Felix Salmon’s Unpersuasive Argument to Hold HSBC and Its Executives Harmless

By: Friday December 14, 2012 8:30 am

It would be irresponsible for me to say that Felix Salmon probably cashed a nice check from the banking industry when he produced this defense of the US declining to prosecute HSBC for money laundering. I think a couple elements of his piece wind up being self-negating, so I don’t have to do much work. [...]

In Bank Fraud, Responsibility Lies at the Very Top

By: Friday December 14, 2012 6:59 am

The Office of the Comptroller of the Currency, which under the direction of Thomas Curry has been moderately more tough-minded against the banks, released a report that essentially admits that the big banks are poorly managed and have inadequate risk management controls. As Yves Smith points out, this means that the executives need to go [...]

The HSBC Money Laundering Case as a Perfect Symbol of Too Big to Fail

By: Thursday December 13, 2012 6:19 am

Maybe I was too blasé about the federal government letting HSBC off the hook; certainly the story has effectively shown how Too Big to Fail continues to be the watchword of the financial regulatory community. My pet theory here is actually that, because practically every mega-bank engaged in this same type of money laundering for [...]

First Libor Arrests Net Three Former Low-Level Traders

By: Wednesday December 12, 2012 8:30 am

Everyone expects UBS, the Royal Bank of Scotland and several others to face some sort of sanction. But we’ve been hearing about imminent charges for months now, with nothing to show for it.

The Lorraine Brown Case: Accountability for Fraudulent Document Preparers, Not the Banks Who Requested the Documents

By: Tuesday November 20, 2012 3:09 pm

The Justice Department has issued their formal press release in the plea arrangement with Lorraine Brown, the former President of fraudulent foreclosure document processor DocX, a division of LPS. Brown pleaded guilty to wire and mail fraud and faces five years in prison and up to $250,000 in fines, from what DoJ describes as “a [...]

Formal Criminal Charge Filed in Florida Against Lorraine Brown, President of Notorious Foreclosure Document Processor DocX UPDATE: Plea Deal

By: Tuesday November 20, 2012 10:55 am

The US Attorney in the Middle District of Florida, Robert O’Neill, has submitted an information, basically a criminal charge without the use of a grand jury for the indictment, of Lorraine Brown, the founder of DocX, for the fraudulent production of mortgage assignments, notarizations, and other documents used to foreclose on borrowers (h/t 4closure fraud). [...]

UBS “Rogue Trader” Convicted for Fraud

By: Tuesday November 20, 2012 9:15 am

Kweku Adoboli, the “rogue trader” who cost UBS billions of dollars with a bad trade in 2011, has been found guilty by a British court on two counts of fraud, while being acquitted on four other counts of false accounting. in a case most applicable to the arrest and trial of Lynndie England for torture. [...]

BP Criminal Settlement Announced: $4.5 Billion Fine, 2 Charged With Manslaughter

By: Thursday November 15, 2012 11:32 am

So now we have an answer to the talk of a settlement in the BP oil disaster case. The company will pay a total of $4.5 billion in fines and payments, as well as admit to criminal charges. But the fines and payments do not include civil violations of either the Clean Water Act or [...]

BP, Justice Department Close to Settlement in Deepwater Horizon Case; BP to Plead Guilty of Criminal Misconduct

By: Thursday November 15, 2012 6:18 am

Well, I think we’ve figured out how an elite corporation can receive criminal charges in 21st-century America. All you have to do is spill 205.8 million gallons of oil into a US waterway. Then, you’re just going to have to cop a criminal misconduct plea, as long as the Justice Department gives you immunity from [...]

JPMorgan Chase Still Trying to Blame Individuals For Fail Whale-Related Fraud

By: Wednesday October 31, 2012 11:29 am

JPMorgan Chase has sued the former manager of Bruno Iskil, the “London Whale” who executed the “Fail Whale trades” that cost the company as much as $7 billion. Javier Martin-Artajo was the direct supervisor to Iskil in the Chief Investment Office in London. The lawsuit, which was filed in a London court, did not disclose [...]

JPMorgan Chase Trying to Throw Its Traders Under the Bus for Fail Whale-Related Securities Fraud

By: Thursday October 11, 2012 7:04 am

JPMorgan Chase CEO Jamie Dimon, a longtime Democrat for those who don’t know, endorsed a higher top marginal tax rate and an increase in the capital gains rate in a speech at the Council on Foreign Relations yesterday. He also blamed the sluggish recovery on over-regulation and uncertainty and endorsed Bowles-Simpson as an economic salve. [...]

Advertisement
FOLLOW FDL NEWS DESK

Close