Oscar Winner Charles Ferguson Names The 10 Most Wanted Wall Street Fugitives

Ferguson

In 2011 Charles Ferguson won the Oscar for his documentary about Wall Street’s 2008 breakdown, Inside Job. At the time he had no kind words to spare for the financial executives on Wall Street and with his latest book, Predator Nation: Corporate Criminals, Political Corruption and the Hijacking of America, he names “banksters” who he believes need to be prosecuted.

Rock Cellar Magazine interviewed Ferguson about the book and Ferguson listed the top 10 “most wanted wall street fugitives” for them.

1. The Lehman Brothers

This investment bank declared bankruptcy in 2008, the largest ever seen in U.S. history. Ferguson believes that much of Lehman’s senior management were committing accounting fraud and violating the Sarbanes-Oxley Act, or, The Public Company Accounting Reform and Investor Protection Act of 2002. Violation of this act can lead to up to 10 years in prison.

2. Citigroup

Ferguson puts forward allegations that a number of senior management people certified Citigroup’s internal financial statements and controls, despite major problems being pointed out. He states that at least two CEOs and CFOs would be prime candidates for Sarbanes-Oxley prosecution.

3. Goldman Sachs

4.Morgan Stanley

5. Bear Stearns

6. Merrill Lynch

These four are lumped together because Ferguson states that they are all guilty of the same thing: securities fraud. He also believes that all four should be prosecuted under the RICO statute.

7. Countrywide Financial

According to Ferguson, chairman of the board and CEO of Countrywide Financial, Angelo Mozilo, is also a candidate for securities fraud. He also names him on his ‘RICO prosecution list’.

8. Barclays

9. Credit Suisse

Ferguson says, “A number of banks, including Barclays and Credit Suisse, among others, have paid hundreds of millions of dollars each in fines as a result of criminal cases brought against them for having illegally allowed prohibited, sanctioned organizations and nations, such as Iran, to use their payment systems.”

10. JPMorgan Chase

JPMorgan Chase faces no specific allegations by Ferguson because he maintains they have “done a number of very, very questionable things, and at least in a couple of cases, probably illegal things.”

Ferguson believes the firm had a hand in bankrupting a county in Alabama and unethical and illegal behaviour in which is handled the mortgages and financial transactions of members of the Army with which they had a business relationship. He notes that they had been fined for the latter transgressions but no one had actually been criminally prosecuted.

View the full interview on Rock Cellar Magazine or view Ferguson’s book, Predator Nation on Amazon.

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