Bank of America specialized in making mortgages with terms that the loan officers and executives like Mairone knew the borrowers could not possibly service. Fraud was the business model. Foreclosure was the expected result.
I know that the public won't find it strange that elite Wall Street lawyers could not muster a single hero while the appraisers produced tens of thousands. The public does not expect much from Wall Street lawyers.
Spotting a scam or a con artist is not always easy to do. They range from shady financial advisers to slick-talking telemarketers to professional caregivers and relatives who steal from the very people they're supposed to be looking after.
After the irresponsible lending and nefarious practices that led to the crash of the economy and the housing crisis, it is the moral responsibility of financial institutions and regulators to right the ship and do right by older adults, and indeed by all consumers.
If the rule of law is not applied equally, whereby a teenager harboring a pack of marijuana gets jail time while executives who cashed in millions pedaling fraudulent financial instruments remain untrammeled, the very edifice of America begins to crumble.
We are left with one thing we could do now to go straight at the heart of darkness: prosecute these bankers. The president, to his credit, set up a task force to do just that. So why doesn't anything seem to be happening?
Here are ten reasons why it makes sense to be suspicious of the Facebook IPO, starting with the fact that any overview of the three institutions which handled it might best be described as "rounding up the usual suspects."