The European Union Catches the Banks Holding Hands

By: Saturday December 14, 2013 2:38 pm

Early in the summer of 2012, Bob Diamond was an American banker with a talent for making numbers say what he wanted them to say. He was legit and was sitting in the catbird seat at Barclays Bank UK. He’d made $100 million over the previous six years.

A few weeks later, in early July, the world had flipped. Instead of sitting at his desk at Barclays Diamond was answering questions from a Parliamentary committee investigating LIBOR rate-fixing in 2008. A week after that he was out of work.

 

The Banksters Push Back Against Richmond

By: Saturday August 31, 2013 10:30 am

The banks are pushing back hard against the city of Richmond, California, as Richmond tries to help its homeowners get out from under mortgages that are seriously out of whack compared with actual property values. First the banks filed suit to stop Richmond, and now they’re telling their investment clients to steer clear of Richmond’s municipal bond offerings.

Shorter bankster: “Nice city you’ve got here, Richmond. It’d be a shame if anything were to happen to it.”

But Richmond still has one powerful weapon in their pocket, that scares the banks to death . . .

The HSBC Money Laundering Case as a Perfect Symbol of Too Big to Fail

By: Thursday December 13, 2012 6:41 am

Maybe I was too blasé about the federal government letting HSBC off the hook; certainly the story has effectively shown how Too Big to Fail continues to be the watchword of the financial regulatory community. My pet theory here is actually that, because practically every mega-bank engaged in this same type of money laundering for drug cartels and countries under sanction – all of the big four in the US, including Wells Fargo (who admitted it in court), Bank of America, Citi and JPMorgan Chase – if they threw the book at HSBC, they would have to do the same to everyone else. So we’ve migrated from Too Big to Fail to Too Caught Up In The Same Criminality to Fail.

Former UBS Traders Offered Deal in Libor Investigation

By: Thursday August 9, 2012 8:40 am

Several former traders at UBS have been offered a deal by federal prosecutors in the unfolding Libor scandal, which if we had a criminal justice apparatus dedicated to accountability would be a moment of hope for the potential of going up the chain and indicting those who authorized the rate-rigging. Under the deal, the US would waive the traders from criminal charges in exchange for their cooperation in the investigation.

Foreclosure Fraud Whistleblower Harassed by Mortgage Lender

By: Wednesday March 28, 2012 9:50 am

As part of the foreclosure fraud settlement, Lynn Szymoniak won an $18 million judgment for her work in helping expose document fraud. However, she has to wait at least a couple months for the formal blessing of the settlement by a US district court judge to reap her reward. Meanwhile, she is still in foreclosure proceedings with Deutsche Bank. And they seem to be going out of their way to humiliate her.

Freddie Mac, Deutsche Bank Caught Up in Securities Allegations

By: Monday January 30, 2012 3:30 pm

Pro Publica, in conjunction with NPR, reported that Freddie Mac invested millions betting against home owners paying their mortgages, meaning that had a conflict of interest in helping owners refinance to avoid foreclosures. That’s somewhat tangential to what Eric Schneiderman wants to delve into because it’s post-crash conduct, but it still shows the element we’re dealing with and how many revelations are already out there

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