Citigroup Pays Just $7 Billion For Causing Financial Crisis

By: Monday July 14, 2014 7:22 am

Citigroup, one of the most dysfunctional and malevolent financial institutions in American history, has agreed to pay $7 billion to settle investigations into the fraud it committed in the mortgage security market that led to the financial crash of 2008. The selling and marketing of volatile mortgage security products to investors around the world as [...]

Chris Christie Administration Facing Inquiry Over Actions On Second Bridge

By: Tuesday June 24, 2014 10:49 am

While New Jersey Governor Chris Christie is already shoulder deep in the investigation of illegal lane closures on the George Washington Bridge, another scandal is growing over a second bridge under his authority – the Pulaski Skyway. The Pulaski Skyway is an elevated roadway that connects the New Jersey cities of Newark and Jersey City [...]

Credit Suisse Pleads Guilty To Conspiring To Aid Tax Evasion

By: Tuesday May 20, 2014 10:38 am

It has finally happened, a Wall Street firm has pleaded guilty to a felony. Credit Suisse, to address criminal activity that occurred for decades, pleaded guilty to one count of conspiring to aid tax evasion. The firm will also pay a fine of $2.6 billion and have an independent monitor for two years. Credit Suisse [...]

Pentagon Finances Still ‘Unauditable’

By: Thursday May 15, 2014 10:19 am

Though we live in the age of austerity, at least concerning the 99%, the Department of Defense gets around $600 billion a year. More funds than any other military in the world. More funds than the next ten highest spending countries combined. So what happens to all that money once it enters the Pentagon? No [...]

Bank Of America To Pay $800 Million For Duping Customers

By: Thursday April 10, 2014 5:22 am

Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act. [...]

JPMorgan Agrees To Pay Billions For Causing Financial Crisis

By: Wednesday November 20, 2013 5:07 am

Yesterday the Justice Department announced a $13 billion settlement with JPMorgan over the megabank’s fraud in the mortgage backed security market that helped trigger a financial meltdown in 2008. The deal was completed after JPMorgan CEO Jamie Dimon summoned Attorney General Holder to a private meeting to avoid a press conference, the terms discussed at [...]

The Housing Task Force That Wasn’t

By: Friday February 15, 2013 5:02 am

Anyone remember that Mortgage Task Force President Obama put together to finally take on Wall Street over rampant fraud in the mortgage market? You know, the one Obama announced while running for re-election after having done exactly nothing to help struggling homeowners while shoveling taxpayer money to the banks. Well, apparently even that miniscule gesture [...]

Frontline Exposes DOJ’s Failure To Prosecute Wall Street

By: Wednesday January 23, 2013 5:55 am

Watch Alarm Bells In The Housing Market on PBS. See more from FRONTLINE. Last night Frontline aired a program on the Department of Justice’s failure to prosecute Wall Street executives over fraud in the mortgage market that caused the 2008 financial crisis. The program included compelling testimony from the “due diligence underwriters” those responsible for [...]

Taxpayers Picking Up Tab For Foreclosure Fraud

By: Friday January 18, 2013 5:36 am

As if more evidence was needed that Wall Street has rigged the game in its favor, the IRS is going to allow the banks that engaged in a massive nationwide program of mortgage fraud to write off their settlement: Consumer advocates have complained that U.S. mortgage lenders are getting off easy in a deal to [...]

CFTC Charges Oil Traders in 2008 Speculation Scheme

By: Wednesday May 25, 2011 7:25 am

The Commodity Futures Trading Commission charged one trading house and two individuals for illegally manipulating oil prices during the price spike of 2008, when oil reached $147 a barrel, by creating the appearance of a shortage to drive up the benchmark for crude. While the action covers oil trading in 2008, the connection to today, [...]

Servicers Still Abusing Homeowners, Service Members, Regardless of the Law

By: Monday May 16, 2011 12:30 pm

Maybe the foreclosure crisis hasn’t been fully solved. But at least we have those consent orders on the top mortgage servicers. At least federal regulators will lay down the law and we’ll get to see those independent reviews of each mortgage company and the wrongful foreclosures they initiated. I mean, at least there will be [...]

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