The Fourteenth Banker Blog

May 12, 2010

Morgan Stanley Is Next Target Of CDO Fraud Probe | zero hedge

Filed under: Uncategorized — thefourteenthbanker @ 7:55 AM

Morgan Stanley Is Next Target Of CDO Fraud Probe | zero hedge.

Interesting comments in here.    Basically it says that all market participants have engaged in similar practices and it supports our position that District Attorneys should be involved.   Individuals are hiding behind the corporation’s legal status.  I would like comments from anyone that can contribute on the topic of when individuals can be prosecuted criminally when acting on behalf of their employer.

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2 Comments »

  1. >>>>Surely, with every firm in the US having done precisely what GS and MS are accused of doing, some heads will have to roll or else not only the SEC but all the various DA offices will look completely toothless when dealing with the Wall Street based masters of the universe.<<<<<(Tyler Durden)

    If only.

    After WWII, Nazi war criminals were told "only following orders" was not a defense. Can the same apply to the corporate world? It may be a more tenuous thread, but we all know corporate hierarchy forces compliance just as thoroughly as military hierarchy, maybe more so – is greed stronger than fear? I think we haven't seen prosecutions because we have a generation of spineless weasels in office. Elliott Spitzer was willing to take them on, and I wouldn't be surprised if his little "affair" wasn't a set up to discredit him.

    Comment by Sandi — May 12, 2010 @ 10:18 AM | Reply

  2. Yes, Elliott S and John Edwards were both candidates for the job and both are marginalized. Andrew Cuomo? He is in the right spot with the right stripes. Any other candidates to call a spade a spade. We need leaders who can survive in a political circus.

    Comment by Brex — May 16, 2010 @ 11:48 PM | Reply


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