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.
|By: DSWright Thursday August 8, 2013 12:35 pm|
|By: DSWright Friday August 2, 2013 6:40 am|
Fabrice “Fabulous Fab” Tourre was found liable by a jury of six counts of civil securities fraud. Tourre was at the center of Goldman Sachs’ trading in the mortgage backed security market in which Goldman Sachs helped sell poorly constructed frankenbonds made up of various people’s mortgages known as Collateralized Debt Obligations or CDOs to clients while simultaneously betting on those CDOs to fail.
|By: DSWright Monday July 22, 2013 9:10 am|
Wall Street figured out another scam. Instead of creating a doomsday securitizing machine for the mortgage market they are going old school – manipulating commodity prices for fun and profit.
|By: DSWright Wednesday June 26, 2013 8:40 am|
The corporate “ed reform” movement to privatize public education is quite lucrative – public education spending runs in the billions across the country. So should anyone be surprised that Wall Street has stepped out of the shadows to get in on the action?
|By: DSWright Monday June 10, 2013 11:15 am|
Sergey Aleynikov is set to go back to court. Aleynikov was previously a programmer for Goldman Sachs who was tried and convicted of theft of trade secrets in federal court – a conviction that was overturned on appeal. Now Aleynikov is facing charges under New York State law for the same actions that were ruled legal by the appeals court.
|By: DSWright Monday April 1, 2013 8:30 am|
Adbusters, the group that helped launch the Occupy Wall Street movement, has decided to target Goldman Sachs in its next campaign. The campaign will work like a “live action game” with points being awarded to protesters.
|By: DSWright Tuesday March 12, 2013 10:20 am|
Goldman Sachs is once again being cited for ripping off its clients, this time in the IPO space. Goldman had already paid massive fines for causing the mortgage crisis by selling its own clients toxic assets. Later the firm would take considerable reputational damage when a former Goldman Sachs executive, Greg Smith, wrote an Op-Ed for the New York Times where he claimed Goldman employees routinely took advantage of the firm’s clients and enjoyed mocking them afterwards
|By: DSWright Tuesday March 5, 2013 9:55 am|
More evidence the Dodd-Frank reform law was an exercise in futility as Reuters reports Goldman Sachs may have already found a work around. Under the new law investment banks such as Goldman Sachs are supposed to be prohibited from making risky private equity investments under the Volcker Rule. But sources reveal that Goldman has simply altered some of the structure of the financing in order to bypass the rule.
|By: DSWright Monday February 18, 2013 6:45 am|
Goldman Sachs is apparently back to it’s old tricks despite the $550 million settlement with the SEC over hurting clients in the mortgage securities market.
|By: DSWright Tuesday January 22, 2013 5:00 pm|
The farm belt has been facing one of the severest droughts in its history and recent forecasts conclude that the next 3 months are going to make a bad situation worse. The situation has deteriorated to the point where hundreds of counties are being labeled disaster areas due to drought.