Comments on: New U.S. FinCEN director must bolster agency under pressure over Iran sanctions, money laundering Mon, 31 Oct 2016 15:40:16 +0000 hourly 1 By: ArtPrior Sat, 22 Sep 2012 03:05:21 +0000 ‘[Treasury?] sources said the bureau had excessively focused on mortgage fraud…“This didn’t match the priorities of [Treasury’s Office of Terrorism and Financial Intelligence], which was more focused on systemic issues..” a source aware of the situation said.’
Hundreds of billions reported by FinCEN on mortgage fraud isn’t a systemic issue? Are Cohen and his anonymous mouthpiece unaware that bad mortgages caused the financial collapse that crashed the national economy (with Treasury and the Federal Reserve “rescuing” financial institutions at a cost of hundreds of billions for taxpayers)? This is an interesting position offered by Treasury’s unnamed source, as it coincides with FinCEN’s roll out of new regulations on mortgage bankers and Fannie & Freddie. Notwithstanding insinuations above that FinCEN’s new director will crack down on financial institutions, the pretentious emphasis on Iran seems little more than a diversion to derail any meaningful reform to financial institutions. This is not surprising, given Cohen’s previous affiliation with Goldman Sachs.