New York Fed Tries To Seal Lawsuit From Examiner Fired For Taking On Goldman Sachs

By: Wednesday October 16, 2013 10:35 am

The New York Federal Reserve was not content with just firing Carmen Segarra for taking on Goldman Sachs now they are trying to have her lawsuit sealed. The NY Fed’s justification for sealing the documents and parts of the complaint is the accusation that Segarra stole the documents she is using in her case. In other words, the Fed is continuing its long tradition of secrecy and opacity

 

Why Are Gas Prices So High?

By: Sunday October 13, 2013 4:00 pm

So, my neighbor made this video about why gasoline prices are so high when demand is down and supply is up.   You should watch this.

You are not going to like the answer.

Bill Black, Carmen Segarra, and the Regulatory Failure That Is the Federal Reserve Bank of New York

By: Saturday October 12, 2013 12:40 pm

Back in 2009, law professor and former banking regulator Bill Black excoriated the internal corporate culture of the Federal Reserve when it comes to banking regulatory oversight. For a very specific illustration of what Black was talking about, just take a look at the complaint filed by former banking regulator Carmen Segarra against her former employer, the Federal Reserve Bank of New York. She was hired and assigned to investigate problems at Goldman Sachs, and when she and her team discovered some major problems, she was pressured to downplay them and back off. When she refused, she was terminated and Goldman Sachs was given a clean bill of health by the folks that fired her.

You’re shocked, I know. But the details, along with the documentation, are the truly shocking part of all this. Not about Goldman Sachs, but about their pals at the Federal Reserve Bank of New York.

New York Federal Reserve Fired Examiner Who Took on Goldman Sachs

By: Friday October 11, 2013 8:40 am

Former New York Federal Reserve Bank Examiner Carmen Segarra has a filed a wrongful termination lawsuit against the New York Federal Reserve. In the suit Segarra claims that while acting as a bank examiner for the NY Fed she was told to falsify findings on Goldman Sachs, when she refused was fired.

Goldman Sachs Chief Says Solution to Occupy Wall Street Is Reeducation of Public

By: Thursday September 26, 2013 8:35 am

So, Wall Street, what have you learned the last five years? What is the lesson?

National Credit Union Administration Sues Wall Street Banks For Fraud In Mortgage Market

By: Tuesday September 24, 2013 8:35 am

The National Credit Union Administration (NCUA), a government regulator, has filed a lawsuit against Morgan Stanley, Barclays, JPMorgan, Credit Suisse, Royal Bank of Scotland Group, and UBS for selling fraudulent mortgage-backed securities to credit unions. The sales of these securities amounted to $2.7 billion. Goldman Sachs, Wachovia, Wells Fargo, and Ally Securities also allegedly sold faulty securities according to one of the credit unions involved in the lawsuit.

Frackademia: The People & Money Behind the EDF Methane Emissions Study

By: Monday September 16, 2013 7:15 pm

A peek behind the curtain show the study’s results – described as “unprecedented” by EDF – may have something to do with the broad spectrum of industry-friendly backers of the report which include several major oil and gas companies, individuals and foundations fully committed to promoting the production and use of fracked gas in the U.S.

Goldman Sachs Makes Bad Trades, Wants Money Back

By: Wednesday August 21, 2013 1:10 pm

When things don’t go your way it is really a learning experience – life is like that sometimes. We all have to accept that life isn’t fair and sometimes we lose despite what we think should happen – oh, unless we are Goldman Sachs.

JPMorgan Under Criminal and Civil Investigation Over Mortgages

By: 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.

Goldman Sachs Trader Found Liable For Fraud That Contributed To Financial Crisis

By: 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.

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