SEC Was Colluding With Banks On CDO Prosecutions

By: Monday April 14, 2014 10:38 am

As evidence has continually trickled out about the numerous criminally fraudulent activities Wall Street firms engaged in that led to the housing crash, increasing amounts of attention has been focused on regulators that seem to have given banksters a pass. When it came to disciplining finance capital, as one former Wall Street lawyer turned Attorney [...]

Goldman Sachs Trader Found Liable For Fraud Teaching At University Of Chicago

By: Wednesday March 5, 2014 1:46 pm

The University of Chicago has always been notorious for lacking integrity – intellectual and otherwise. Founded by oil monopolist and banker John D. Rockefeller, the University of Chicago has been the hell-mouth for Neoliberal quackery for generations perhaps most notoriously as patient zero for Professor Eugene Fama’s virulent  “efficient market hypothesis” – a theory that [...]

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 [...]

Bank Of America Found Liable For Selling Fraudulent Mortgages

By: Thursday October 24, 2013 6:04 am

Reality comes shining through as once again the facts reveal that the blame for the financial crisis falls on Wall Street not Main Street. Yesterday a jury found Bank of America liable for knowingly selling defective mortgages. Bank of America’s Countrywide unit was ground zero for the housing crash by degrading credit standards, creating horrendously [...]

Taxpayers To Help Pay JPMorgan’s Fine For Causing 2008 Financial Crisis

By: Wednesday October 23, 2013 5:51 am

Feeling generous? You should because you are about to help pay for JPMorgan’s $13 billion fine for causing the 2008 financial crisis. According to tax experts the money JPMorgan will be paying to the government ($9 billion) and to wronged customers ($4 billion) can be written off as a “business expense.” In other words, JPMorgan [...]

JPMorgan To Pay $13 Billion For Causing 2008 Financial Crisis

By: Monday October 21, 2013 8:02 am

The financial meltdown in 2008 was not the result of ethereal and enigmatic forces, it was the result of fraud in the financial markets. That truth was initially hidden by politicians, regulators, banks, and the bought priesthood of mainstream economics. But despite all the lies, the day of reckoning has finally arrived for one of [...]

Goldman Sachs Trader Found Liable For Fraud That Contributed To Financial Crisis

By: Friday August 2, 2013 5:43 am

Fabrice “Fabulous Fab” Tourre was found liable by a jury of six counts of civil securities fraud. Tourre was at the center of Goldman Sachs’ trading in the mortgage backed security market in which Goldman Sachs helped sell poorly constructed frankenbonds made up of various people’s mortgages known as Collateralized Debt Obligations or CDOs to [...]

Woman Trying To Get Belongings Back After Bank Forecloses On Wrong House

By: Tuesday July 30, 2013 7:34 am

If only it was the first time. A woman in Ohio is trying to get her possessions back after a bank broke into her house and stole them. The bank had the wrong address but still broke in and took her belongings. An Vinton County woman is looking to get her belongings back after a [...]

Average Americans Still Have Not Recovered From Crash

By: Friday May 31, 2013 5:59 am

According to a new study by the Federal Reserve, American households have regained less than half of the wealth lost during the recession. While the wealthiest have actually gained since the crash the 99% are still not nearly whole. From the peak of the boom to the bottom of the bust, households watched a total [...]

Federal Reserve Admits Fraudclosure Victims Being Shortchanged

By: Thursday May 9, 2013 7:53 am

After handing out trillions of dollars to Wall Street – which we only know about due to a Bloomberg News lawsuit the Fed fought – the Federal Reserve announced victims of fraudulent foreclosure practices were being shortchanged. A multi-bank settlement with regulators over past foreclosure abuses ran into new problems when some borrowers received smaller [...]

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 [...]

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