5 Attorneys Receive Awards for Being Extraordinary
Finally some good news for you to read today, although the 5 attorneys who received the Attorney General Award for their work, were helping to solve a huge case of fraud that helped cause the financial crash in 2008.
The five prosecutors were honored at a Washington D.C ceremony, which was attended by Eileen M. Decker,the United States Attorney, the honorees and their families too. The case involved one of the nation’s largest banks, the Bank of America, and their historical settlements with credit ratings agency S&P.
What Was the Case in Question?
The case these five attorneys successfully cracked was one of the largest settlements ever issued by a credit rating agency of a whopping $1.375 Billion from the Standards & Poor’s Rating Services.
Through the financial crisis in 2008 and prior to it in 2007, S&P ignored the advice of top analysts that they had given inflated ratings to both theCollateralized Debt Obligations and RMBS’s (Residential Mortgage Backed Securities). These were all inflated to help improve the underperforming lending offers they had on offer to make them seem more attractive to clients and yet actually caused major harm to investors (up to $20 billion in one case with a federally insured financial institution) and likewise contributed to a larger more devastating consequence when the market collapsed.
This act alone of over inflation on the credit ratings saw rise to the worst financial crisis the world has seen since the Great Depression and one the world will never forget, so the attorneys who single handily helped to pin point the errors and bring the case to justice receiving such a prestigious reward is the least that could be done.
Who were the Attorneys and Prosecutors in the Case?
These individuals were part of the team who obtained a colossal $16.65 Billion from the bank of America as settlement for their fraud in securing residential mortgages for their clients.
Assistant U.S. attorneys Brent A. Whittlesey, Leon W. Weidman and Evan J. Davis all received the Attorney Generals Award for Distinguished Service and their key roles in prosecuting for this huge case of fraud. They were just 3 of the full 13 strong team of auditors and attorneys who have been recognized for their very important roles that investigated RMBS, Merrill Lynch, Bank Of America and Countrywide, and managed to get billions of dollars in penalties for their wrong doings.
Now, finally, justice has been served and the people responsible for helping to serve it have been appreciated and recognized for their persistence, hard work and sheer determination in finding a resolution, a resolve and putting this case to rest with a massive positive result.