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.

 

Rahm Emanuel Is Losing Control Of Chicago

By: Monday June 17, 2013 10:20 am

Chicago has experienced one of its bloodiest weekends yet under “Murder Mayor” Rahm Emanuel with 46 people shot and at least 7 dead. Questions are now being raised as to whether Emanuel can govern the city.

Obama Considering Ruth Porat For Deputy Treasury Secretary Despite Dodd-Frank Lobbying

By: Tuesday January 15, 2013 2:50 pm

In her role as CFO at Morgan Stanley Porat has been one of the leaders in killing the Dodd-Frank regulations behind closed doors.

Morgan Stanley Banker Who Stabbed Cab Driver Fired by Firm

By: Saturday December 22, 2012 11:03 am

I was racking my brain for one final story that sums up this era in politics, the state of our world circa 2012, and I have to give it to this one from a few days ago.

William Bryan Jennings, whose parents obviously hoped for a Progressive populist reformer as a child, grew up to work at Morgan Stanley, and acquire all the sense of entitlement and douchebaggery that goes along with such an occupation (I believe they give that to you at the same time as your parking space). One year ago to the day, on December 21, 2011, Jennings left a Christmas party in New York City, and his town car didn’t show up (#richwhitepeopleproblems). So he hailed a cab to take him to his home in Darien, Connecticut. When he got home, Jennings decided to treat the cab ride like a buyout deal, and trying to negotiate down for a lower fare. This is an executive at Morgan Stanley who didn’t want to pay full fare to get home. The cabbie asked for $204 (Jennings said it was $294). Jennings offered $50 (good negotiating ploy; start low!). At this point I should mention that Jennings makes around $3 million a year.

Morgan Stanley Trader Investigated for Manipulation

By: Monday December 3, 2012 11:02 am

Maybe Glenn Hadden getting banned from trading will somehow create the long-absent deterrent for financial fraud. But actually putting him in jail would go a bit further.

Sign Language from the Invisible Hand? How Do We Know That We Need to Reduce the Deficit by $4 Trillion Over the Next Decade

By: Tuesday November 27, 2012 6:11 am

Millions are no doubt wondering how we know that the government has to reduce deficits by $4 trillion over the next decade. This appears to be the magic number that underlies the budget discussions between President Obama and the Republicans in Congress, and it is widely accepted by Serious People everywhere, but where did this magic number come from?

ACLU Sues Morgan Stanley Over Housing Discrimination Claims, Targeting the Securitizer Over the Originator

By: Monday October 15, 2012 7:15 pm

The ACLU plans to sue Morgan Stanley on behalf of five named plaintiffs (they will seek class action status), for the investment bank’s role in fueling what they view as a discriminatory subprime bubble. In doing so, the ACLU will try to pioneer a new legal strategy, by going after the securitizer of the loans instead of the now-defunct originator.

Morgan Stanley Says the Bankers’ Salaries Are Too Damn High

By: Friday October 5, 2012 7:00 pm

What you hear from bankers to justify their enormous profits is that they must be obscenely overpaid to ensure the retaining of key talent in the organization. It’s worth pointing out that their own bosses think that’s garbage.

Assessing the Costs and Rewards of the Libor Rate-Rigging Scandal

By: Friday July 13, 2012 12:56 pm

We do not yet have a very good context for the costs of the Libor rate-rigging scandal. We know that derivatives traders gained when they called in favors and had banks set the Libor in ways favorable to their bets. And we know that banks benefited from artificially setting the Libor down during the financial crisis to mask their poor fiscal health. But how did that manifest itself in the real world? The investment bank Morgan Stanley has penciled out an estimate of just the Libor suppression, the artificial rigging of the rate lower during the crisis. This does not take into account the derivative trading. And just on that alone, they come up with about $22 billion in fines.

US Government Backstops Most Derivatives

By: Sunday June 24, 2012 10:40 am

Dimon is right to believe that derivatives are safe for JPMorgan Chase. He has the Fed and the FDIC to backstop him. And it’s really great that you get to backstop the Fed and the FDIC for him and his gambling habit.

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