Simple Fraud, carried out by low level mortgage bankers and loan officers, encouraged by executives, and rewarded by Wall Street banks may be at the very heart of our current financial crisis. In this Road to Ruin report, former subprime lenders come forward to reveal how they were pressured to fraudulently manipulate documents in order to get loans through. Now as more homeowners are facing foreclosure-- they are taking a harder look at their mortgage documents and finding that fraud.
The once almighty Citigroup is now getting a third lifeline from the U.S. Treasury. This follows on the heels of a Congressional Oversight Panel report revealing that Citigroup underpaid Treasury by about $19 billion in the first two bailouts. Congressman Brad Sherman is asking a couple of basic questions: When will it stop? Can we get some of that money back?
CEOs of the biggest bailed-out banks finally appeared before Congress. Over the course of a seven-hour hearing, there were remarkably few revealing moments. One, though, stood out. Rep. Alan Grayson, a feisty former prosecutor, dug his claws into Citigroup's CEO over a deal that could end up costing the taxpayers hundreds of billions of dollars.
William Greider has covered politics from D.C. for The Washington Post, Rolling Stone Magazine, and currently The Nation. Greider's most recent book, Come Home America, examines the implications of our country's predicament. He talks about the Democrats' role in deregulating the financial markets and their current dilemma between representing their funders and their constituents.
Barney Frank has repeatedly promised to bring bank executives in to testify before Congress about what they are doing with taxpayer money from the TARP. So far, no hearings have been publicly scheduled. As lending declines, banks continue to pay bonuses and many in Congress are losing patience.
Immigration arrests from worksite raids have increased tenfold in the last five years. As politicians on both sides of the aisle grapple with the issue, families are caught in the middle. ANP went to Annapolis, MD to see how people were coping in the aftermath of the state's largest immigration roundup in years.
The financial crisis seems as if it emerged from nowhere and struck as hard and fast as lightning. How did so many financial institutions crumble with so little warning? There are many reasons, but one that has not been given much attention is how tax havens helped enable the mess - and how several of the big companies that have received billions of bailout dollars were also the most active in the shady world of offshore finance.
Political fundraising has often been viewed as a corrupting influence in politics. Now it's increasingly being seen by politicians as a roadblock to doing their jobs well. Republican Senator George Voinovich has had enough. Will stories like his breathe new life into the reform movement?
Just four miles from the Capitol, DC's Trinidad neighborhood saw many of its young people die last summer. As the economy slides and opportunities decrease for America's at-risk young we can only hope this is not the beginning of another national crisis.
Tennessee polled as one of the strongest states for McCain in the run up to the election. This piece follows some of the Republican Women of Marshall County as they canvassed at the annual "Fainting Goat Festival" in rural Tennessee.