|By: DSWright Thursday October 2, 2014 12:15 pm|
|By: DSWright Tuesday July 15, 2014 10:55 am|
On Monday the Department of Justice and Attorney General Eric Holder announced a meager $7 billion settlement with Citigroup for causing the most severe financial crisis since the Great Depression by fraudulently selling mortgage securities that wrecked the financial markets. AG Holder celebrated the settlement and claimed “This historic penalty is appropriate given the strength of the evidence of the wrongdoing committed by Citi.”
But, according to The Litigation Daily, the details of that “wrongdoing” are nowhere to be found in the settlement documents, raising questions as to whether DOJ gave Citigroup a special deal regarding disclosure. Was part of this “historic penalty” an exemption from having to admit the crimes committed and the victims harmed?
|By: DSWright Monday July 14, 2014 11:07 am|
Citigroup, one of the most dysfunctional and malevolent financial institutions in American history, has agreed to pay $7 billion to settle investigations into the fraud it committed in the mortgage security market that led to the financial crash of 2008. The selling and marketing of volatile mortgage security products to investors around the world as safe and stable mined the financial markets to blow up in 2008.
The resulting financial crisis saw the American people suffer incredible pain while Citigroup received a federal bailout from Congress under TARP and a wide open line of endless credit from the Federal Reserve.
|By: DSWright Thursday May 1, 2014 7:00 am|
A new report from Pro Publica claims that part of the reason none of the major Wall Street banks were prosecuted for their role in causing the 2008 financial crisis was a disinterest in taking on cases by the US Department of Justice. The disinterest reportedly led to prosecutors not pursuing winnable cases and coincided with other concerns such as the possibility of losing a case.
|By: Nomi Prins Sunday March 23, 2014 1:58 pm|
This book is an eye-opener, a wake-up call for those in Washington to get their heads out of Wall Street’s asses, a state unthinkable for most politicians. But, it’s also a wake-up call to us, to be ever more vigilant with every one of our financial dealings, because the worst is yet to come.
|By: DSWright Wednesday November 20, 2013 11:58 am|
Yesterday the Justice Department announced a $13 billion settlement with JPMorgan over the megabank’s fraud in the mortgage backed security market that helped trigger a financial meltdown in 2008. The deal was completed after JPMorgan CEO Jamie Dimon summoned Attorney General Holder to a private meeting to avoid a press conference, the terms discussed at that meeting would later be finalized into the current settlement agreement.
|By: DSWright Wednesday October 23, 2013 6:46 am|
Feeling generous? You should because you are about to help pay for JPMorgan’s $13 billion fine for causing the 2008 financial crisis. According to tax experts the money JPMorgan will be paying to the government ($9 billion) and to wronged customers ($4 billion) can be written off as a “business expense.” In other words, JPMorgan may be sticking the taxpayers with the bill.
|By: DSWright Monday October 21, 2013 9:50 am|
The previous fines Wall Street banks have paid have been laughable. But a $13 billion fine would be more than half of JPMorgan’s profit last year. Serious money. Though apparently JPMorgan thinks it might have to pay even more for its wrongdoing.
|By: DSWright Tuesday August 20, 2013 1:55 pm|
Many were shocked by the nastiness of the British government – with America’s approval – holding Glenn Greenwald’s partner under an anti-Terrorism law for nine hours during which time they interrogated him and stole his property.
|By: DSWright Thursday August 8, 2013 12:35 pm|
One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market. JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in offerings of subprime and Alt-A residential mortgage securities during 2005 to 2007.