A seasoned fraud investigator, Tom Borgers worked for the government in the wake of the Savings & Loans scandal, preparing and directing criminal referrals, and responsible for the recovery of multi-million dollar claims. During that time, Borgers saw hundreds of bank executives prosecuted and sent to prison, a stark contrast with what's happened in our current economic crisis.
Borgers tells Kroft that the FCIC found evidence of trillions of dollars of fraud and gross negligence, and that in the area of mortgage fraud, he found crimes committed by "mortgage originators, underwriters, banks . . . across the board." Yet still, no prosecutions . . . so far.
But...but...the financial crisis was caused by brown people who were too lazy to pay their mortgages on time.