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Real Progressives and the creators of “The Con” present a new series, “The New Untouchables: The Pecora Files,” meticulously detailing the rampant financial fraud that has been poisoning our economy for the last century, and what is to be done about it. “The Con” took a simple but revolutionary approach to explaining the epidemic of elite fraud driving the great financial crisis of 2007-2008. The New Untouchables presents the heroes, one at a time, who sought to prevent it and hold the elite predators accountable. ”The Con” deconstructs the largest criminally engineered heist and cover up in history with no high level convictions of the Wall Street Execs. The system we’re experiencing has spun completely out of control. The Corruption is what is driving the USS Titanic. It must end before it ends us.
Patrick S. Lovell
Eric S. Vaughan
Steven D. Grumbine
Season 1: The Pecora Files
Watch Episode 1 - The Vaccine for Systemic Corruption
Watch Episode 2 - It's Theft
Watch Episode 3 - If You Can Fog a Mirror
Watch Episode 4 - Inside the Belly of the Beast
Listen to the Podcast
Steve, Patrick and Eric talk with two of the foremost experts on corruption within the financial system, William K. Black former OTS Regulator and Arthur Wilmarth, Professor of Law at George Washington University. Listen as they describe how banking was made safe and “boring,” and how the walls that made it so have been systematically demolished leading to the white-collar lawlessness of our current day.
Steve, Eric and Patrick connect with former Ohio Attorney General Marc Dann and retired detective Tom Murphy. They reflect on the lessons of their historic fraud investigation and RICO prosecution of Ohio-based predatory lenders in the wake of the 2008 financial crisis, why they were the only cops on the beat, and what the government blueprint should be moving forward.
Steve, Eric, and Patrick hear West Virginia real estate appraiser Lori Noble’s tales from the front lines as she talks about the Federal Government’s 1999 repeal of Glass-Stegall via passage of Gramm-Leach-Bliley that was “sold” to appraisers to enhance privacy for information to cross state lines. What happened was carnage. Lenders like Countrywide inflicted devastation on communities, and Lori saw real death in the communities she served. It didn’t pay to be an honest appraiser because that meant you’d get no work. Yet, having an honest appraisal remains a crucial part of any mortgage application process.
In the second part of this episode, Michael Winston, former Countrywide executive and whistleblower, discusses his education and grounding in ethical business practices, how his career took a giant U-turn at Countrywide, and the lonely, yet important nobility of being a whistleblower.
Steve, Eric and Patrick are joined by William K. Black who reveals the curious case of Richard Bowen, former Citigroup VP and whistleblower, who blew the cover off the motherlode of fraudulent mortgages being sold through Citi. Bowen and Black engage in a trial examination-style conversation about why and to whom he reported Citi’s malfeasance, how the regulators teased him with their interest and despite the weight of his revelations, did nothing about it. Bowen also reveals why Robert Rubin deserves a special place in the history of financial crime.