Sunday, December 11, 2011

CBS News' 60 Minutes Takes Look Into Lack Of Bankster Prosecutions In Interviews With Two Whistleblowers

CBS News' 60 Minutes reports:

  • Two whistleblowers offer a rare window into the root causes of the subprime mortgage meltdown.

  • Eileen Foster, a former senior executive at Countrywide Financial, and Richard Bowen, a former vice president at Citigroup, tell Steve Kroft the companies ignored their repeated warnings about defective, even fraudulent mortgages.

  • The result, experts say, was a cascading wave of mortgage defaults for which virtually no high-ranking Wall Street executives have been prosecuted.

For more, see Prosecuting Wall Street.

To watch the 60 Minutes' segment, see:

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