Monday, January 19, 2009
Government Regulators Aided IndyMac Cover-Up, Maybe Others
Investigators probing how Treasury regulators allowed a bank to falsify financial records hiding its ill health have found at least three other instances of similar apparent fraud, sources tell ABC News. In at least one instance, investigators say, banking regulators actually approached the bank with the suggestion of falsifying deposit dates to satisfy banking rules -- even if it disguised the bank's health to the public. Fraud at this level could have disseminated far and wide - what protections are in place for UK tax-payers in the light of their unprecedented bank bail-outs?