March 2009 - Posts
The final part of our financial series, originally scheduled to air on Sunday, March 29 but postponed due to live sports coverage, will be on NBC this Sunday. Here's what the last part of the series focuses on:
For months now, Americans have sat back and watched helplessly as their jobs and nest eggs have vanished. And many are falling prey to scam artists who promise easy money. Now NBC's Chris Hansen continues his series on the American economy with two hidden camera investigations that might help you steer clear of the dangers that could trigger even MORE financial disaster - including a work-at-home scam that could end up emptying your bank account.
Find out how to make sure hard times don't make you an easy target as Chris Hansen takes you "Inside the Financial Fiasco: Promises, Promises."
And if you missed the second part of the series on the business of debt collection, find the full story here. The first part, on the mortgage mess, is here.
Get updates on what's coming up on Dateline and web exclusives by following us on Twitter:
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by Chris Hansen, Dateline correspondent
Almost a year ago when we started talking about a major Dateline story on the financial fiasco that led to America’s economic crisis, we didn’t know exactly where the trail would lead. We certainly didn’t realize how bad things would get by the time we would finish our investigation. Looking back, there were signs along the way. Whispers from Wall Street dads at lacrosse games about investments that may soon prove to be “toxic,” warnings from a few respected Wall Street analysts who said “Beware,” and even some mortgage company executives who wanted to do the right thing, but couldn’t.
During our reporting, we talked to some people who had a front-row seat to the mortgage meltdown. We found borrowers who took out loans they ultimately couldn’t afford, mortgage company insiders who witnessed fraud and Wall Street executives who say looking back, they would have made different choices. Who’s to blame? Some take a little responsibility, but all see themselves as victims too.
Take the case of Delores Parker-Jackson. Despite the fact the she had previously filed for bankruptcy and one year reported negative income of $6,813, she was able to get six mortgages for four condominiums, totaling nearly $1.3 million. Given her financial history, it may not surprise you that she faced foreclosure on all four condominiums. No matter how many times or how many ways I asked, Delores refused to take personal responsibility for her situation. She said she believed she was a victim. Remember, loans like Delores’ are the same kind that were sold to Wall Street, bundled into securities and sold to investors. As you’ll see our in our investigation, Delores is far from alone.
To get a firsthand account of what it was like working for Countrywide Financial, one of the nation’s biggest sub-prime lenders, producer Richard Greenberg trekked to Alaska to talk to a man named Kourosh Partow. Partow ran Countrywide’s operations there. Greenberg convinced Partow to speak to me on camera. As you’ll see in our story, Partow told us about so called “liar loans” and how in his days at Countrywide, “If you had a pulse, we give you a loan. If you fog the mirror, we give you a loan.” Partow served 18 months in prison after pleading guilty to two counts of wire fraud for processing liar loans for a real estate speculator. Countrywide executive have called him a rogue, but Partow insists the practice of faking loan applications was rampant and everyone in the business knew it.
The trail also led us to Wall Street and a man who at one time was in charge of rating some of the most complex investments, called CDOs. Some have claimed that these ratings companies disregarded risks to please the very same Wall Street firms that paid them to rate those complex investments. Richard Gugliada, who worked for Standard and Poor’s, said the company did the best job possible with the information it had at the time, but now says looking back, he would not have given some of the investments the top AAA rating.
This is truly one of the stories of our times and I think after you watch it and hear from some of the people we tracked down and interviewed and see some of the information we gathered, you’ll come away with a pretty good understanding of how we got into this economic crisis. Because only by understanding exactly how we got here can we start figuring out ways to get out of this mess.
Click here to read more about this report.
Dateline's investigation into the U.S. economic troubles continues next weekend. Here's what's coming up:
Friday, March 27: Debt Trap
As the mortgage crisis and mounting job losses melt away the American dream, another fundamental economic crisis has emerged: America's debt epidemic. NBC's Chris Hansen investigates how families got mired in debt and, with hidden cameras, exposes dirty tactics used by some collection agencies. Airs at 10 p.m. ET, 9 p.m. CT.
Sunday, March 29: Promises, Promises
With the economy in freefall and unemployment reaching record highs, Hansen investigates two schemes that sound too good to be true. One involves scams targeting people desperately searching for jobs, and the other, a self-professed visionary who claims he can increase gas mileage by 50 percent. Airs at 7 p.m. ET, 6 p.m. CT.
Make sure to check dateline.msnbc.com after the program airs for web-exclusive videos and content and helpful links if you've been the victim of a scam or are struggling with debt.
For the first hour of a three-part investigative series, "Inside the Financial Fiasco: Mortgage Madness," NBC's Chris Hansen reports on how risky home loans helped cause a chain reaction that led to failures on Wall Street and the near collapse of the American economy. The report also includes exclusive accounts from insiders and whistleblowers speaking out for the first time.
Check TheHansenFiles.com afterwards for web-exclusive material.
During this time of economic crisis, we've heard numerous stories of business moguls like Bernie Madoff, accused of defrauding investors of billions of dollars. But for sheer drama, no case is more eyebrow-raising than that of Marcus Shrenker. He and his beautiful wife seemed to have it all, living in a mansion in the ritzy neighborhood called Cocktail Cove, until back in January, when Shrenker, a pilot, radioed air traffic controllers that his small plane was going down. At that moment, investigators say, he strapped on a parachute and put in motion a daring plan to fake his own death, and hide his double-life.
DATELINE Correspondent Keith Morrison unravels the tangled tale of Flying High in Cocktail Cove. Join us for DATELINE NBC Friday at 10 p.m. ET, 9 p.m. CT.
Read more about the case here.
It's a heartbreaking case the whole world is now watching: A father's fight for his child. For four long years, David Goldman has been battling to bring his son Sean home from Brazil. After we first broadcast his story in January, there was a groundswell of support -- and growing hope that Sean may soon be allowed to return to the U.S. But the other family involved in this custody case is speaking out, too. NBC's Meredith Vieira brings us the latest. Check out web-exclusive videos of David here, and read a blog from the producer about David's reunion with Sean here.
Also: Actor and Activist George Clooney always draws a crowd. But now he's drawing attention to some of those who need it most: the refugees of Darfur. The very word "Darfur" itself has come to remind us of the depths of human suffering and courage. Now Dateline's Ann Curry travels with Clooney to the refugee camps in neighboring Chad, where people are still waiting for justice. The latest on the humanitarian crisis, and hopes for justice. (See a preview at anncurry.msnbc.com and check out some of Ann's photos from Darfur here)
And finally, Michael Phelps speaks out in an exclusive interview. The swimmer struck gold at the Olympic Games, and then again with multi-million dollar deals as a product pitchman. But last month, when a single photo surfaced appearing to show him smoking pot, his healthy, All-American image went up in smoke. So what was he thinking? NBC's Matt Lauer asks him. photograph of him allegedly smoking marijuana made headlines around the world. Preview the exclusive interview here.
This Friday on an all new Dateline:
A case that hinges on the mysteries of the mind, and the science of sleep. We know people can talk in their sleep, walk in their sleep, even drive – all without realizing what they're doing, or remembering it afterwards. But is it possible to kill while unconscious? DATELINE Correspondent Keith Morrison reports on what happened during one couple's weekend getaway in the dead of night.
Watch "Deadly Dreams" Friday night at 10 p.m. ET, 9 p.m. CT on NBC.
A murder investigation leads to the last place anyone expected. It began with two men, found dead on the streets of L.A. But this was no gang war. No, these killings would eventually be linked to a pair of women. And they weren't exactly femmes fatales, either. In fact, they were senior citizens, elderly ladies known for helping the homeless, and something else. In their golden years, they passed up bingo and shuffleboard for a game far more lethal.
Helen Golay, 77, left, and Olga Rutterschmidt, 75
DATELINE Correspondent Keith Morrison reports on what happened when some of those down-and-out met up "With Friends Like These."
Watch DATELINE NBC this Friday at 10 p.m. ET, 9 p.m. CT, and make sure to check dateline.msnbc.com after the program for web-exclusive clips.
Programming note: There will be no DATELINE this Sunday, March 8.
