WC Varones

Don't lend your hand to raise no flag atop no ship of fools

IndyMac's Michael Perry charged with securities fraud

Finally, two and a half years after massive fraud and corruption was revealed.

SEC:
The Securities and Exchange Commission today charged three former senior executives at IndyMac Bancorp with securities fraud for misleading investors about the mortgage lender’s deteriorating financial condition.

The SEC alleges that former CEO Michael W. Perry and former CFOs A. Scott Keys and S. Blair Abernathy participated in the filing of false and misleading disclosures about the financial stability of IndyMac and its main subsidiary, IndyMac Bank F.S.B. The three executives regularly received internal reports about IndyMac’s deteriorating capital and liquidity positions in 2007 and 2008, but failed to ensure adequate disclosure of that information to investors as IndyMac sold millions of dollars in new stock.


What took so long? Is this a sign that we're finally going to start seeing some perp walks? Mozilo? Fuld? Lewis?

Nope. Just a slap on the wrist:
The SEC’s complaint against Perry and Keys seeks permanent injunctive relief, an officer and director bar, disgorgement of ill-gotten gains with prejudgment interest, and a financial penalty.

You can commit blatant, massive fraud, blow up the whole economy, and not face a day in jail. It helps to be a Chris Dodd donor, I'm sure.

9 comments:

Negocios Loucos said...

The SEC's purpose seems to be to protect the crooks. This is some system, why people invest is beyond me. It will fail, eventually.

W.C. Varones said...

People invest because Zimbabwe Ben is rapidly eroding the value of dollars.

If you don't like it, buy gold. Bernanke can't print gold, and gold never lies about its balance sheet.

Anonymous said...

check out what New York reporter Teri Buhl is saying about the FDIC role in covering up this fraud

http://blog.teribuhl.com/2011/02/11/fdic-silenced-whistleblower-in-indymacs-executives-fraud-charge/

Anonymous said...

The rewards could deter executives from committing fraud, said lawyer Dean Zerbe, who represents informants.

"Knowing that whistle-blowers are being encouraged to dime them out will make the next Madoff think twice and three times before they go down a bad path," Zerbe said.

SEC is trying to induce people to abandon that stupid, ghetto "Stop Snitchin'" bullshit philosphy.

better late than never

Anonymous said...

"It was a great day for whistle-blowers,"said lawyer Stephen Kohn, executive director of the National Whistleblowers Center. "The SEC refused to buckle under tremendous pressure from Wall Street lobbyists, led by the Chamber of Commerce, who worked overtime trying to undermine historic corporate whistle-blower protections."

This should be a lot of fun to watch... popcorn, popcorn.

Anonymous said...

I may be reading too much into the article but to me, it came off as some whining Republicans and the US Chamber of Commerce saying that somehow, we have to endure a certain amount of bullshit, corruption, deception, double dealing, etc. IF we want the business sector to pull the economy out of recession... as if it CAN'T POSSIBLY be done honestly and without a bunch of bullshit stock price manipulation/ponzi scheme activity. If that is truly the case and the honest to God truth, then I conclude that we are by and large a country of over fed fucking pussies.

Anonymous said...

Under the rules, whistle-blowers will be entitled to receive 10 to 30 percent of the money they help the SEC collect through enforcement actions.

So, how's about it WC? Got anyone you can drop a dime on and make a few rubles in the process? That house ain't gonna write out a check every month and pay for itself... I'm wondering - What is the WC and the Varones for anyway? What's the joke/significance?

Anonymous said...

"The FDIC's belated claim that Mr. Perry was somehow 'negligent' is dead wrong," Veta said. "Mr. Perry was a prudent, effective CEO who led IndyMac in good faith. His sound business judgment is confirmed by the fact that the federal banking regulators consistently praised Mr. Perry's leadership of IndyMac during the very same time period at issue in the new meritless lawsuit."
Copyright © 2011, Los Angeles Times

what bullshit that's about as lame a defense as I've ever heard. No different that that Atlanta school superintendent getting high marks for years when unbeknownst to many, her teachers were engaged in a systemic fraud to cover up bad grades by the dipshit student body they have there. Puuhhhhleeeeezzzzze, who would possibly buy that defense. CRUCIFY HIM, CRUCIFY HIM, CRUCIFY HIM!!! I've got my popcorn and jelly bellys and a comfy seat for the show.

Anonymous said...

what's funny is the commentary section. You go to anything involving that Anthony chick and you see gobs of comments. Her probable actions and the trial were crap but didn't have nearly the impact upon people's lives as the fraud that Mr. Perry and others like him perpetuated for about a decade. BUT, go to the commentary on this story and there are 9 comments .... total..... in the LA Times..... unbelievable to me. People in general have their heads buried so far up their asses most of the time it seems sometimes to me that they are really just getting what they deserved all along. I hate to say it but the thought has occured to me on one more than one occasion. (don't bust my ass for spelling mistakes)

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