying process were compliant, complicit, self-serving (albeit, often for the short term, only), and out and out greedy. Without people agreeing to these loans and without people doing the shady work for these large lenders, none of this would happen.
This is disgusting.
They could not find intent of any wrong doing or fraud but I’m sure if you or I lied on our mortgage application they could find everything they need to convict us in a NY minute! Just a thought,hmmmmm!
Larry’s in the hot seat !!! He expects the general populace to by his bull. Larry come on brother, we ain’t stupid!!!
FRONTLINE – THE BEST!
I’d like to get a transcript of Hillary’s talk to Wallstreet in 2016 and what she promised just prior to the election. Glad she lost.
The FBI didn’t aim high enough!? The FBI is in on it ,
Shampoo, Rinse and Repeat
The blankfein example was not the best because the market making wasn’t the problem, he’s right. The problem was the banks knowing what it was and not devaluing the mbs.
Why would anything change when no one is held accountable. The DOJ took a healthy kick back.
Oh man, I’m kind of disappointed . I honestly thought that this would be a documentary on Elliot Ness and Al Capone.
WALL STREET BANKS ARE LIKE SEWER PIPES THEY’RE O.K. ON THE OUTSIDE, BUT THE INSIDE, SLIME RUNS NON-STOP !
I lost $30,000 in AIG stock. Oh yeh, I should have hung on for 5 years to get back to zero. Thieves in big banks.
Really engaging Comments… Almost forgot 👉👉What has changed your financial live positively?… (A RESEARCH POOL 📌)
There are millions of people who made a lot of money by the simple fact of timing. I bought a house in California in 2004 for 149K and sold it in January of 2007 for 527k. Nothing but simple timing. The guy who bought it from me had to let the bank take it. It allowed me to move to the Southeast and buy a mansion with 50% down. That’s where a whole lot of the money went……
It’s hard to believe that we actually elect these people to rule us. What is wrong with you people?
It is a good documentary about our Wall Street behavior but unfortunately it is totally unfair to point the gun at them. If you want to fix it and be faithful to your country then let’s talk about how they create the dollar and who is behind the federal bank and why Americans are paying the tax and what good it do? Think about it.
I think they would have to give over their fortunes to prison gangs to survive
If a buncha jail keepers can’t confine some robbers n even let them get away, you should know the both the jail system had long been rotten af.
Watching the series ‘Billions’ makes you wonder SHARKS AND CROCODILES are real in the corporate world…
Ted Kaufman is an American hero
My question is… why did they not question those that made the biggest profits their point of view about it? They were in the gambling too with inside trading. They are the ones who tell the banks what risks to take with their investments. THEY have some things to answer for.
Exactly get the loan closed the government Set up that ability for them to give them the loan not the loan officers They knew It was going to fail It was set up to fail so that they can get their big cash bail out and then everybody would lose their homes for whatever type of reason And then the untouchables get it all back for cheaper and then some and who suffers Nothing untouchables Just you
Love Frontline !
I remember an older couple who can in the office I was working at and wanted to buy a home with an acre lot. They were school bus drivers and I knew they could not qualify for a loan, but if they did get the loan, they could lose all the money on the down payment and accrue PMI and other closing costs. I gave they my advice not to purchase the property because this could happen.
We need to bring Elliot back. The bankers took him down. Bring him back to fight the bad guys.
So I need the police department to hear me out
Regulate Law firms that staff investigative agencies or were doomed.
…the arch of the moral universe is long, but it bends towards the statue of limitations.
My Heart is Stirred by a Noble Theme …6Your throne, O God, endures forever and ever, and justice is the scepter of Your kingdom. 7You have loved righteousness and hated wickedness; therefore God, your God, has anointed you above your companions with the oil of joy. 8All your garments are fragrant with myrrh and aloes and cassia; from palaces of ivory the harps make you glad.…
I’d rather countrywide give me a loan versus Wells Fargo denying my home loan application but using my application info to create bogus accounts in my name for their gain 😒
Eliot Spritzer was the best. I miss him. He would be president had he not screwed up.
los ricos seran mas ricos y lo pobre seguiran valiendo Veigar(un personaje de Lol). Thanks to the whole team of PBS for the video!
This is why India got rid of the jury system. What would be a “jury of your peers” for executive bankers ? This is a process setup to fail. You just need one judge that is educated and can understand WTF is going on.
we’re all coming for them. message me about our community think tank about the evidence were currently uncovering. Hang on tight we have the community bringing In the Information we needed to move forward. This is crazy..
Its been a LONG time since I have seen a PBS documentary that wasnt full of BS propaganda. Thanks!
YOU got a BETTER lawyer then the other person….YOU can get away with ANYTHING
So instead of punishing these horrible greedy men, they bailed them out with tax payers 💸. It’s disgraceful.
The only advice I can give to anyone is to do your own homework before consulting with anyone that is in the mortgage and securities industry. While many of the people you deal with may be quite honest, many of them are not as knowledgeable as you think and are not trustworthy! The less many people think you know the more they are willing to rob you! Therefore, you need to have some knowledge of anything you are inquiring about so you can ask the proper questions. Trusting anyone to help you make the best decision in the home buying or investment aspect when it comes to your money can be the equivalent of an a young 20 plus athlete with no education trusting crooked financial advisor to handle their money! Knowledge is power people! Do your own homework before indulging in any venture that is new to you!
Why no individual prosecutions? Possible rational reasons: 1) Increasingly, US regulatory & law enforcement agencies are self-funding i.e., in a government that is insolvent (except for the printing presses at the Fed) and spends almost all of its money on entitlements and defense, agencies increasingly get their operating budgets from fines and penalties imposed on corporations; 2) potentially culpable executives agree to those massive monetary settlements only if they are not individually charged; 3) wealthy executives that have legal defense reimbursement written into their contracts, hire the very best, toughest lawyers available. Career agency lawyers are outgunned and they know it; 4) Fighting really excellent defense lawyers consumes so many agency resources that other enforcement priorities would suffer; and 5) the defense will point out the government’s hypocrisy and culpability. The defenses will point to laws and regulations like the Community Redevelopment Act of 1978. The CRA forced mortgage lenders to essentially abandon safe lending standards or face regulatory sanctions. Lenders hated the CRA; what no-one counted on was the industry developing tranche CMO securitization that allowed the banks to move poor quality loans off their books and make a servicing profit doing so. I believe there were bankers who should have gone to jail, and some of their cell mates should have been the legislators and regulators whose social engineering precipitated the collapse. Given those realities, it was rational for the law enforcement agencies to have taken the massive settlement money and run.
Sad to say, no real heat will happen until the movie comes out. That said, president Obama did an excellent job rescuing us from the full effects of this crisis.
I lived it and had the FBI interview me…..surreal and here Year 2022 another shitstorm where the rich get richer
“Justice backed off” the understatement of the boomer generation. And I’m a boomer. We are the first generation to tell our kids and our grandkids, “sucks to be you.” Oh well, as long as our ‘retirement’ remains prosperous. Shame on us.
But Wall Street didn’t tell people to make loans to people who can’t pay. Plenty of people went to jail. Just because they weren’t the guys making the most money out of the business – Wall Street – we shouldn’t feel that justice hasn’t been done. Underwriters were responsible for the crime, and they went to jail. Also, Wall Street doesn’t make nearly what they used to. Had lending standards not been dropped, fraudulently, the whole system might have held together. Maybe not too.
yup, profit intent, the default mood of finance, can never be criminal intent.
Let’s go Brandon!
Frontline has 20-20 hindsight, but where were they when they should have been telling us that just because house prices had never declined in any of their lifetimes, that such was not proof that they never would in the future.
I just heard Martha Stewart name mention once. What she must think of this and all the subsequent cases of officials lying to the FBI. I can only think she has refused all interviews.
Dear wall st can we go back to these days ? Sounds like heaven
Corruption at it’s finest, how many payoffs were made
This story reminds me of a kmfdm song called rebel’s in control. Probably based about this government & banking fraud.
The rich are above the law. 🤬
You can’t scam an honest man.
He squirms as he said he made it a top priority. He’s probably in on it.
They did everything they where supposed to do
Simply as to why no charges were made is that everyone involved in it made more then they lost. That includes the property value lost. All those people buy and sell houses all the time. So again the people who made out the best from this are asked to investigate themselves lol. Side note in reality America and around the world. The little man getting a piece of the pie is not good for anyone. The something happened back in 1918 I think when the last time the market crashes badly cause it has crashed before. Credit lines to the little man was given now a days loans were given.
Without criminal and fraud charges and serious jail terms this is a giant green light to happen again the ramifications are massive.
You know there is a problem when the wealthiest 9 zip codes surround the most corrupt city in the country… Washington DC. Also more Ferrari’s sold for CASH than anywhere in the world.
The purpose of Our Government is to SERVE COMMERCE !
Dude is overdoing the tanning bed lmao 🤣
The rich and powerful are above the law
the untouchables is one way to call them, they’ve been usurers and corruptors since ancient times.
It’s going to happen again soon. There’s too much market manipulation and overvaluation. The housing market is going haywire. It’s unsustainable.
i wanna puke when i see this and many more- especially the politicians. no one goes to jail and it gets worse and worse and worse and people fly the american flag like we are free. disgusting
I dont think they learned their lessons. I personally think wall st and fed reserve are creating or allowed to create the problems we have.
Thank you, sharing.
I could be wrong as we all are at times But I bet of They put some of those people in it’s just possible some of those people would have spill the beans as they to someone facing years in jail. And out of the goodnesses of his heart they would have come forward. Seems to work in some DEA FBI or Home land case’s were they just opened up to a total stranger as they set in custody
The question is is how many bribes did they take to keep quiet and stay silent about the whole ordeal I’m hoping it’s not talk about it because the person is probably restricted than him saying anything and they don’t want to lose their job which is understandable this is the boy I’ve been working on public and no one’s ever done anything to the person who owns these iota the only they have secrets would be between the perpetrator and someone who uses others too many wrong reasons of hidden acts of crime that needs to come to the light up front before the person who accepts the bride gets hurt
No wonder decent honest people give up and decide to become bums
This is some wise guy type talk from the government
The whole system is a joke, if anyone needs me to spell it out for them. Ethics? What on earth is that?
Please more vids 🙏
Never rip off the world 🌍
Standards to high. Just arrest all those who gained most from it. Those who gain from it most are always the criminals
Someone look into these peoples financial transactions. They all seem susceptible and willing to bend over for money.
Untouchable means above the crooked law
Greed = Fraud!
Are we really acting surprised that rich people didnt’ suffer consequences for criminal acts? Same people got a huge tax break under trump (because they are “the backbone of our economy”)
A bank exec told me homebuyers were to blame.
Lots of ppl paid off to get away with fraud
Sounds like buyers and bankers exercised no due diligence or common sense 🤔 🙄. I had several coworkers who bought bigger and fancier houses than mine and made fun of my small house. 10 years later, I was still in my house and they had lost their hard earned money they used for the down-payment and homeless
rob a bank you go to prison. bank robs you nothing happens
Lanny Breuer hold bankers accountable? If you know how banking and finance works, you know what’s wrong with that statement.
Thanks for the updates please
The rich and powerful! Work hand in hand. With one another. Government helps the rich and powerful. They play by a different set of rules. It’s a different set of rules for the people on the bottom. It’s very obvious that this so.
I actually spent a long time thinking, typing… knowing this is a bunch of bullshit.
OZarks shows how easy it is to control politician. Find something dirty on them and cripple them and get away with criminal activity.
They Turned A Blind Eye! 🎯
Someone needs to investigate the people who work for PBS
I like how they keep reposting the same content on different YouTube accounts
Untouchable means above the crooked law
YERLERİN VE GÖKLERİN VE HERŞEYİN SAHİBİ YÜCE ALLAH CC ALLAHTAN BAŞKA İLAH YOKTUR ALLAH KATINDA HAK DİN İSLAMDIR MUHAMMED ALAHIN PEYGAMBERİDİR GÜZEL İNSAN MÜSLÜMAN OLMADAN CENNETE GİREMessin
Too depressing to watch!
And what about the insider trading from elected officials… Seems ironic yeah?
Okay, great documentary of course! But can we actually talk about how gorgeous that brother is! between the smile and the eyes he could get ALL my money too! lol jk
“Deliberate and Intentional” lack of effort
Lack of effort my ASS the investigators were bought!!!! 💰
She wasn’t even a baker i W 18 then & I felt that.
My goodness! My goodness! My goodness!
4:00 does anybody know what village/town that is?? reminds me a lot about twin peaks where douglas jones lived ..
It pretty simple to stop this. The underwriter must send the loan and the persons income claim to the IRS for reconciliation. Done. If the IRS can’t prove the income they don’t get the damn loan.
Many of these people don’t want anybody to know what they are doing. They get millions of dollars they don’t want to loose this money God will take care of this
Prosecution is not the answer. They should let these banks fail, not bail. It’s them that insist we have free market capitalism.
Justice 🤣🤣🤣🤣😭😭😭🤣🤣🤣🤣🤣🤣🤣🤣 no such thing
I ask, what good does the establishment releasing this now. BS.
Same all, same all, watched the video till the end with hope but nothing at the top changes. Then people complaint how a country could fall into communism… well the enemy of my enemy is my friend!!
They laugh in the interview about the underwriters. They need to let them qll sit through a few hours of what happened to these people’s lives because of this… like she said,,, like a party! So they can continue laughing at them ruining family homes! Yaayyyy! Fucking demons.
Taxpayers mortgages should have been settled instead they bailed as a banks and had to keep on paying that is our government at work
AND….it’s STILL going on.!!!!
What American justice system? There’s no system.
Untouchable means above the crooked law
That Lanny Breuer cannot be trusted just by the way he was answering questions with a lot of icing on the cake ending up with no fact answered at all…. This is the reason why i have difficult time trusting bankers.
The government didn’t “fail”. The government was complicit. Fixed it, for you. You’re welcome
its kinda odd more stuff is being made about something that happened 14-15 years ago now
Defund Wallstreet. Defund the Ivy Leaguers. Vibrate ❤️Luv
Bring back the good guys. Come back to government please.
TBH,…I need a “fund ’em” loan right now…😕😕
I use to love Frontline and all of the other investigation show’s, with their dramatic drumming intro to the hard hitting questions they already know the answers to. But if everything is corrupted to control and systematically undermine the American dream. Then watching a show like this one is a big waist of time. Sorry but Tru. Kerry Grant luvs mother earth and not pludoctats fracking narssistic autocrats…
Reprobates the rich lot of them. That Brewer fellow spewed enormous word salads and never said a single thing. The crimes were committed under one administration and swept away under another, illustrating well the theater concept for public consumption. Love this “two party” oligarchy.
So moral of the story kids if your gonna steal , steal big and or be already insanely wealthy to begin with
If they were in jail, they’d be out by now lol
Greed should be a crime when it hurts other people.
Sen Ted Kaufmann”s state, Delaware, is the least transparent concerning banking of all 50 states. He was hardly being brave — and in the end didn’t achieve a thing
Should upload even older documentary….
This is why they continue with their criminal activities. There are never any serious consequences and they know there won’t be any
The question is this man seems like he does not understand or comprehend what you’re telling him ask him because something tells me he is a snowball friend by someone who paid him off to cover up the truth and he probably took the bride bribery is wrong to be taken to covering up perpetrator acts of crimes makes him a concessory of the person who requested this by him and to lying about the truth this man seems to be very hateful you down inside helping the perpetrator connect larceny embezzlement of all kinds and their con game is over he’s just nothing but pulling a con act of lies towards others not being straight but took a thrive and I’m sure of it you must check to see who wrote him out a very large check to speak nothing but what he felt by hearsay by the perpetrator he may have been asked to stay in silence or otherwise he knows what will happen this needs disease fraudulent checks are going into the banks and they’re being robbed all throughout all 50 states because the perpetrator has paid the bribery to the person to keep their mouth shut unless you know what’s good for you you’ll do as I say and you will stay in silence about everything you know so if everybody is taking a bride shame on you you could have walked away and said excuse me I’m not you those who are involved with the perpetrator could pay prison time for the rest of their life right along with the perpetrator paid you up to save silent did you ever stop to think about the consequences of how many years it is in prison when you take a bride and you stay silent think about the consequences
Good job PBS 2008 doc
the more money you control the more untouchable you are
ANd Frontline leaves viewers frustrated that our system is screwed, and there’s no solution. Just what I needed: more hopelessness in my life. Thanks for nothing.
Untouchable means above the crooked law
They have soooooooo much to answer for…
You’ll need carpet, here is another 10k for your loan, and appliances, and a new car, and a new wardrobe. Take a vacation, you deserve it, all the stress of buying a new home, here’s another 50k we approved on your mortgage loan! Hurray!
To many people wanna make money w out working for it it’s the biggest problem we have.
as a newbie investor/trader, the last two years have confirmed that there is corruption on wall street, but there are also immense opportunities, when you start to trade you will start to lose , if you are a 99 percent you will quit right away, and that is why 99 percent lose money, the one percent ask why, adjust and move on. They want you to trust your money with the big banks and firms, its not as hard as you think, anyone can make money, but first you must face your greed and patience first.
“Inside Job” did a way better job than this
Program he has me in it
Good to see Client #9 talking shit about some bad bankers….
The underwriters should have walked off the job.
One of the hedge fund dealers became PM of NZ worth 50 to 100 million. No justice has been done .
But now I have to step in and fix this
They will never be held accountable. People who are wealthy and powerful can never be held accountable for anything
This is such an enormous rabbit hole with no bottom. 🤨
ITS FEBRUARY 2022 and the world is in an even worse situation. Just 2 years after this story (in 2015) it was reported that Wall St bonuses topped $28 Billion while the entire minimum wage bill for America was $14 Billion. In the years since there have been no major anti-trust cases to break up the “too big to fail” crowd. In fact the DOJ has not pursued any major anti-trust case for decades. In the years since there have been the Panama Papers, the Paradise Papers and most recently the Pandora Papers and no major player has been charged. The whole world saw the January 6 attempted coup and everyone’s wondering what’s happening because no major player has been charged. Watching Lanny Breuer give nothing but cowardly excuses explains why nothing is being done about ANYTHING to do with Wall St, Trump, The Trump family, any of the people linked to Jeffery Epstein (including Trump, Bill Clinton, Alan Dershowitz and others). The only case the DOJ seems really interested in is that Australian guy. You know the one who told the truth about some war crimes.
My ladies 🚺 tell me all the time I’m too big to fail so I’m afraid I don’t understand. 😶
BANKSTERS, every single one of them!
I lost half my savings
This is unbelievable…….if I stole a penny candy in a store you can sure bet I’d be doing time……these guys steal millions & authorities don’t even flinch.❤️☮️🙏🇺🇸
Don’t forget the person taking out the loan they can’t afford is also to blame.
This was aired 8 years ago! These are the people the stupid trump crowd should be angry with, they are the ones that make their lives miserable.
Thousands of fat rich bankers out there, still loving it
Interviewer can not see that they did it because all the others were doing it? So whoever did not follow would fall behind and and shrink to bankrupcy. Due diligence is just some guys doing what they are paid to do, and guess who was paying them?
waitress earning 12k a month? even the hottest waitress from Hooters won’t make that 😂😂😂
The untouchables; how shit works.
I could have done without Eliot Spitzer in this piece.
Until the money and special interest lobbyists are removed from politics we will continue to suffer the fool.
Why is Frontline re-branding a film the did 10 years ago. It’s a replay with a different title. I’ve got to say that I’ve lost a little respect for them lately. They are better than this.
This is what happening to Malfeasance Manipulated Malpractices Personal Injuries and Death-Murdered for False Claims Fraud.
Greed is still GOOD
The US financial system is a big joke. It keeps crashing, and the government keeps bailing them out.
We the people, can Blame America’s Failure and Downfall on “The Untouchables.”
Is this video a harbinger of what the DOJ will do to DJT’s “associates”?
Simple, corporates own politics.
Tax the rich, Cap their incomes… What a load of lies, witewashing and kowtowing to the rich.
This is a documentary from 2012 so keep it…
Whether financial crime is mild in USA like india 🇮🇳.
Yea they Got me Too from 2006-2009….. Took my Home 🏡 😔
a small trader went to jail WHAT DO YOU CALL his crime ??
The media and these journalists drive me absolutely crazy because the questions they ask are so ridiculous.because they go absolutely nowhere. Like where did these people go to school to actually support tone an narrative. This story actually put something like this together makes no sense to me.
Damn I wish I could have gotten some of this 2006 “free” money.
A certain “tribal” element has dug its claws into Wall Street.
Why in closeups do you cut off the tops of interviewee’s heads? Enough headroom, please.
Investigators did not need to “make this a top priority”. Obviously it already was a top priority. What’s the next excuse?
Non criminal attempts… money talk!
Don’t even need to watch this to know the American ppl got played and nothing was really done.
Pretty simple message , stay out of debt..
MAJORITY IS BEYOND A REASONABLE DOUBT
Now I hear they want everyone to be able to “afford” a brand new car 🚗. Like Bob Barker used to say, “come on down the price is right”. 🤣🤣🤣🤣🐂💩💩💩💩💩💩💯.
Money and power breeds greed and corruption!!!!
Whos going to keep them accountable if people don’t care or call for this accountability?
Wall st owns Washington DC 😂
14 years later? No Difference
How the hell nobody go to prison for this the bankers Wall Street they all knew about it how the hell ain’t nobody in prison for this this makes me think the United States when you’re rich there’s different laws but when you’re poor and it’s to Tierney world here this is crazy shit why is the prosecutors going after these people somethings fishy
There are ABSOLUTELY waitresses in Vegas that clear 12k per month or 120k a year.
And it’s been 4 years
Not one held accountable and they never will.
Video @ 17:12 “why didn’t I hear about this” ? – YouTube “Peter Schiff was RIGHT” – He was warning FOR YEARS !
Remember before bankers were blamed the republicans tried to hang it all on Barney Frank.Republicans:”blame placed problem solved”
White collar crime is so hard to prosecute because white collars wrote the laws that enable it . When lawmakers set their minds to curb organised crime, in short order they introduced Rico . The dollar value of white collar crime and the number of lives lost or ruined as a direct result of the financial crisis , dwarf the costs in lives or monies that could ever be attributed to organised crime . Whether by shooting or poverty , the dead can’t tell the difference. But apparently political will is a saleable commodity and free market is interpreted as free to do as you please if the figures are large enough. Maybe the Chinese model on the utility of billionaires like Jack Ma or Guo Fosun has its merits .
But of course lock that Marijuana smoker up for 30 years! They are a threat to our children!!
That’s called CLOUT
Because we are all uncosious and I’m treating all of them
Because we are in the same team I’m not a criminal in trying to save them
PBS reposting this documentary a day ago from 2013. If this isn’t a sign that something really bad is about to happen again on Wall Street, I don’t know what is.
That’s how they where doing fraud on me
“Untouchable”? This always makes me laugh. They suffer, die and decompose, like everyone else. But the arrogance remains.
The Justice Department, justified and protect the wall Street big fish.
I haven’t watched this yet, but just started it. Jamie Diamond should be locked up I’m sure
I’m a victim of gang stalking
What are they going to do there’s no jail big enough
This $hit still pisses me off. 🤬🤬🤬
Advertising laws need to be fixed.
Cendant – never prosecuted.
All people are equal. But some are more equal. Same old story.
If greed is not criminal then I guess it’s okay for me to steel my neighbour’s car…ya???
We may have become a more civilized and less ruthless people, however had any of these men in suits done my family harm, loss, or injury they wouldn’t have seen as many sun rises as the cowards whom they did do wrong allowed them too. Did we forget that America was created on the principles of Freedom, Liberty, and pursuit of Property. Fighting off and from the rule of the crown and banking cartels were the most important step needed for the Sovereign People to live under Natural law and practice religious belief unscathed. If you’re not willing today to pick up your Arms and take these fucking theives to their grave, anything they do to you is fair and just. If we the People don’t police ourselves, the legislation will get paid off and legalize the fraud and theft. We’ve all had this option, I’m just not afraid to say it. Men in black can come stop by my door and ask me questions, they just might never be seen again. I bow to no man because I know who my creators are:
Money talks at ALL levels. You can see the lies on their faces.
and it was forgotten today by the government and the next default is about to happen, good job burgerland, you let them HOODWINKED
Something STINKS at a FEDeral level here
What a circus! George W. Bush.
Uncommon sense and the 1/percent untouchables.
This Episode was from 2012? So why the 2022 release date?
Thank you GOP
If they can fogg a mirror!!! wow😏
I lost 70,000.00 on my house! From the Obama plan.
They have them on lockdowns
Because it’s a revolving door. Government and industry ,
Was fraudulent like hell
And now? Are the same practices in place?
goverment has to seize all documents wills deeds any thing pertains to a ownership occurring in the united states america of any business
Their is no reward for the hero (rhymes with zero) so convicting the fats cats reap no rewards for the investigative departments ! The fat cats are well connected (Protected) ! Big Show.
And when I got out they all went down
Criminals on the loose.
Those who owns the Gold rule the world!
Something STINKS at a FEDeral level here
Where is John Wick when you need him?
Bro your emails either ended up in spam or was filtered and blocked. When shtf , Snail mail would have worked.
It’s always been about wealth and power. White or black or anyone else… if you’ve got the money and the power. Nothing happens to you.
You gloss over the fact that Senator Biden had the job while this developed. Larry Breuer, what can you say about somebody like this, organized crime has moved into government.
I live very comfortable I own a Hand Car Wash Landscaping, Pressure Cleaning, Office and Home Cleaning I pay the employees all cash no benefits no overtime no medical no taxes nothing
That’s why we’re right back here again. 🙄
Oh but they will bow the knee when the time is nye
Jim Cramer told me to buy buy buy wtf?
fraud check all records idenifications department of motor vehicles to catch a thief
Beware of overwriters.
Eric Holder really held them accountable, so gross. They’re all so in bed with each other….
But when I went to jail the cov spiked up
Was Lanny Breuer bought and paid for? He sure sounds like it.
One of the ones I sent emails and got No response 😅
Citigroup has sold South East Asia assets to their local bank
The next one is on its way
I dont know why anyone is surprised..There was no way a jue was going to prosecute another jue..Duuuuhhhh!!
Their time will come. And all of our elites will shudder.
My program was supposed to make them unconscious
So I need a home
Tax dollars hard at work
Do these people know how silly they sound?
Boycott ALL corporations. “We The People” MUST RESTORE THE BACKBONE OF AMERICA. SUPPORT YOUR LOCAL SMALL BUSINESS.
This still pisses me off
Drawn and quartered………do one and the rest will fall in line.
The rich own the politicians.
And they all got paid to do it
be carefull pbs you are entering the danger zone….
Theyre not really on all of us sometimes we just waiting
it will happen again soon but not recover
PBS is allowing us mere peasants comment on their video. wow. i feel privileged.
2022 to 2008 You haven’t seen anything yet💸
Broad support in Washington until campaign contributions started coming in.
Obama, lol, FBI, lol, PBS, lol. Let’s Go Brandon!
Since the beginning of the pandemic
On the streets and I don’t have a diploma
gotta thank the republicans for the mess …
Do you think the American people are ready to pay again when the mortgage companies go belly up?
Used to love frontline. Is bill gates funding them now?