After lying to regulators, manipulating the market, and putting out fraudulent documents JPMorgan will pay a relatively small fine and move on. Because when the powerful repeatedly break the law the consequences are never very severe. If we stopped these Wall Street banksters from making criminal profits they might stop making criminal profits – then where would our economy be?
|By: DSWright Thursday September 19, 2013 11:20 am|
|By: DSWright Thursday September 12, 2013 11:55 am|
It has now been 5 years since Wall Street crashed the economy through its pump and dump mortgage derivative scheme. Few of the bad actors have been held accountable and none of the big ones. The public understands the reality – that Wall Street got away with it. Actually, Wall Street not only got away with the crime they got away with the coverup, the massive fraudulent scheme to foreclose on homeowners even without documentation.
Which is all to say no one thinks the SEC did well before, during, or after the financial crisis.
|By: DSWright Friday July 26, 2013 12:10 pm|
SAC Capital has been formally indicted for insider trading and called a “magnet for market cheating” by federal prosecutors who said the firm had engaged in illegal securities trading from 1999 to 2010. While SAC Capital faced charges, its leader and principle beneficiary, Steve Cohen, was not charged.
|By: DSWright Wednesday July 24, 2013 12:55 pm|
While the Bush and Obama Administrations let Wall Street slide for causing the 2008 financial crisis and fraudulent foreclosure activities afterward, one hedge fund may finally face charges after years of questionable conduct. SAC Capital, led by billionaire Steve Cohen, has been under investigation for insider trading for a good deal of its history, now it is reported that the firm will face criminal charges.
|By: DSWright Tuesday July 23, 2013 9:55 am|
The former top law enforcer for the SEC, Robert S. Khuzami, has done what most Wall Street regulators end up doing – taking a lot of money from Wall Street and friends. Khuzami just landed himself a $5 million a year contract, with two years guaranteed, from Kirkland & Ellis, a law firm that makes a sizable portion of its revenues defending Wall Street from the government.
|By: DSWright Thursday July 11, 2013 11:10 am|
The SEC is back to its old tricks, putting aside the public interest for private concerns. The latest maneuver involves lifting the ban on allowing highly risky investment vehicles known as hedge funds to advertise publicly for the first time. Yes, even in the bubblemania of the 1990s this was not done for fear people would lose their money in the riskiest part of the Wall Street casino.
|By: DSWright Friday March 22, 2013 6:00 am|
The Teflon Trader slips away again. For those who don’t know, Steve Cohen of SAC Capital, number 36 on Forbes’ Richest Americans list, has been under investigation for a good deal of his career. The suspicion is always the same, insider trading.
|By: DSWright Tuesday February 12, 2013 7:49 am|
A report by the Project on Government Oversight (POGO) finds that the incestuous nature of the SEC-Wall Street relationship caused reform efforts in the money market fund industry to fail.
|By: masaccio Sunday January 27, 2013 10:54 am|
Mary Jo White has a history of tough prosecution and strong representation of her Wall Street clients. Tough is good.
|By: DSWright Friday January 25, 2013 6:33 am|
Yesterday President Obama nominated Mary Jo White to head the Securities and Exchange Commission. The administration and establishment media highlighted White’s experience as a prosecutor and hinted at the possibility of a more aggressive SEC. But now that there has been time to digest the nomination there seems to be some familiar problems.