Tuesday, April 20, 2010

Accounting Fraud and Criminal Charges

Janet Tavakoli discusses the charade of justice stemming from the SEC's civil, as opposed to criminal, charges against mid-level Goldman executives.

In an interview found here (posted on April 19)
http://www.cbc.ca/video/#/News/Money/Lang_&_O'Leary_Exchange/ID=1473248390
Tavakoli describes the prosecution as a "sham and disgrace." She argues that criminal charges should occur because these investment banks and commercial banks were fundamentally involved in criminal activities.

She states they were "supplying money for fraudulent lending and packaging fraudulent loans and basically covering it all by by then having another securitization that was more complicated to cover up the fact that the first one was fraudulent."

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