CBS 60 Minutes, 12-4-11: Prosecuting Wall Street

CBS 60 Minutes, 12-4-11: Prosecuting Wall Street

December 4, cbsnews.com
http://bit.ly/vV4zDS

Two high-ranking financial whistleblowers say they tried to warn their superiors about defective and even fraudulent mortgages. So why haven’t the companies or their executives been prosecuted? Steve Kroft reports.

Part 1

Part 2

(CBS News)

Two whistleblowers offer a rare window into the root causes of the subprime mortgage meltdown. Eileen Foster, a former senior executive at Countrywide Financial, and Richard Bowen, a former vice president at Citigroup, tell Steve Kroft the companies ignored their repeated warnings about defective, even fraudulent mortgages. The result, experts say, was a cascading wave of mortgage defaults for which virtually no high-ranking Wall Street executives have been prosecuted.

To read the script of the episode go here:
http://www.cbsnews.com/8301-18560_162-57336042/prosecuting-wall-street/?tag=contentMain;cbsCarousel