Recent Events: Another Failure

Examination of white-collar crime brings attention to what occurred this past week in the United States. Fannie Mae and Freddie Mac were taken over by the federal government. Fannie Mae CEO, Daniel Mudd, and Freddi Mac CEO, Richard Syron, participated in fraudulent bookkeeping by overstating their capital holdings and financial health. Despite this, they are not facing criminal or civil prosecution. They created billions of dollars in mortgage loans when the money did not even exist. Taxpayers must now assume this cost. So what is learned in this case: if you perpetrate fraud your crimes will be forgiven at the cost of taxpayers. (Sad, but true - and all the politicians are okay with this)!