Wednesday, September 24, 2008

FBI Investigating Fannie, Freddie, Lehman, AIG For Fraud

The FBI has launched preliminary probes into whether accounting fraud occurred at Fannie Mae, Freddie Mac, Lehman and AIG.  Although I personally believe that the FBI's time is better spent chasing gang bangers, I suppose if the SEC isn't going to do its job, somebody has to pick up the slack.  After all, gang banging has died down significantly since Tupac and Biggie offed each other in the '90s and Diddy went all soft.  While the SEC works to tweak its "temporary" short-sale ban (IBM added itself to the list today, options market makers now exempted etc), perhaps somebody will finally figure out if accounting fraud was perpetrated at these firms by the executives who were paid very handsomely during the boom.  If the FBI does find some fraud, perhaps the SEC will let us start shorting stocks again.   

1 comment:

Anonymous said...

re: Lehman Brothers, Foreclosure Fraud, Wells Fargo, Conspiracy; Deceptive Judicial Filings

LEHMAN BROTHERS' mortgage troubles provides a yet further occasion to call attention to FORECLOSURE FRAUDS being carried out by via deceptive collections through use of the court system in furtherance of real estate racketeering and IRS fraud. In conjunction with the big Lehman Brother picture, the following is a small (local) component affecting Lehman's decline. *See the court pleadings and more posted at:

Despite probes into factors of the mortgage crisis, there has been almost no investigation of the most lethal mortgage mess component: FORECLOSURE ATTORNEYS DEBT COLLECTION ABUSES and JUDICIAL COLLUSION. Congress needs to seek the whereabouts of perhaps billions of dollars and massive amounts of real estate that winds up in the collector attorneys' possession -as well as examine the scores of attorney bankruptcy court frauds.

Referring to a foreclosure case entitled: "Lehman Brothers Bank v. Clement Bailey," case #2007-5610 in Orleans Parish Civil District Court, and New Orleans federal case #08-3881, entitled: "Wells Fargo v. Clement Bailey, JP Morgan Chase, Bank of America, and Allstate Flood Insurance Program." The KEY element about these 2 cases is that debt collector attorney Herschel C. Adcock, Jr., filed a Lehman Brothers foreclosure in State Court claiming Lehman holds the note. But, Wells Fargo filed the latter lawsuit claiming Wells Fargo owns that same note. If Wells Fargo succeeds in concealing Lehman Brothers' (true or untrue) claim against Clement Bailey's property, Wells Fargo and Mr. Adcock will wound up gleaning $$$$ --most likely from JP Morgan Chase, Bank of America, and Allstate Flood Insurance. [As mentioned, millions, perhaps billions of dollars being unlawfully gleaned by unscrupulous debt collectors through fraudulent foreclosures has too long remained an unheeded atrocity for which distressed property owners have long been subjected to, but now also impacts Investors!]

Exhibits on the website:

*Orleans Parish Civil Sheriff Docket record for the Lehman Bros. v. Clement Bailey foreclosure filed by debt collector attorney Herschel C. Adcock, Jr., showing docket entry "ADA" code for of $2,203.00 to Adcock.
*Letter dated from Adcock to J.P.Morgan Chase, informing Adcock’s representation of Wells Fargo, and seeking $$$ on Wells Fargo's behalf while at the same time maintaining a foreclosure case on Lehman's behalf.
*Page one of the lawsuit that Wells Fargo filed in state court against Bailey, J.P. Morgan Chase, Bank of America, and Allstate Insurance.

Even more proof of deliberate foreclosure fraud, and Securities fraud becomes clear when falsified IRS form 1099's become filed by lenders like Wells Fargo Bank, NA. For such reasons, property owners need to be WARNED about mortgage lenders' practice of filing falsified IRS tax form 1099-A's or 1099-C's. Here’s the LINK to that statement:

Barbara Ann Jackson