&host=rt.com&uri=/usa/news/economic-crimes-bureau-ny/&via=(none)&ua=CCBot/1.0 (+http://www.commoncrawl.org/bot.html))
Economic crimes bureau launched in New York to look after Wall Street
Published: 20 February, 2010, 05:40
Edited: 22 February, 2010, 10:44
TAGS: Crime, USA, Economy, Finance
A major economic crimes bureau has been created in New York to crack down on financial crimes on Wall Street.
The new bureau combines the frauds bureau and lawyers from the investigation division. Senior US Justice Department official Richard Weber will head the new body, which will employ 60 investigators, including 30-35 lawyers – all with experience dealing with financial fraud cases.
The new bureau will be looking after how money is made in the world’s financial heart, Wall Street, to make sure it’s made legally. It will focus on securities, mortgage and financial fraud, money laundering and other economic crimes.
"There is a greater need than ever for offices like ours to be vigilant and competent in prosecuting complex fraud cases,” Manhattan District Attorney Cyrus Vance Jr. was quoted by Reuters as of saying.
Les Leopold, author of “The Looting of America”, says Wall Street is totally disconnected from US society.
He claims that, unless financial reform is conducted, Washington will face a new economic meltdown.
“I think this is going to be a long-term chronic unemployment period. It could last a decade. It could be that long before we get anywhere near full employment. And unemployment is the most corrosive thing you could do to society. But what is going on right now is that Wall Street is shielded,” Les Leopold explains. “They have a record profit year, a record bonus year due to our bailouts. Meanwhile, the rest of the economy is suffering and that means they are disconnected terribly from society. It is going to cause a great deal of stress and pain.”
19.02.2010, 21:53
10 comments
Russia might join NATO – former high-ranked alliance officialThere is room for Russia in the alliance inner circle, said former NATO Secretary General George Robertson in an interview with the Russian newspaper Kommersant. |
21.02.2010, 08:50
4 comments
Are US politicians nothing more than a bunch of fat cats?Politicians are supposed to act on behalf of the people they represent, but are politicians really taking into account people's ideas, or is it all about money and power? And does a chance to vote really matter? |
If Congress would just let the SEC do its job, instead of cutting its budget time and again over the past decades, we would not need some new "bureau" to investigate financial wrong-doing. There are not many new laws to give this bureau "teeth" in regulation, so I fear it will turn into just a "window-dressing" exercise to calm the irate populace and let business on Wall Street return to normal.
The jokers are at it again. The FED, THE WALL STREET CROOKS and the BANKSTERS are like an overshadowing twin government that really rules America and dictates what the elected politicians are allowed to do. America is a one party country. This party is the all powerful MONEY PARTY. They try to disguise it as DEMOCRAT or REPUBLICAN but the voters are irrelevant to them. They win and stay in power regardless of which of the two evils that voters choose. It always continues to be the money party that wins and owns everything. How would you like to be able to order the gov't printing office to print one billion dollars in cash and you only have to pay thirty two dollars for it (the cost of printing}? This is such a sweet deal if you are on the receiving end. Unfortunately, only the owners of America's private monetary system can get such a sweet deal from America. The BANKSTERS get the gold mine and the American tax payers get the shaft.