The financial fraud task force can file civil suits for the next 10 years, and they still won’t understand how this will not satisfy homeowners who had everything they’ve ever worked for taken away from them, and who see no complementary losses on the side of those who caused this tragedy in their lives.
|By: David Dayen Monday October 8, 2012 1:35 pm|
|By: David Dayen Wednesday October 3, 2012 9:28 am|
Much thanks to FT Alphaville for highlighting my storyabout Eric Schneiderman’s lawsuit against JPMorgan Chase over Bear Stearns’ dodgy mortgage-backed securities deals. As I have stressed, nothing in this case indicates there’s been much new investigation at all, or participation from the federal task force. It borrows liberally from a lawsuit by mortgage bond insurer Ambac, which was filed by Karla Sanchez, a former litigator who now works in Schneiderman’s office as the Deputy AG for Economic Justice.
|By: David Dayen Tuesday September 25, 2012 9:35 am|
It turns out that the myth of high-stress positions of power is unfounded. Our lords of industry, our masters of the universe get along just fine. And if you had the benefits of a golden parachute to fall back on with none of the threats of accountability for your performance, you would too.
|By: David Dayen Thursday September 13, 2012 7:15 pm|
Several weeks back, Standard Chartered Bank, caught engaging in multiple acts of money laundering, settled with the New York Department of Financial Services for $340 million. At the time I wrote that if the Treasury Department and the other federal regulators cannot get as much from Standard Chartered as the DFS, “it will be completely embarrassing.”
Apparently, Treasury is so in the tank for the banking industry that they have no problem going the embarrassing route.
|By: Shahid Buttar Wednesday September 12, 2012 6:00 pm|
This week, Congress prepares to abuse the rights of We the People of the United States again, by extending its 2008 amendments to the Foreign Intelligence Surveillance Act (FISA). With the House of Representatives poised to vote today on a premature five year extension, will members remember what they heard when reading the Constitution on the House floor, or instead entrench the Bush-Cheney legacy beyond even the next administration?
|By: David Dayen Monday September 10, 2012 8:37 am|
I don’t need a source to tell me that there will be no criminal charges arising from the Residential Mortgage Backed Securities working group, the task force set up to “hold accountable” those financial institutions who crashed the economy through misdeeds in the securitization process. Take only this piece of evidence: all of the subpoenas so far issued by the RMBS working group have been civil in nature, not criminal. That’s about all the evidence I need.
|By: masaccio Tuesday September 4, 2012 3:17 pm|
The Democratic Platform seems to have missed the central point of the banking mess: the Obama administration did not investigate the disaster, and didn’t indict anyone for the crimes that led to the Great Crash. In fact, the administration specifically refused to follow up on criminal referrals from the Financial Crisis Inquiry Commission regarding one of the Goldman Sachs mortgage deals, saying as it always does, that it stinks, but isn’t a crime.
|By: David Dayen Saturday September 1, 2012 10:30 am|
I wouldn’t be surprised if they started to post lists of all the cases they’ve successfully closed over the years. Forget conviction rates, the “wrapped up without charges” rates must be through the roof!
|By: David Dayen Saturday September 1, 2012 7:52 am|
The Justice Department ended its investigation into the final two cases of suspected CIA torture, both of which resulted in deaths of the detainees (two of the over 100 detainees who have died in US custody). Glenn Greenwald writes eloquently and comprehensively on that as the final immunity given to the crimes committed during the Bush Administration.
And of course, this isn’t the only area. In addition to veritable immunity for those who committed torture in America’s name, we’ve seen veritable immunity for those in the financial sector who committed crimes that led to the crash of our economy.
|By: David Dayen Thursday August 30, 2012 1:04 pm|
Well, that’s that. The Justice Department has just formally ended their investigation into CIA “enhanced interrogations” without bringing any charges.