Since when do subjects of an investigation get a private meeting with the Attorney General of the United States? Since that Attorney General is a former (and likely future) Wall Street lawyer. US AG Eric Holder decided to break protocol and have a personal one on one meeting with JPMorgan CEO Jamie Dimon. The meeting came amidst a Department of Justice investigation into JPMorgan and Dimon related to a slew of criminality the Too Big To Fail bank had engaged in prior to, during, and after the 2008 financial crisis.
|By: DSWright Monday October 28, 2013 12:35 pm|
|By: Dean Baker Sunday March 25, 2012 4:00 pm|
Gretchen Morgenson has done a lot of outstanding reporting on the financial industry over the last decade, however today’s defense of Ed DeMarco, the head of the Federal Housing Finance Authority falls wide of the mark. DeMarco has drawn considerable heat as of late because of his refusal to allow Fannie Mae and Freddie Mac to do principal reductions to make it easier for underwater homeowners to stay in her home.
|By: Yves Smith Saturday August 20, 2011 1:59 pm|
Reckless Endangerment describes the players that helped create the housing bubble and bust that were at the heart of the financial crisis. Gretchen Morgenson and Josh Rosner focus on how regulators and other officials were complicit by promoting liberalized housing finance as a way to increase homeownership. Their account chronicles how a naïve vision of the American Dream, that of homeownership as the foundation of upward mobility and stable communities, turned into a nightmare in the hands of a growth driven and increasingly predatory mortgage complex.
|By: masaccio Thursday April 14, 2011 5:20 pm|
Most of the time, you can ignore that foot on your neck. You can pretend that electoral politics work and that we are a nation of law, not of rich people. You can revel when your tribe puts someone in office, and pretend that the person you voted for is working in your interests.
Not today. Today it is confirmed: there will be no prosecutions, there will be no accountability for the rich financiers and their clients who caused the Great Crash of 2008, profited mightily, fought off regulation, and escaped with their personal fortunes and their reputations intact, all as part of the great muddle-through plan of the Obama administration.
|By: bmaz Sunday October 3, 2010 5:00 pm|
A lot of hope was placed on the back of Elizabeth Warren and the financial reform act passed by Congress at the behest of the Administration formally known as the Dodd-Frank Wall Street Reform and Consumer Protection Act. Concurrent with belittling the liberal Democratic activist base as ungrateful whiners, the Administration and Democratic leadership has touted Liz Warren and Dodd-Frank as prime examples of accomplishments that should thrill and satisfy the base. But are those “accomplishments” really all that and should they mollify Democrats, at least on financial reform issues? The initial returns indicate no.
|By: Scarecrow Friday April 16, 2010 11:45 am|
The Securities and Exchange Commission, virtually moribund for the last decade while giant vampire squids looted local, state and union pension funds and misled investors, has finally chosen to take on Goldman Sachs for conning everyone. Who knew?