Elizabeth Warren Suspects Fraud As Cause of Financial Crisis → Washingtons Blog
Elizabeth Warren Suspects Fraud As Cause of Financial Crisis - Washingtons Blog

Friday, October 23, 2009

Elizabeth Warren Suspects Fraud As Cause of Financial Crisis

Elizabeth Warren - like many other financial experts - thinks that fraud played a role in causing the financial crisis.

As she told Michael Moore:

I want to know who did what. Responsibility is about making sure we fix this, and that it will not happen again.

Warren is calling for an investigation, and suspects that an investigation would have serious legal ramifications:

I was talking to someone who spent many years as a prosecutor, and he said when that much money disappears it's usually because somebody broke some laws somewhere.


  1. Mistake after mistake, is not a mistake. it is just suppose to look like one.

  2. Duh. Karl Denniger, William K. Black, Simon Johnson, Janet Tavakoli and Tyler Durden (Zero Hedge) have been documenting this for some time. It's time the administration and Fed stopped covering it up and holding people accountable.

  3. RE; " It's time the administration and Fed stopped covering it up and holding people accountable." In order for these entities to hold any one accountable. They would be throwing themselves under the bus. G.S. is the Fed. And the Fed is the Administration. Their true paymasters are the International Bankster Cartel.

  4. No. Everyone should have known better.

    Get that through your thick skull.

    Everyone should have known better than to have let such a complex system of government and finance evolve.

    Of course it is corruptible.

    The insane and knowingly-crooked government solution is more money, more debt, more jobs and a greater population.

    This endless growth promise is a tragic fantasy-nightmare, especially to think this is held out as a realistic approach.

    Elizabeth Warren is not SuperMan.

    Neither she, nor any other regulator, will ever contain the growing malfeasance, the unabated debasement of humanity, and the growing irresistible opportunity of exactly more of the same due to this emphasis upon fixing the symptoms.

    Throw it all away.

    It's the wrong approach entirely. The results of this approach have beaten everyone over the head long enough.

    It's over. Stop borrowing. To borrow is immoral.

    Debt is like cancer.

  5. Of course there was fraud...


  6. Remember 1997? Balanced Budget Act of 1997-

    In 1997, HCA (Hospital Corporation of America) – was the LARGEST HOME HEALTH CARE Company in our country.

    HCA Inc. (formerly known as Columbia/HCA and HCA - The Healthcare Company)
    Note: Hospital Corporation of America (HCA) was acquired by Columbia in 1994.

    Columbia/HCA was a partnership of financier Richard Rainwater of Ft. Worth and lawyer Richard Scott.

    Under the Balanced Budget Act of 1997- Home health - was struggling; about 1,400 agencies closed nationwide in 1998.

    On Sept 8, 1998 Standard and Poors downgraded the bonds of Charter/HCA

    Rainwater also owned a large stake in Magellan Health Care which controls Charter Medical. Magellan, run by Darla Moore, is the largest network of psychiatric hospitals in the country.

    They are becoming more and more involved in obtaining government money for services formerly not covered as health care, according to Fortune Magazine.

    (Note: Rick Scott was terminated by Darla Moore, the wife of Richard Rainwater in 1997. According to Fortune Magazine, the “Toughest Babe in the Business”, Moore created the Corporate Bankruptcy Finance Tool- DIP- (Debtor in Possession), while employed at a Chase bank on Wall Street.


    HCA not only robbed the country’s Medicare/Medicaid system, but the entire Healthcare system and its tentacles.

    Connect- Healthcare Finance Fraud, SEC Fraud, Bankruptcy Fraud, Financial Fraud and Mortgage Fraud- all for ‘market driven healthcare’ in America?

  7. 2009 - The Wall Street Journal reported that Richard Scott, "the former chief executive of HCA Inc," had formed the non-profit organization Conservatives for Patients' Rights as part of a "lobbying campaign to derail or modify" President Obama's health care proposals,...

    In 1997, Rick Scott was terminated by Darla Moore. As part of Richard Scott's severance package from Columbia he was paid $5.13 million and given a five year consulting contract at $950,000 per year.

    1997 + 5 = 2002

    In 2002 FBI raided the offices of National Century Financial Enterprises in Dublin, Ohio

    “This case is one of the largest corporate fraud investigations involving a privately held company headquartered in small town America,” said Assistant Director Kenneth W. Kaiser of the FBI Criminal Investigative Division.

    In October 2008- Leo Wise, now at the OCE ---stated "Ladies and gentlemen, this is a case of staggering fraud," 'It is one of the largest frauds the FBI has ever investigated.

    Guess where ALL of Richard Scott's & Richard Rainwater’s Columbia/ HCA and certain subsidiaries and joint ventures were?

    National Century Financial Enterprises, Inc.! (NCFE).

    One prosecutor stated ‘…’NCFE- the largest corporate fraud investigations involving a privately held company and no one has ever heard of.’

    NO ONE HAS EVER HEARD OF? (The largest corporate fraud investigation…)

    Why is that?

    Richard Rainwater was GW Bush’s ex- partner with the Rangers.

    October 2008, Leo Wise now at the OCE office prosecuted the CEO and co-founder of National Century Financial Enterprises - CEO Sentenced to 30 Years in Prison

    12 Executives/co-Founders already found guilty-

    December 18, 2008, almost one month before GW Bush leaves office- the last person to stand trial, the ONE and ONLY acquittal- James K Happ!

    Jurors stated 'PROSECUTOR DID NOT DO HIS JOB'-

    Prosecutors' case fell short juror says-National Century fraud case produces 1st and only acquittal The "not guilty" verdicts that came in federal court yesterday were not so much a vindication of the last National Century Financial Enterprises executive to stand trial, a juror said.

    Instead, they were more a belief that federal prosecutors had not done their job, ...

    "He very well may have been guilty. A lot of us thought he was," said the juror who wouldn't give his name...

    While Richard Scott was at Columbia in 1997 - James K Happ was CFO of Columbia Homecare Group, Inc.

    James K Happ, only acquittal at National Century Financial Enterprises, Inc‘s who just so happened to be the CFO of Columbia Homecare Group.

  8. We would destroy the economy if we prosecuted every company that misstated quarterly earnings. We supposedly learned this lesson from the Dot Com Bubble via Sarbanes-Oxley. If we really want to clamp down on corporate fraud, Congress needs to close tax code loopholes, including off balance sheet transactions.

  9. I'd like to know who authorized the loosening of the standards for mortgage brokers. Loans that were given without income or asset verification were being bundled together and sold as mortgage-backed securities.

    Plenty of people fraudulently signed up for these loans never intending to pay them back, and someone at these mortgage companies was inviting them to, planning to skip town before the house of cards fell.

  10. The fraud is too deep and too apparent as well. Just go thru the Federal Reserve banking system. Or google search Money Mechanics to know where is the root of FRAUD. Else, you will keep on searching fraud everywhere and still won't find much even if you find a few hundred billion fraud. Go the the ROOT - the FEDERAL RESERVE BANKING SYSTEM.


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