Financial Finger-Pointing Turns to Regulators - NYTimes.com

99%'ers line up outside failed
IndyMac bank whose failure
cost taxpayers billions

The defense claim is made in response to an SEC inquiry that the bank holding company filing statements the SEC alleges to be fraudulent were in fact approved by accountants Ernst & Young, and by the federal Office of Thrift Supervision.  Therefore they could not be fraudulent, according to Section IV A of defendant IndyMac Bancorp CEO Michael W. Perry's defense memorandum, which cites the Supreme Court's requirement [in Merck v. Reynolds (2010)] of an act with "intent to deceive".

Financial Finger-Pointing Turns to Regulators - NYTimes.com:

by Louise Story and Gretchen Morgenson

"In the whodunit of the financial crisis, Wall Street executives have pointed the blame at all kinds of parties — consumers who lied on their mortgage applications, investors who demanded access to risky mortgage bonds, and policy makers who kept interest rates low and failed to predict a housing market collapse.

But a new defense has been mounted by a bank executive: my regulator told me to do it."

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