A story by The American Lawyer seems to provide serious evidence that the SEC essentially planned to ensure that Wall Street firms would never be held fully accountable for their crimes. That there was collusion between the banksters and the SEC that CDO prosecutions would be limited in number and impact.
|By: DSWright Wednesday March 5, 2014 3:18 pm|
The University of Chicago has always been notorious for lacking integrity – intellectual and otherwise. Founded by oil monopolist and banker John D. Rockefeller, the University of Chicago has been the hell-mouth for Neoliberal quackery for generations perhaps most notoriously as patient zero for Professor Eugene Fama’s virulent “efficient market hypothesis” – a theory that helped justify the reckless deregulation that crashed financial markets in 2008.
Now U of C is getting another free market apologist, this one with real credentials – Fabrice “the Fabulous Fab” Tourre.
|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 Thursday October 24, 2013 6:45 am|
Yesterday a jury found Bank of America liable for knowingly selling defective mortgages. Bank of America’s Countrywide unit was ground zero for the housing crash by degrading credit standards, creating horrendously unstable mortgages, then pushing their poisonous products onto the world.
|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: 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 Friday May 31, 2013 6:48 am|
According to a new study by the Federal Reserve, American households have regained less than half of the wealth lost during the recession. While the wealthiest have actually gained since the crash the 99% are still not nearly whole.
|By: DSWright Thursday May 9, 2013 9:01 am|
After handing out trillions of dollars to Wall Street – which we only know about due to a Bloomberg News lawsuit the Fed fought – the Federal Reserve announced victims of fraudulent foreclosure practices were being shortchanged.
|By: DSWright Wednesday January 23, 2013 6:51 am|
Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for the integrity of the loans that were being originated from firms like Countrywide (now Bank of America) then chopped up into derivatives and sold by Wall Street to the world.