WASHINGTON — It used to be common for the federal government to prosecute prominent people responsible for debacles that rattled the financial system. Michael R. Milken, the junk bond artist, went to prison in 1991; Charles H. Keating Jr., the face of the savings-and-loan crisis, pleaded guilty to four counts of fraud in 1999; and it looks like Jeffrey K. Skilling, the former chief executive of Enron, will be in prison until 2017. Continue reading
JPMorgan Chase and federal authorities are nearing settlements over the bank’s ties to Bernard L. Madoff, striking tentative deals that would involve roughly $2 billion in penalties and a rare criminal action. The government will use a sizable portion of the money to compensate Mr. Madoff’s victims.
The settlements, which are coming together on the anniversary of Mr. Madoff’s arrest at his Manhattan penthouse five years ago on Wednesday, would fault the bank for turning a blind eye to his huge Ponzi scheme, according to people briefed on the case who were not authorized to speak publicly. Continue reading
A Foreclosure Primer from a Washington State Paralegal.
I. War Against America’s Middle Class.
While most Americans’ (and in fact the world’s) attention is on Syria, I would like to point out that there has been a war waging right here at home for several years, and it is far more likely to have a direct impact on you than anything overseas.
There is a financial war being waged that is arguably as damaging as any war in recent history. Warren Buffet said “In my view, derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal”. [Click HERE for PDF – Warren Buffet on Derivatives] Continue reading