Our
(taxpayers) cost's from corporation and bank fraud:
S
& L fraud and scandal- bailout of the thrifts has already cost
taxpayers some $165 billion. Total thrift failure due to criminal
fraud and waste; estimated at $250 billion, cost of resolving the
crisis exceeds $1 trillion. (175)
Lincoln
Savings and Loan- an additional cost of $1.3 billion to taxpayers due
to five Senators (John McCain, Alan Cranston, Donald Reigle, John
Glenn, and Dennis DeConcini) two year delay in closing the
company. (177)
Subprime
mortgage loans
Countrywide
Financial- set aside $8 billion to modify mortgage loans.
First
Alliance Mortgage- agreed to pay $60 million for deceptive
practices which resulted in 18,000 people loosing their home
and/or putting them in massive debt. Payout doesn’t equal the
amount of damages done to economy. (172)
Fanny
Mae and Freddy Mac: profound effect on the real estate market and
caused huge numbers of foreclosures. (173)
This
isn't even a scratch of what other major banks, corporations, and
government actions have cost us. As citizens, we are left to pay the
cost of selfish decisions and actions, by those entrusted to protect
the well-being of man kind and our society. Not even 5 institutions
have cost us over a trillion dollars to be paid by the working
citizens of America. Morever, it is frighting the lack of awareness
by American citizens who are left to not only pay the financial cost,
but also, the cost of our time to overcome and recover from these
acts of crime, that may not be characterized as illegal, but cause
direct harm to humanity.
All
information was obtained from Trusted Criminals: White Collar Crime
in Contemporary Society by David Fredrichs 2010.
