Former bank boss Lee Farkas guilty of fraud in US

[Viva_La_Revolution]

Source: BBC

The former head of a company that was once one of the largest US mortgage lenders has been convicted of fraud.

Lee Farkas, ex-chairman of Taylor, Bean and Whitaker, was found guilty on all 14 counts he faced.

The company's 2009 collapse caused the loss of 2,000 jobs and the failure of Colonial Bank, the sixth-biggest bank failure in US history.

Prosecutors said Colonial and two other banks were cheated out of $2.9bn (£1.78bn).

Read more: http://www.bbc.co.uk/news/world-us-canada-13139151

[Arctic Dave]

1. More

[DCKit]

2. Because he "hurt" a couple of banks, not the millions of people whose lives he destroyed.

Justice.

[Bozita]

3. !

[QED]

4. Will any of the money be recovered for those people?

Sure - when Bernie Madoff's client-victims are repaid.

[madokie]

8. Steal the rich mans money and you go to jail, do not pass go, straight to jail

kill someone and you may walk but not when you steal the rich mans money and thats what he did.

[loudsue]

5. We have a mortgage that still shows to be owned by Taylor, Bean & Whitaker.

The office that manages our loan has nobody that speaks English that anyone can understand. This is really scary.

[d_r]

6. that whole Randian "greed is good" thing

"Prosecutors said Farkas was motivated by greed and a lavish lifestyle that included a private jet, a seaplane, numerous houses including a home on Key West that he paid servants to hand wash with a sponge to prevent salt damage, a collection of several dozen classic cars and an executive dining room at company headquarters that served pheasant and caviar."

http://www.ajc.com/news/nation-world/jury-convicts-exec-in-916941.html

[DCKit]

7. Yeah, but only if you're screwing "Teh Peoples" not your peers, the other banksters. nt

[d_r]

9. But think of the poor

What about those poor folks who washed his house with sponges that are now of a job because some goody-goodys are concerned about a little greed.