Friday, March 25, 2011

In Prison for Taking a Liar's Loan

This is an unbelievable story about the government aggressively pursuing someone who exaggerated their income on a loan application. Banks systematically knowingly processed liar's loans, 49% of Credit Suisse's loans during a two year period were of this type, but they escape prosecution for fraud. Instead they send this guy to jail?
http://www.nytimes.com/2011/03/26/business/26nocera.html?pagewanted=1&hp

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