Six years after the Financial Crisis of 2008 — with its $13 trillion global price tag, including $2 trillion in property values lost, 8.7 million jobs destroyed, and evidence of corporate lawlessness seemingly in plain sight — the public policy problematic might boil down to a single question: where are the prosecutions?
|By: Dean Starkman Sunday November 9, 2014 1:59 pm|
|By: DSWright Tuesday October 21, 2014 11:20 am|
In the aftermath of the exposure of the Federal Reserve collaborating with Goldman Sachs to prevent the bank from being accountable for breaking the law, Fed officials warned Wall Street that if banks did not cut back on reckless and criminal behavior they might finally face penalties including being broken up. The warnings were issued by Federal Reserve Governor Daniel Tarullo and Federal Reserve Bank of New York President William Dudley in speeches behind closed doors. The prepared remarks were published and appear to indicate an attempt to change the corrupt culture at the Federal Reserve.
|By: DSWright Tuesday July 1, 2014 2:25 pm|
Attorney General Eric Holder, appointed in the beginning of Barack Obama’s presidency, is beginning to have his legacy evaluated and it is not looking good. A creature of Wall Street who helped represent some of the culprits of the mortgage crisis in private practice, Holder never made an honest or substantive efforts to go after his former clients who helped crash the economy in 2008.
|By: Kit OConnell Wednesday April 16, 2014 4:37 pm|
Censored for years, the Smothers Brothers kept on satirizing. In the end their uncompromising political message drove them off the air, with CBS firing the duo and the rest of their comedy ensemble under pressure from the White House. Though the Brothers and the ACLU fought a successful legal battle in response, their careers were effectively over. A documentary, Smothered, tells the whole story — but only clips seem to be available online.
|By: DSWright Monday April 14, 2014 12:05 pm|
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 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 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 Monday October 14, 2013 12:46 pm|
Under the Dodd-Frank Act banks that are “systemic threats” to the financial system or Too Big To Fail are supposed to be dismantled to avoid the necessity for taxpayer bailouts and subsidies. So far the power has not been used which many are claiming is due to the incredible sophistication of the megabanks not a lack of will by public officials. But now US and UK regulators are saying that’s not true and that the Too Big To Fail banks can be broken up.
|By: DSWright Tuesday July 30, 2013 12:51 pm|
Too Big To Fail Megabank JP Morgan Chase is back on the government’s radar. The bank has been under investigation numerous times after taking a bailout during the 2008 financial crisis – most notably for the London Whale trade – and is now under scrutiny for its trading activities in the energy market. The accusation comes ahead of a likely legal settlement between JP Morgan and the Federal Energy Regulatory Commission.