Wall Street vs. Guidices: Who is the Bigger Criminal? | Economy | NewJerseyNewsroom.com -- Your State. Your News.


Mar 05th
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Wall Street vs. Guidices: Who is the Bigger Criminal?


Share on Facebook!Television can make or break one’s career or life if we take into account the downward spiral of the Teresa and Giuseppe “Joe” Giudice, two reality stars of “The Real Housewives of New Jersey.”

On Monday, The Giudice’s were indicted and stand accused of cheating on their taxes, hiding assets from a bankruptcy court and a “mail and wire fraud conspiracy,” where they frequently obtained several home mortgages with false applications between the years of 2001 to 2008. The case brought up against The Giudice’s involves the Federal Deposit Insurance Corporation (FDIC) Inspector General, the Internal Revenue Service (IRS), the U.S. Bankruptcy Trustee and the U.S. Attorney’s office in New Jersey. The indictment also charges Joe Giudice with failure to file tax returns for tax years 2004 through 2008, during which time he allegedly earned nearly $1 million.

“The indictment returned today alleges the Guidices lied to the bankruptcy court, to the IRS and to a number of banks,” said U.S. Attorney Paul J. Fishman in the press release by the United States Department of Justice (USDOJ). “Everyone has an obligation to tell the truth when dealing with the courts, paying their taxes and applying for loans or mortgages. That’s reality.”

But in the case with the Giudice’s the Huffington Post ask the question: Why are we making an example of them on charges of mortgage fraud while Wall Street's crooked bankers still go unpunished?

David Dayen, who has been writing about politics since 2004, points out those Wall Street bankers illegally foreclosed on 244,000 customers, for a total he estimates at $48 billion. And on top of that, bankers also defrauded mortgage investors, manipulate energy prices, and fraudulently tamper with lending rates. All the major banks have a pattern of repeated criminal wrongdoing, but for example JPMorgan Chase's includes, according to the Huffington Post:

  • Foreclosure fraud, which according to available     information includes perjury, forgery, and tax evasion, using a group of     untrained college students and other young people (known in the firm as     "Burger King Kids") to prepare and submit the papers.
  • Bribery of public officials in Jefferson County, Ala.,     leading to that county's bankruptcy
  • The "London Whale" incident, which involved     multiple illegal actions. (CEO Jamie Dimon called the incident a     "tempest in a teapot," reportedly after already knowing losses     ran into the billions. If true that would appear to be investor fraud,     since he was on a shareholder call when he said it.)
  • Reportedly taking     MF Global's customers' money as that firm was collapsing under the weight     of its own fraud.
  • Closing the     bank account and freezing the credit card of a hedge fund manager because     he criticized its handling of MF Global on television.

For the full indictment against “The Real Housewives of New Jersey,” couple; refer to the USDOJ press release at the following link: http://www.justice.gov/usao/nj/Press/files/Giudice,%20Giuseppe%20and%20Teresa%20Indictment%20News%20Release.html


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