News of Note: 60 Minutes: Prosecuting Wall Street
” Two whistleblowers offer a rare window into the root causes of the subprime mortgage meltdown. Eileen Foster, a former senior executive at Countrywide Financial, and Richard Bowen, a former vice president at Citigroup, tell Steve Kroft the companies ignored their repeated warnings about defective, even fraudulent mortgages. The result, experts say, was a cascading wave of mortgage defaults for which virtually no high-ranking Wall Street executives have been prosecuted.” (CBS News)
It’s a huge relief to see bank corruption being exposed on mainstream television. As much as people don’t want to hear the truth, this isn’t something that can be swept under the rug. I’m hoping that 60 Minutes has opened up Pandora’s box. Family and friends of mine who normally have no interest in the economy are coming to me flabbergasted and actually angry at what they heard. Yes, banks are breaking the law and making billions by driving our entire economy into the ground. This is a perfect example of how whistleblowers are one of our greatest assets for exposing corruption and bringing forth change.
Slideshow image source: Truthout.org