Obama Ad About Big Bird Cannot Find One Prominent Wall Street Criminal Prosecuted By Administration

By: Tuesday October 9, 2012 7:00 am

This is an amusing ad by the Obama campaign, poking fun at Mitt Romney’s comment in the first debate about eliminating funding for PBS and Big Bird. President Obama has been getting good traction on the stump with the line about Romney looking out for Wall Street while fighting Sesame Street, and so they turned [...]

The Potential Conflict of Interest Issue Inside the Schneiderman/JPMorgan Chase Case

By: Wednesday October 3, 2012 9:05 am

Much thanks to FT Alphaville for highlighting my story about Eric Schneiderman’s lawsuit against JPMorgan Chase over Bear Stearns’ dodgy mortgage-backed securities deals. I wrestled in that other piece about whether there was a legitimate conflict of interest argument with Sanchez. Could JPMorgan Chase try to invalidate the lawsuit by saying that Sanchez’ involvement represented [...]

Those Hoping for “Large Damages” from JPMorgan MBS Lawsuit Bound to Be Disappointed

By: Tuesday October 2, 2012 12:25 pm

I can actually agree with a lot in Alison Frankel’s assessment of the New York Attorney General’s lawsuit against JPMorgan Chase over mortgage backed securities deficiencies. She’s right to express all the ways in which this is a cynical case, building on years-old legal work from bond insurers and investors. But she follows with this: [...]

MoveOn Asks Justice Department to Investigate Romney’s False Statements on Federal Disclosure Forms

By: Thursday September 27, 2012 8:22 am

MoveOn.org has sent a finding of fact to the Public Integrity Section of the Justice Department, asking that they initiate an investigation into whether Mitt Romney lied on a federal financial disclosure form. This is an issue that arose back in July, during the debate over precisely when Romney left his job at Bain Capital. [...]

Financial Fraud Prosecutions Coming Soozzzzzzzzzzzzzzzzzzz…

By: Friday September 21, 2012 9:35 am

I strongly considered not even remarking on the “news” that the long-silent Residential Mortgage Backed Securities (RMBS) working group, the vaunted task force that would finally and definitively bring accountability to the perpetrators of the financial crisis, would soon, really this time, announce major actions. If you want to announce something, go ahead and announce [...]

Criminal Prosecutions Not Happening from New Financial Fraud Task Force

By: Monday September 10, 2012 7:01 am

I don’t need a source to tell me that there will be no criminal charges arising from the Residential Mortgage Backed Securities working group, the task force set up to “hold accountable” those financial institutions who crashed the economy through misdeeds in the securitization process. Take only this piece of evidence: all of the subpoenas [...]

DoJ Continues Closing Cases, Ends One Investigation Into Arizona Sheriff Joe Arpaio

By: Saturday September 1, 2012 9:26 am

They must be clearing out filing cabinets at the Department of Justice. After ending their investigation into the deaths of detainees in CIA custody, they then wrapped up a separate investigation into Joe Arpaio, the Maricopa County, Arizona sheriff suspected of various criminal acts. This particular closed investigation looked at retaliation against political foes: “After [...]

Justice Department Ends Investigation Into Bush-Era Torture, With No Charges

By: Thursday August 30, 2012 12:50 pm

Well, that’s that. The Justice Department has just formally ended their investigation into CIA “enhanced interrogations” without bringing any charges. This was the investigation headed by John Durham, the federal prosecutor selected in August 2009 to look into charges of torture in CIA interrogations during the Bush Administration. We know plenty about those charges. The [...]

Lack of Financial Fraud Prosecutions a Festering Wound for Country, Economy

By: Sunday August 26, 2012 2:38 pm

The Sunday opinion section of the New York Times has an editorial they could have run every day for the last four years, asking why nobody has been prosecuted for the greatest financial collapse since the Great Depression. It’s really a familiar story, and while I appreciate seeing it in their pages, I hold no [...]

Former UBS Traders Offered Deal in Libor Investigation

By: Thursday August 9, 2012 8:15 am

Several former traders at UBS have been offered a deal by federal prosecutors in the unfolding Libor scandal, which if we had a criminal justice apparatus dedicated to accountability would be a moment of hope for the potential of going up the chain and indicting those who authorized the rate-rigging. Under the deal, the US [...]

Fraud Pays: Regulators Slow to Prosecute, Focused on Civil Rather than Criminal Penalties

By: Wednesday August 8, 2012 8:15 am

The question that many of us asked in the wake of the revelations about money laundering at Standard Chartered Bank is why the federal regulators did apparently nothing, and that this had to get revealed by New York’s Department of Financial Services. The credible speculation here is that the feds were working on a deferred [...]

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