Word: fraude
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...Texas' pine-covered Eastern District, where failed thrifts are about as common as pickup trucks, U.S. Attorney Robert Wortham has a problem. Some 30 financial institutions have already gone belly-up or come under Government supervision; 59 more are under investigation for fraud. But Wortham, with a team of five FBI agents, doesn't have the manpower needed to unravel the bankers' dastardly deeds. "I've begged. I've pleaded. I've complained up the ladder," said Wortham at a hearing last week before the House Commerce, Consumer, and Monetary Affairs Subcommittee. "I could ask my mother...
Even without needed resources, the Justice Department insists it is making some headway. The FBI boasts 770 convictions involving major bank fraud in 1989, with $361 million in restitution ordered by courts, up 200% from 1987. A five-year extension of the statute of limitations, obtained last August, should help prosecutors. Even so, investigators agree that many of the biggest scoundrels are still at large. Besides lack of manpower, prosecutors must contend with the enormous complexity of the crimes, the murkiness of the line between fraud and ineptitude, and the difficulty of conveying all this to juries...
That counterfeit case, which is pending in two state courts, may be the most elaborate and costly example yet of a new form of fraud: desktop forgery. Using the methods of desktop publishing -- the technology by which professional-looking publications are prepared on inexpensive personal computers -- desktop forgers can cheaply and easily create official documents that are virtually indistinguishable from the real thing...
...assets would be hard enough if they had been in the hands of honest businessmen, but many failed thrifts were ruined by larcenous schemers who took advantage of lax S&L rules and poor supervision during most of the 1980s. Testifying before Congress last week, Seidman said criminal fraud had been discovered in 60% of the S&Ls seized by the Government during the past year, almost triple the rate in commercial bank failures. Some of the wrongdoing may even be traced to the CIA. According to the Houston Post, the intelligence agency had connections with 22 now failed thrifts...
...arrogance, avarice, sleaze, fraud and carnal sin were not enough for the industry, various televangelists are being charged with sloppy doctrine by fellow Bible Belters...