The Financial Tsunami ( FT ) - The Way Forward ( 14 ) - The Day of Reckoning is at Hand !

http://www.nytimes.com/2009/03/12/business/12crime.html?th&emc=th



The above news headline from today's New York Times brings encouraging news that the US Justice Department is getting tough with mortgage fraud. Reportedly, a few dozen mortgage brokers, bankers and officers of some financial institutions have been booked to face court in the near future to demonstrate the determination of the Obama administration to exercise zero tolerance on mortgage fraud. This is really welcomed news. Apart from deterring future perpetrators from proceeding to their evil ways this will also uplift the morale of the general public who feel a deep sense of betrayal by the black sheep of the financial sector.

However, I must voice my earnest hope that this is only the beginning of the reckoning process because those have been prosecuted are really the small flies. The Wall Street black sheep of the highest ranks are the real culprits of the present global disaster. These cunning lot with their devilish helpers in the legal profession are experts in manipulation through the grey areas of the law. To prosecute and successfully convicting these financial criminals are the true litmus test for the efficiency and tanacity of the Obama administration. This is one battle that the Obama administration cannot afford to lose.

I am working on a concise summary of all the effective measures I have proposed to combat the FT put forward by me in my blog thus far. This will be the highlight of my next blog which should hopefully see the light in the very near future. In any event, my summary of proposed measures to counteract the devastation of the FT must be systematically set out before the start of the G20 summit in April.

JKHC.