Why Has No One Been Prosecuted for the Wall Street Scandal?
Good morning, welcome to Radioactivity. I'm Rob Lorei. Coming up today we'll talk with the producer of a new PBS-Frontline documentary film called The Untouchables. The filmmaker is Martin Smith. From the Frontline press release:
"More than four years since the financial crisis, not one senior Wall Street executive has faced criminal prosecution for fraud. Are Wall Street executives "too big to jail"?
In The Untouchables, premiering Jan. 22, 2013, at 10 p.m. on PBS (locally on WEDU), FRONTLINE producer and correspondent Martin Smith investigates why the U.S. Department of Justice (DOJ) has failed to act on credible evidence that Wall Street knowingly packaged and sold toxic mortgage loans to investors, loans that brought the U.S. and world economies to the brink of collapse.
Through interviews with top prosecutors, government officials and industry whistleblowers, FRONTLINE reports allegations that Wall Street bankers ignored pervasive fraud when buying pools of mortgage loans. Tom Leonard, a supervisor who examined the quality of loans for major investment banks like Bear Stearns, said bankers instructed him to disregard clear evidence of fraud. "Fraud was the F-word, or the F-bomb. You didn't use that word," says Leonard. "By your terms and my terms, yes, it was fraud. By the [industry's] terms, it was something else.""
The Untouchables www.facebook.com/frontlinecomments powered by Disqus