Michael Bloomberg - Origins of the Economic Crisis

Michael Rubens Bloomberg (born February 14, 1942) is an American businessman and the Mayor of New York City.

He ran on the Republican ballot and was elected mayor in 2001, then reelected to a second term in 2005.

He is currently listed on the Forbes 400 as the eighth-richest American, with a net worth of US $20 billion.

Read more about Michael Bloomberg

Source: fora.tv

The FBI: Inside The Mortgage Mess

The number of FBI agents assigned to mortgage-related crimes increased by 50 percent between 2007 and 2008.

In June 2008, the FBI stated that its mortgage fraud caseload has doubled in the past three years to more than 1,400 pending cases.

Between 1 March and 18 June 2008, 406 people were arrested for mortgage fraud in an FBI sting across the country. People arrested include buyers, sellers and others across the wide-ranging mortgage industry.

On 19 June 2008, two former Bear Stearns Stearns managers were arrested by the FBI, and were the first Wall Street executives arrested related to the subprime lending crisis. They were suspected of misleading investors about the risky subprime mortgage market.

On 23 September 2008, two government officials stated that the Federal Bureau of Investigation was looking into the possibility of fraud by mortgage financing companies Fannie Mae and Freddie Mac, Lehman Brothers, and insurer American International Group.



Source: wikipedia