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EX-BEAR MANAGERS CHARGED, 400 OTHERS CHARGED IN CRACKDOWN ON MORTGAGE FRAUD
: This is a BABELFISH TRANSLATION of an article in the italian
: LA REPUBBLICA, ...
: I wonder if the real reason for this mass arrest is to find in
: Christoper Story's Story. Who knows more?
(Thanks, gigi. :) I don't know more, but here's what Reuters is saying about today's charges:
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Ex-Bear managers charged, crackdown on mortgage fraud
By Randall Mikkelsen
WASHINGTON (Reuters) - Two former Bear Stearns hedge fund managers were indicted on securities fraud charges and prosecutors said a separate mortgage fraud probe has led to charges against more than 400 people as the Bush administration cracked down on abuses that deepened the credit crisis.
[snip]
The disintegration of their two funds last year helped kick off the credit crisis by stoking widespread fears about investments linked to risky subprime mortgage loans.
[snip]
The U.S. Justice Department said that the more than 400 people charged in a nationally coordinated investigation were involved in mortgage fraud that led to an estimated $1 billion in losses. The investigation led to 60 arrests on Wednesday and more on Thursday.
[snip]
Officials disclosed a 3-1/2 month "Operation Malicious Mortgage," and said the fraud schemes mostly involved lending fraud, foreclosure rescue scams and mortgage-related bankruptcy schemes.
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