Time for Handcuffs on Wall Street

April 23, 2010

By Angie Moreschi:

Consumer Warning Network Founder and former federal prosecutor Chris Hoyer has long said a $40 pair of handcuffs would go a long way in preventing future financial meltdowns by holding corporate titans accountable.  Turns out former federal prosecutors think a lot alike.  One of our favorite regular reads, Dow Jones Newswire Columnist Al Lewis’ blog, recently gave an old federal prosecutor a sounding board for a solution to the Wall Street mayhem.  66-year old Tony Accetta, a former assistant U.S. Attorney in New York, says it’s time to start indicting  mortgage fraudsters on criminal charges.

Fugetahbout these mamby pamby civil charges by the SEC, like those just filed against Goldman Sachs. “Wall Street actually knew the mortgages were bad,” Accetta told Al Lewis. “That’s the key. That’s the fine point that nobody understands. They knew the mortgages were bad and they put them into mortgage pools anyway. They actually committed crimes.”

So whatcha gonna do about it?  Click here to read more from Al’s story on Accetta.

Accetta has written a book.   You, the Jury: How Wall Street Cashed in on the American Dream, and Nearly Killed It. Al says it’s a compelling read, but Accetta has yet to find a publisher.