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Richard Bowen at the NYT: The Whistleblowers Series

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  • Strongly Liberal Democrat
    Dallas, TX
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    Richard Bowen is the former VP of Citigroup and chief business underwriter who blew the whistle on his own firm's fraudulent practices. He is now an Accounting Professor at the University of Texas at Dallas where I'm a graduate student of economics. I consider him a role model. He is a man of faith from West Texas and a military family with a Republican background. He graciously spent about an hour with me before the semester chatting about his FCIC testimony and Bank Whistleblowers United of which he is a founding member, along with William K. Black (S&L Regulator and 3 time government whistleblower), Gary Aguirre (the SEC whistleblower), and Michael Winston (the Countrywide whistleblower).

    He is now the inaugural subject of the New York Times new 5 part video series on Facebook: The Whistleblowers.

    It was his job to certify that mortgages purchased by Citi from other lenders matched or were equal to Citi's standards.

    Bowen discovered massive fraudulent reps and warranties that Citi had certified and were thus liable for.

    He was so freaked out about what he saw he raised concerns to every level of management and went all the way to the top. Please read the "Bowen Email" sent to Bob Rubin:

    We now know that there were two CRIMINAL referrals that were made against Bob Rubin by the Financial Crisis Inquiry Commission due to Bowen's written and verbal testimony before that body and the Obama Justice Department, the FBI, and the SEC did nothing. Bowen's testimony to the FCIC was blatantly sealed to prevent public disclosure before the statue of limitations had expired.

    Bowen handed the case to the Obama administration on a silver platter. They did nothing. It really is that simple.

    A different set of prosecutors under the Reagan and Bush administrations garnered over 1,000 elite criminal convictions due to S&L fraud that was 1/37th the size of the 2007-8 financial crisis, and the Congress (including the Democratic majority) and most of the Executive Branch were completely hostile to their work, and they never have the benefit of a whistleblower so detailed and thorough as Richard Bowen in his quest to tell the truth about what was happening.