ARNOLD KLING
August 14, 2011
The Top Political Contributors
August 11, 2011
Gender and the New Commanding Heights
August 11, 2011
Jamie Galbraith Makes an Assumption
August 11, 2011
Macroeconometrics: The Science of Hubris
August 10, 2011
Real and Nominal Bond Yields
BRYAN CAPLAN
August 14, 2011
The Effect of Thumb Sucking on Income
August 12, 2011
The Voice of Cold, Hard Truth to All Would-Be Educators
August 12, 2011
Ability, Morality, and Prosperity: A Paper and a Report
August 11, 2011
The Theory of Time and Frittering
August 10, 2011
Male Variance and the Remnants of the Gender Gap
DAVID HENDERSON
August 9, 2011
Hayek in "Unbroken", Part Two
August 8, 2011
Hayek in "Unbroken"
August 5, 2011
James Bovard on the Peace Corps
August 4, 2011
Summers Way Off on FDR and 1941
August 3, 2011
The "Amazon" Tax
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Citibank misreported account balances by tens of millions of dollars for years by an active scheme of balance sweeps? They sold hundreds of millions of dollars of loans multiple times to different buyers?
The TBW fraud looks pretty basic, misreporting of cash balances and who owns what, all on a sustained basis in an active scheme, not any accounting judgment issues.
Are you kidding? They are alleging he sold $400 million in FAKE mortgage assets. They are alleging he took thousands of the same mortgages and sold them multiple parties to different parties. It's alleged he funneled $50 million of company funds for his own personal use. He apparently lied about the quality of billions in mortgage assets he sold to other banks. He even is alleged to have created a fake equity investment for a bank to access TARP funds, although it failed.
If that's not breaking the law (assuming the charges are true) - what is? Citigroup did none of those things. I don't know how you can possible use this story to make your case that our laws give prosecutors too much discretion. You can find much better examples.
Honestly, did you even read what is alleged against him?