'I come here deeply ashamed': Former TierOne executives Laphen, Langford sentenced to prison

[Omaha Steve]

Source: Omaha World Herald

By Russell Hubbard

LINCOLN — Three former Nebraska bank executives now have been sentenced to prison in what probably is the largest successful criminal prosecution undertaken by the U.S. Justice Department in the wake of the 2008 financial crisis.

On Thursday, TierOne Bank lieutenants James Laphen and Don Langford were sentenced — Laphen to 34 months in federal prison and Langford to 21 months — on charges related to the bank’s 2010 collapse.

On Wednesday, the former TierOne chief executive, Gilbert Lundstrom, got 11 years in prison and a fine of $1.2 million.

The sentencing of three felons to prison signals the high point — at least so far — for the Justice Department in obtaining redress for acts undertaken by the nation’s financial institutions during the mortgage crisis.

FULL story at link.

Related Links
Ex-TierOne Bank CEO Gilbert Lundstrom gets 11 years in prison, is fined $1.2 million

Read more: http://www.omaha.com/money/i-come-here-deeply-ashamed-former-tierone-executives-laphen-langford/article_f942f036-f1d2-11e5-a3cf-0b885ac54a8a.html

[angstlessk]

1. But the big guys go free!

[billhicks76]

3. Just Like The Drug War

[angstlessk]

5. I recall some (a) political cartoons from the 90's?

that showed the drug war had tentacles into the US Govt

[billhicks76]

6. Bush Sr Coordinated Tonnage Of Cocaine For Contras

And God knows what else.

[NCjack]

7. Bank CEO Lundstrom was sentenced to 11 years in federal prison and fined $1.2 million.

Two lieutenants got much lighter sentences in return for cooperating with prosecutors. "Friends and relatives for both testified Thursday, telling the judge that each is honest, sincere, hardworking and deserving of leniency based upon good character." (From source cited in OP.) Not mentioned in the source article is any good character testimony by former bank investors (including employees) who lost money in the banks stock plan. These are the only DOJ sentences for banksters that pulled off the looting of America's bank in the 2008 era when 465 banks went insolvent. Still, the big fish that did the looting are cruising free, looking for more victims. Thanks to the DOJ team that did this prosecution. Maybe they will be allowed to show the other prosecutors at DOJ for it's done.

[1StrongBlackMan]

2. Posted to for later. n/t

[Blus4u]

4. Maybe the DOJ is getting warmed up

K & R

and Peace to you, OS

[Jitter65]

8. Well there goes the meme no Wall Street crooks went to jail. Holder said there would be more...but

then that doesn't fit with what we want to hear.

[Dr. Xavier]

9. Yeah, yeah, yeah,...

citibank steals billions and gets away with it and they get a bonus to boot...

[scottie55]

10. Little BS Bankers Get Locked Up

The big dogs get off scot free.

[beac]

11. What he said: "I come here deeply ashamed."

What he was thinking: "I come here deeply ashamed that I got caught."

In fairness, he should be serving his sentence in a prison over-crowded with "ashamed" bankers,