Six years after the Financial Crisis of 2008 — with its $13 trillion global price tag, including $2 trillion in property values lost, 8.7 million jobs destroyed, and evidence of corporate lawlessness seemingly in plain sight — the public policy problematic might boil down to a single question: where are the prosecutions?
|By: Dean Starkman Sunday November 9, 2014 1:59 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: Jim Sleeper Saturday February 15, 2014 1:59 pm|
It’s pretty well known that the near-meltdown of the American financial system and economy in 2008 shocked virtually every Very Serious public player and prognosticator, from Alan Greenspan to Wall Street Journal reporters and editorialists and the Street’s own carnival barkers, like CNBC’s Jim Cramer. But why were they shocked?
|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 Tuesday October 29, 2013 12:50 pm|
House members who plan to vote for these bills have no fear whatsoever of being so obviously in Wall Street’s pocket. The bill is exposed as being written by Wall Street lobbyists and no one cares? Then again, perhaps Wall Street writing the bills is so commonplace in DC that such a revelation is in no way surprising or worth further consideration by members of Congress.
|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: Lisa Derrick Monday September 23, 2013 4:59 pm|
The Federal Reserve is a hundred years old this year. There’s not a whole lot to celebrate in its century long history–the intention might have been good, but the execution has kind of been disastrous. In tonight’s film, Money for Nothing: Inside the Federal Reserve, our guest filmmaker Jim Bruce takes us through the history of the Federal Reserve System and into the current mess.