CitiGroup Whistleblower Richard Bowen: The Immaculate Corruption

bowen

http://campaign.r20.constantcontact.com/render?m=1118575381433&ca=a2e5c0b7-db56-42f8-9a03-3310d938cb61

Watch the video here: http://fullmeasure.news/news/cover-story/immaculate-corruption

Full Measure with Sharyl Attkisson: The Immaculate Corruption featuring Richard Bowen. Photo: Sharyl Attkisson

Full Measure News is broadcast to 43 million households in 79 markets on 162 Sinclair Broadcast Group stations, including ABC, CBS, NBC, FOX, CW, MyTV, Univision and Telemundo affiliates and streams live Sunday mornings at 9:30 a.m. ET.

In some markets they are seen more than the cable news competition in that time slot, and by more viewers than CNN, MSNBC, and CBNC combined and equal or surpass the audience size of CBS’ “Face the Nation,” NBC’s “Meet the Press,” and ABC’s “This Week.” They explore “untouchable topics in a fearless way,” from immigration, terrorism, government waste, national security and whistleblower reports on government and corporate abuse and misdeeds. It is hosted by Sharyl Attkisson, a five-time Emmy Award winner and recipient of the Edward R. Murrow award for investigative reporting.

This past Sunday, I was honored to be featured on my “experience” at Citigroup, which many have called “The Immaculate Corruption.” [watch it here].

Sharyl Attkisson and Richard Bowen

The interview started with, “This is the story of how systems intended to hold people accountable failed and Bowen claims even helped cover for them… Richard Bowen knew where the figurative bodies were buried at banking giant Citigroup, once the largest company in the world. As a senior vice president, Bowen blew the whistle on Citigroup’s practices leading up to the banking crisis – practices like buying and selling risky mortgages and misrepresenting them to the public and investors.”

Sharyl noted, ”Not much has happened in terms of from what I can see to the actual people at Citigroup who were allegedly responsible for this behavior.” “That would be very accurate,” I responded.

Sharyl continued,

In 2009, Congress created the Financial Crisis Inquiry Commission. Six members were appointed by Democrats, four by Republicans.

Bowen was asked to testify. And he was eager to do it. It was a setting where he says he could publicly tell what he knew, exempt from his Citigroup confidentiality agreement. He wrote up his testimony, naming names and laying blame. However, shortly before he testified Bowen was told to “take out much of the damning evidence that they had originally told me to put in.”

He says the commission wanted major edits; “what they also conveyed is that the edits were not optional. If I did not make the edits I would probably be taken off the witness list.” Bowen says he had to cut out eight pages, almost a third of his planned testimony. And almost nobody knew that when he testified on April 7, 2010.

Last March, the financial commission’s records were quietly unsealed for the first time. And we were able to obtain copies of Bowen’s original testimony, including parts that were cut.

Sharyl: “Did they have you take out names of people responsible”?

Richard Bowen: “Yes. They had originally wanted me to put in the names and the specific instance of cover-ups that I had witnessed. All of that had to be taken out, at least the names”.

Sharyl continued…

Financial commission staff members who dealt with Bowen say the reason his testimony was shortened is simply because it was too long. They deny suggesting any edits, say there was no attempt to censor or silence Bowen, and say that all acted with the best of intentions and followed the highest ethics…

And there’s something of a bombshell in the formerly hidden documents: In 2011, when the Financial Commission concluded work, it secretly determined some of the world’s largest financial institutions had possibly violated securities law.

The Financial Commission privately referred 11 charges against nine executives, including Robert Rubin and two other Citigroup officials, to Justice Department Attorney General Eric Holder for possible prosecution. 

Now that the documents have finally been released after 5 years, Senator Elizabeth Warren has written the FBI and Justice Department Inspector General asking why nothing came of those criminal charge referrals.

“The [Department of Justice] has not filed any criminal prosecutions against any of the nine individuals,” writes Warren. “Not one of the nine has gone to prison or been convicted of a criminal offense. Not a single one has even been indicted or brought to trial.”

On the program I expressed my concern, ”If we do not hold people accountable, then we’re going to see the same behavior. In the 1980s and the banking and S&L crisis, we sent over 800 senior bankers to jail. This crisis which is 70 times worse, I’d say, maybe even greater than that, we have sent no one to jail. And, and I think we basically are saying, there’s no downside to doing this.”

I fervently believe that by allowing the big banks to get away with fraud we are condoning their behavior and it will happen again. The large banks have a stranglehold on the financial services industry. If we are going to institute real change, then we must first break up the large banks, then repeal parts of the Dodd-Frank act to open up the banking industry to real competition.

Although Dodd-Frank was originally passed to reign in the large banks, it has turned into a gift to the larger banks because they have the wherewithal to lobby and gut those provisions that directly affect them. This leaves a disproportionate share of compliance costs on the smaller banks; which then has them selling to the larger banks as they can’t afford to compete.

And Sharyl concluded the interview, “As for Citigroup, it continues to rack up the fines. Last week, it paid $28 million more to settle claims that it gave homeowners the “runaround” when refinancing their home mortgages.”

http://www.richardmbowen.com/first-time-televised-smoking-gun-evidence/

17 Responses

  1. Ian — YEP!!!! They were not even told it was not a “refinance” — as the prior loan was not recorded as PAID by them – which is necessary for a refinance. But, they still had to take the Lender’s Title Insurance. Amazing.

  2. ANON- 99% of homeowners who refinanced were told (or werent told) they were buying Title Insurance.
    They weren’t told that it was a Lemders Policy.
    More lies by omission.

  3. Owners title insurance is taken at time of purchase of the house. Usually, with a refinance, only Lenders Title insurance is purchased. Borrowers are not covered under Lenders Title Insurance. They will not help.

  4. Proof of Claim. …
    Verify Granters Mortgage Was Satisfied
    (The Mortgage Note)

    Title Insurance Is Your Attorney

  5. Reblogged this on UZA – a people's courts court of conscience and commented:
    Banks all operate under the law merchant which is written up in the Uniform Commercial Code; the “Bible” of commerce; the rules on how to negotiate negotiable instruments and bills of exchange; as well as the rules of the various parties; it is a geometrically perfect system; there are no grey areas; and, the secretary of the treasury [in the US its the secretary of the state is the banker [securities intermediary] who swore an oath not to commit fraud; it is very easy to read;

    If, we were in the U.S. then we would place a commercial lien on the secretary of the state; that would be our strategy;

    In Southern Africa we are embarking on a Vote of No Confidence campaign; a class action;

    The biggest fraud committed against the people lies in bills of exchange; only a few percent of all money is money of account; the big money lies in bills of exchange; receipts, invoices, court orders, warrants are all checks [cheques] in disguise;

    For example: all the chits one submits to revenue services are sold on for ten times their value on the fractional reserve system; they then have the greedy audacity to turn around and demand payment from your money of account when in fact they have already claimed it from your strawman trust account; personage, barratry, fraud, breach of contract, breach of contract, double jeopardy; etc.

    The courts do the same with court orders and warrants;

    Maxim -He is guilty of barratry who for money sells justice. Bell.

    They take our valuable signatures and make huge profits selling the original documents we sign; from birth certificates to credit card slips; e-v-e-r-t-h-I-n-g; remember, NO CONTRACT, NO LAW; time to unite in a Vote of No Confidence campaign and end the fed; alter or abolish unjust laws; in peace

  6. Perhaps its the issue with the alternative when those estates are not foreclosed .
    (Liquidated)
    Would not a risky mortgage loan that was guaranteed to fail and sold 30 times over AND DID NOT FAIL create enormous liabilities?

  7. And that those of us who paid in for 35 years will never get to collect our benefits. 😥

  8. I think what deadly clear is saying is that without the payment stream..
    Medicare, Social Security,Private & Public pensions amongst a few that would lose their retirement income overnight.

  9. sorry deadly clear I don’t understand? if the notes are fake , and they can not prove standing in court there should be a mortitorium

  10. I contacted Sharyl, and her producer, before their first program aired. I continued to forward pertinent info. NOTHING.
    I even have an industry insider friend. No interest whatsoever. Most discouraging and disappointing.

  11. “Why are we still in foreclosures?” Because it creates liquidity for the banks to keep their derivative investors from totally sinking over night. A false security.

  12. Reblogged this on Deadly Clear and commented:
    The Immaculate Corruption which Treasury Secretary Geithner, under the Obama administration, protected.

  13. florida supreme court has decided they have 35 years to foreclose on us not one lawyer is appealing it? sounds to me a lot like that saying “don’t bite the hand that feeds you” in other words the supreme court has given foreclosure defense lawyers instead of an end to foreclosure at 5 years that a mortgage can be foreclosed for 35 years essentially job security for both lawyers and judges. doesn’t SOMEONE do statistics and notice an increase in the appeals? from 10 years ago.

  14. losingmyhomeinflorida … because even the whistleblowers are only given half a whistle.

  15. I’m convinced there is a set of rules for them and a set for the rest of us. Den of thieves. Put your money in a not for profit credit union. If we take back our money, we’ll get some attention.
    Reblogged to JoHenrion

  16. why are we still in foreclosures. ???

  17. Reblogged this on johenrion and commented:
    Where is the accountability! Not on Capitol Hill!

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