Our present Financial tsunami was largely fueled because the ” cops” of the financial industry the SEC, and private valuation firms ” rating agencies” ( Fitch, Standard and Poor’s and Moody’s ) were grossly negligent. see; http://dealbook.blogs.nytimes.com/2008/10/22/rating-agencies-draw-fire-capitol-hill/ Locally, in New York a similar “FRAUD” has been committed in the construction industry.
Fraud is the singular most cause of our problem and an easy definition is ” MISREPRESENTATION OF MATERIAL FACTS”. see http://www.dmoz.org/Society/Law/Legal_Information/Fraud/ In our financial debacle the rating agencies told investors ( misleading them ) that the mortgage back securities were ” AAA” almost as secure as Federal Debt obligations. The ratings were false, and as such investors were lied to and put money at risk, which they would not have if they knew the mortgages were junk.
With respect to Treadwell ” the concrete poured is tested and they falsify the results stating they meet building code requirments when in actuality they don’t. As such the public safety is at risk, including death from a building collapse.
New York is a concrete and steel jungle we rely on professionals to maximize our safety. A whose ” who” of New York Construction Buildings may have been built and or are defective and/ or below acceptable measurable industry and city building code standards of concrete density. see http://www.nytimes.com/2008/06/21/nyregion/21concrete.html?partner=permalink&exprod=permalinkThe Manhattan District Attorney on October 30th indicted officers of Testwell Laboratories . The charges include fraud and racketeering. http://manhattanda.org/whatsnew/press/2008-10-30.shtml and see: http://www.1010wins.com/pages/3229974.php?
Quoting DANY ” The investigation revealed that TESTWELL falsified tests on both the structural steel and welding. In many cases, the same piece of steel was tested multiple times; in others, steel was certified in a time-frame that could not possibly have matched the time it took to fabricate it.
1010 news radio reported ” The ( fraud) charges involve some of the most high-profile buildings in the city, including Yankee Stadium, the Freedom Tower, the United Nations and the Metropolitan Museum of Art, Manhattan District Attorney Robert Morgenthau said. Other projects included hospitals, firehouses, schools, subway stations, an Atlantic City casino and a new terminal at John F. Kennedy International Airport.”
HELLO THE NUCLEAR REGULATORY COMMISSION FINED THIS GROUP IN 2003!
A little Google work on “Testwell” makes one wonder if due diligence was used before they were retained on the indicted projects after the firm was fined by the Federal U.S. Nuclear Regulatory Commission fined them in 2003 for shoddy inspections at their ” NUCLEAR Facilities” http://www.nrc.gov/reading-rm/doc-collections/enforcement/actions/materials/ea03036.html
In the present indictment the allegation states that improper non certified inspectors conducted measuurements. In the later Nuclear investigation the omission is the same Specifically, your Radiation Safety Officer (RSO)/Director of Radiography performed and/or allowed radiography to be performed on at least three occasions without the supervision of a certified radiographer, even though he knew that the supervision of a certified radiographer was required.”
Our Society must stop FRAUD which is essentially Lying. I’m sure when this investigation is over we will see a trail of money and that public projects and public safety was risked is appalling. That some of our major infrastructure and tourism buildings may have been compromised and possibly have to be rebuilt demands that the guilty parties go to jail.