EXCERPT: “Lying, fraud, self-dealing, blatant misrepresentations and more as laid out in this lawsuit against Barclays are symptoms of a Wall Street that remains out of control. What is the cause that needs to be addressed, exposed, and rectified? A financial regulatory system that covers the spectrum of being ill-equipped, incompetent, captured, and corrupted.” Continue reading
AIG has a lengthy history of producing some of the biggest tools on Wall Street. Former CEO Maurice “Hank” Greenberg was considered one of the world’s preeminent unapologetic narcissists even before he sued the government for providing an insufficiently generous bailout.
Joe Cassano, former chief of AIG’s financial products division, was another. First, he arrogantly blew off the accountants who warned him his portfolio of hundreds of billions in uncollateralized bets might destroy the world. Then, after it all went Continue reading
Jim Puplava is Author & Host of Financial Sense & Financial Sense Newshour providing weekly broadcasts and writing thought-provoking commentary for Financial Sense Online in addition to interviews with top financial thinkers.
In a riveting interview on the banking industry, Christopher Whalen of Tangent Capital Partners in New York joins Jim on Financial Sense Newshour to discuss the fallacy of “too big to fail,” conflicts of interest in the derivatives markets, problems with the 2005 bankruptcy laws, and political failures, policies and programs.
Chris Whalen elaborates on the present economic situation and why we are not seeing the changes Americans expect. Continue reading
One of the outstanding interviews after President Obama announced there would be an investigative task force into the Wall Street banks’ mortgage fraud was aired on The Rachel Maddow Show on Jan. 28, 2012. It is a MUST WATCH TV interview – click here.
Top Justice Department officials are pushing hard to bring the Wall Street immunity deal back from the dead. Can you sign on as a citizen signer of Baldwin’s resolution against Wall Street immunity? Click here to sign.
Within days, 27 of her colleagues signed on — and the more co-sponsors we get, the more pressure the Justice Department will feel to back off.
Attorney General Eric Super-Scheiderman (my hero) is at it again taking on Bank of New York Mellon in yet another stunning lawsuit. Wake up New York cops! Read what Wall Street has done to you! Join the protesters on OccupyWallStreet because they are fighting for you, and for America!
THE PEOPLE OF THE STATE OF NEW YORK on behalf of The New York City Employees’ Retirement System, the Teachers’ Retirement System of the City of New Continue reading
By Abigail Caplovitz Field | September 10, 2011
Ever since the Federal Housing Finance Authority (FHFA, Fannie Mae & Freddie Mac’s overseer) filed its blockbuster securities fraud suits against 17 banks and 131 individual bankers, a lot of commentators have said, essentially: How dare FHFA sue banks for securities fraud? Fannie and Freddie were crooks too! (Er, Fannie and Freddie were too sophisticated to be fooled! Fannie and Freddie couldn’t have been defrauded by the banks!) Continue reading
So, what’s this? Another charade? Did Geithner or Bernanke suggest, “Hey Barack we’ll fix it, we’ll just file a big lawsuit against everybody and then we’ll cut a deal that let’s the banks off the hook for everything for the $20 billion the AG’s won’t settle on…”
Published: September 1, 2011
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims. Continue reading
New York State Attorney General Eric Schneiderman may go down in history as the most important public official in reforming the corrupt financial system that caused the great Financial Crisis of 2008 and holding the perps responsible — if he can hold out against pressure from Wall Street, the Federal Reserve, and the Obama administration to give Wall Street a “Get Out of Jail Free” card.
Eric Schneiderman has played a key role in the investigation of foreclosure fraud and robo-signing by 50 state attorneys general against JP Morgan Chase, Bank of America, Wells Fargo, Citigroup, and Ally Bank. Reportedly, most of of the attorneys general — Continue reading