The top federal prosecutor in Manhattan, Preet Bharara, announced some big mortgage fraud charges in New York on Wednesday, accusing three former high-level employees of Credit Suisse with jacking up the book value of bundled housing loans they were selling.gucci handbag for sale In one quarter alone, Bharara charges, they overstated?the value by $540 million, boosting a top executive??s bonus to $1.7 million in 2007 and contributing to an eventual $2.65 billion write-down by the bank. This is one of the first big criminal busts in the world of mortgage bonds, three years after the collapsing value of those complex investment vehicles nearly destroyed the global economy.cheap gucci belts
In the cover story in this week’s issue of TIME, Bill Saporito and I write about Bharara, who has spent the last two-and-a-half years delivering on Main Street??s desire for heads to roll on Wall Street. We report out some of the controversial tactics he??s using, look at whether they??ll stand up in court, and assess the likelihood that his arrests will have a lasting effect on the street.
In a rare interview last week, Bharara said he??s aiming big. When he came to the job in 2009, he says he found that, ??There was a creeping culture of corruption in our politics and also in Wall Street and in business generally.cheap gucci belts?? His greatest successes against Wall Street crime have come from prosecuting insider trading, a practice which he says ??tells everybody at precisely the wrong time that everything is rigged and only people who have a billion dollars and have access to and are best friends with people who are on boards of directors of major companies, they??re the only ones who can make a true buck.
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