Treasury Official Quits Amidst Fraud Scandal

geochem1st

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ABC News: Scandal at Treasury: Official Quits Amidst Fraud Scandal

"The man at the center of a fraud scandal at the Treasury Department has been allowed to quietly quit and retire from his job as a government regulator, despite allegations that he allowed a bank to falsify financial records and amidst outcries from investigators who say the case shows how cozy government regulators have become with the banks and savings and loans they are supposed to be checking on."

"The man at the center of a fraud scandal at the Treasury Department has been allowed to quietly quit and retire from his job as a government regulator, despite allegations that he allowed a bank to falsify financial records and amidst outcries from investigators who say the case shows how cozy government regulators have become with the banks and savings and loans they are supposed to be checking on."

Treasury Department Inspector General Eric Thorson announced in November his office would probe how Dochow allowed the IndyMac bank to essentially cook its books, making it appear in government filings that the bank had more deposits than it really did. But Thorson's aides now say IndyMac wasn't the only institution to get such cozy assistance from the official who should have been the cop on the beat.

Investigators say Dochow, who reportedly earned $230,000 a year, allowed IndyMac to register an $18 million capital injection it received in May in a report describing the bank's financial condition in the end of March.

The federal government took over IndyMac in July, after the bank's stock price plummeted to just pennies a share when it was revealed the bank had financial troubles due to defaulted mortgages and subprime loans, costing taxpayers over $9 billion.
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There was a thread about a 'second revolution' a while back aimed at throwing people out of houses and into the streets.....

Here is a real reason to grab the torches and pitchforks and march on Washington.
 

stevedave

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Business as usual nowadays it seems. :rolleyes:

These guys just shit all over everyone and keep lining their pockets, and who gets to pay for it?

I wonder how much he got in kickbacks for looking the other way? Didn't know he was involved in the whole Keating mess back in the day either. Guess that explains a lot.
 

River

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Business as usual nowadays it seems. :rolleyes:<snip>
Ya gotta wonder when it ever wasn't business as usual. Perhaps for a short time during the Teddy Roosevelt administration?

Same shit goes on with the FAA/airlines, NHTSA/car makers, ad nauseum. Well hidden by avoiding straight-out bribes and kickbacks and relying on "we'll hire you when" back-scratching.

Sly foxes, those hen-house guards.
 

geochem1st

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From the last page of the article:

"This is criminal with the small 'c'," said Black. "No one within the regulatory ranks may go to jail, but they have done the worst possible disservice to the taxpayers of America."

New Rules:

You work in government and get caught doing criminal activity that costs the taxpayers any amount, not only do you go directly to jail, but we confiscate all of your accounts, real estate, holdings of any kind, and distribute them to charity.
 

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