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 [...]

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 [...]

Deutsche Bank, UBS Look Next to Fall in Libor Scandal

By: Wednesday August 1, 2012 11:36 am

Two major European banks have increased their litigation reserves and even acknowledged involvement in the unfolding Libor scandal, recognizing that this will drag on for perhaps years. First, Deutsche Bank and UBS increased their expected costs as a result of the scandal. Both banks are caught up in the scandal around the alleged manipulation of [...]

Foreclosure Fraud Whistleblower Harassed by Mortgage Lender

By: Wednesday March 28, 2012 8:55 am

I’ve written before about Lynn Szymoniak, the foreclosure victim and anti-fraud expert who lodged a one-woman crusade against the banks’ faulty assignments and documents. You may know her from her appearance on 60 Minutes, blowing the whistle on foreclosure fraud. As part of the foreclosure fraud settlement, Szymoniak won an $18 million judgment for her [...]

Freddie Mac, Deutsche Bank Caught Up In Securities Allegations

By: Monday January 30, 2012 12:57 pm

One reason why I don’t think we should particularly accept a six-month timeline on significant action from the RMBS working group is that there’s so much already in the public record. I recognize that criminal or civil enforcement actions take voluminous legal work and due diligence, but quite a bit of it has already been [...]

Cooper, Madigan Threaten Lawsuits Against Servicers for Foreclosure Fraud

By: Wednesday June 22, 2011 8:10 am

This was always implicit, but Attorneys General Roy Cooper (D-NC) and Lisa Madigan (D-IL) have gone public, saying that they plan to sue top banks and their mortgage servicers over fraudulent conduct if settlement talks break down. The threat of litigation dragging on years, and the reputational risk to the financial institutions involved, is part [...]

Deutsche Bank Becoming Public Enemy Number 1

By: Thursday May 5, 2011 9:10 am

We know that the US Department of Justice sued Deutsche Bank for lying about their mortgage deals to obtain FHA insurance. The information coming out about that is pretty astonishing, such as the stuffing of mortgage review documents in a closet. The government says that when an outside auditor showed MortgageIT its findings about serious [...]

Clean Energy Investment Pulls Out of US, Moves Money Elsewhere

By: Tuesday August 17, 2010 11:33 am

Here’s another installment in my wages of dysfunction series today. As a result of Congressional intransigence on a cap and trade program or meaningful standards for clean energy production, investors have grown tired with waiting and are turning their attentions abroad: Alternative energy investment prospects have shriveled in the United States after the U.S. Senate [...]

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