2012-02-04 — reuters.com
David Higgs, 42, and Salmaan Siddiqui, 36, pled guilty in U.S. District Court in New York to a criminal charge of conspiracy to falsify books and records and commit wire fraud in a way that bolstered their bonuses.
The convictions marked the first successful criminal prosecutions against individuals at investment banks involved in the meltdown, and took four years to win, even without a trial.
In building the case, prosecutors enjoyed advantages that are rarely available -- and likely make this kind of success hard to replicate.
Kudos to the government for getting this, but the problem is they seem unwilling to touch the "big scam", probably because it gets too close to the government itself. That would include the entire securitization system, which was largely founded on a fraud (which is why so many foreclosures have proceeded on an outright illegal basis).
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