Federal Judge Asks Why Wall Street Executives Haven’t Been Prosecuted

By: Friday January 3, 2014 6:31 am

A federal judge has decided to publicly ask the questions millions of Americans have been wondering for years – given that we know people on Wall Street broke the law leading to the crash why hasn’t anyone been prosecuted? This is particularly pressing given that the 5 year statute of limitations is fast approaching for [...]

Federal Judge Claims DOJ Disregards Equality Under Law With Wall Street

By: Wednesday November 13, 2013 8:08 am

United States District Judge Jed Rakoff has given a scathing rebuke to US Attorney General Eric Holder’s Too Big To Jail rationale for not prosecuting crimes committed by Wall Street banks and executives. Judge Rakoff, in a speech before the New York Bar Association, labeled Holder’s view on Wall Street and rich Wall Street executives [...]

The Case of the Cop/President of Mortgage Company

By: Wednesday October 24, 2012 8:30 am

Among the many battles left to fight for the big banks who committed fraud up and down the mortgage market concerns a series of lawsuits against monoline insurance companies, which provided mortgage bond insurance (and paid out billions in claims) during the housing bubble. Like other investors, bond insurers have sued firms which contributed to [...]

Judge Jed Rakoff Berates SEC for Secret Settlement Deals, in Judicial Filing

By: Wednesday August 15, 2012 11:53 am

I’m actually really enjoying the last stand of Jed Rakoff. He’s the federal judge who has engaged in a lonely crusade against the SEC’s practice of slap-on-the-wrist settlements against the nation’s largest financial firms. The SEC and Citigroup took Rakoff to court, essentially, to get their settlement on some mortgage-backed securities deals approved. Rakoff refused [...]

SEC, Citi Poised for Victory in Overturning Rakoff Ruling

By: Thursday March 15, 2012 11:36 am

Bad news for bank accountability. A three-judge panel of the 2nd Circuit Court of Appeals said today that the SEC would “have a strong likelihood of success” in getting a ruling of District Court Judge Jed Rakoff overturned. That ruling refused to allow a settlement in an SEC mortgage backed securities case against Citigroup to [...]

The Broken Regulatory State

By: Monday February 27, 2012 8:15 am

If anything, the foreclosure fraud settlement has shown a breakdown in the ability of regulatory agencies to deal with the aftermath of fraudulent conduct. They simply have no ability to offer a regulatory response that’s commensurate with the behavior. If the behavior does lead to a negotiated settlement, then it comes with unsatisfying “neither admit [...]

Rakoff Gets Results: SEC Dropping No-Fault Settlement Language in Some Cases

By: Friday January 6, 2012 12:15 pm

When your thoughts turn to helplessness regarding the corporate control of government and the dissolution of the rule of law, think about what one motivated federal judge can do. Judge Jed Rakoff’s ruling blocking an SEC settlement with Citigroup over mortgage backed securities misrepresentations has had major ripple effects (and not just with Matt Taibbi). [...]

2nd Circuit Stays SEC/Citi Case, May Hear Appeal of Rakoff’s Order

By: Wednesday December 28, 2011 7:34 am

The Second Circuit Court of Appeals intervened in the ongoing fight between the Securities and Exchange Commission and a federal judge yesterday, when they granted a stay in a ruling in a mortgage backed securities case against Citigroup. The SEC confirmed Wednesday morning that the Second Circuit Court of Appeals granted a stay to the [...]

Rakoff Decision Could Expose Citi to Numerous Additional Lawsuits

By: Wednesday November 30, 2011 8:22 am

One reason why rating agencies may be downgrading US banks is because of the extraordinary Jed Rakoff opinion, blocking the settlement between the SEC and Citigroup. Matt Taibbi examines the settlement today: Rakoff’s 15-page final ruling read like a political document, serving not just as a rejection of this one deal but as a broad [...]

Federal Judge Blocks Citi MBS Settlement, Schedules Jury Trial

By: Monday November 28, 2011 10:04 am

Judge Jed Rakoff delivered a final blow to the enforcement paradigm followed by the Securities and Exchange Commission today by rejecting their $285 million settlement with Citigroup on an illegal mortgage backed securities deal, calling it “neither fair, nor reasonable, nor in the public interest.” In an order Monday, U.S. District Judge Jed S. Rakoff [...]

Judge Hammers SEC for Sweetheart Settlement with Citigroup

By: Thursday November 10, 2011 8:15 am

The federal judge presiding over the settlement of Citigroup with the SEC over deceiving investors on mortgage backed securities claims hammered the agency yesterday, questioning its enforcement decisions. “Doesn’t the S.E.C. have an interest in what the truth is?” Judge (Jed) Rakoff asked, in reference to the commission’s longstanding practice of not forcing a defendant [...]

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