The Untouchables: Why No One On Wall Street has Been Prosecuted

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Untouchables - Money, Power & Wall Street

The Untouchables: Why No One On Wall Street has Been Prosecuted

More than four years since the financial crisis, not one senior Wall Street executive has faced criminal prosecution for fraud. Are Wall Street executives “too big to jail”?

FRONTLINE producer and correspondent Martin Smith investigates why the U.S. Department of Justice (DOJ) has failed to act on credible evidence that Wall Street knowingly packaged and sold toxic mortgage loans to investors, loans that brought the U.S. and world economies to the brink
of collapse.

Through interviews with top prosecutors, government officials and industry whistleblowers, FRONTLINE reports allegations that Wall Street bankers ignored pervasive fraud when buying pools of mortgage loans. Tom
Leonard, a supervisor who examined the quality of loans for major investment banks like Bear Stearns, said bankers instructed him to disregard clear evidence of fraud. “Fraud was the F-word, or the F-bomb. You didn’t use that word,” says Leonard. “By your terms and my terms, yes, it was fraud. By the [industry's] terms, it was something else.”

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Part One

The Untouchables - “Fund ‘Em”

Durring the bubble, small mortgage industry players were prosecuted but why not Wall Street 

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Part 2

The Untouchables - Due Diligence?

Whistleblowers detail mortgage fraud witnessed before the housing meltdown.

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Part 3

The Untouchables – Frustration in Washington

Lawmakers question executives and grow impatient with the pace of criminal investigations.

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Part 4

The Untouchables – Why No Criminal Indictments

The Justice Department is doubtful it can prove that banksters acted with criminal intent.

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