BP, Justice Department Close to Settlement in Deepwater Horizon Case; BP to Plead Guilty of Criminal Misconduct

By: Thursday November 15, 2012 6:18 am

Well, I think we’ve figured out how an elite corporation can receive criminal charges in 21st-century America. All you have to do is spill 205.8 million gallons of oil into a US waterway. Then, you’re just going to have to cop a criminal misconduct plea, as long as the Justice Department gives you immunity from [...]

More on the Lawsuit Against BofA Over Countrywide’s “Hustle” Program

By: Thursday October 25, 2012 8:30 am

I’ve taken a closer look at the US Attorney from the Southern District of New York’s $1 billion lawsuit against Bank of America – particularly their subsidiary Countrywide – for “the hustle,” the program of selling mortgages with practically no underwriting and passing them on to Fannie Mae and Freddie Mac. And there’s something interesting [...]

DC Circuit Overturns Hamdan Conviction, Says Military Commissions Unusable for Material Support Charges

By: Tuesday October 16, 2012 2:02 pm

In a significant ruling today, a federal appeals court overturned a conviction of Salim Hamdan, Osama bin Laden’s driver, obtained through a military commission. Judge Brett Kavanaugh, a George W. Bush appointee seen as a possible conservative Supreme Court justice, wrote in a ruling for a three-judge panel of the DC Circuit Court that Hamdan [...]

Justice Department Continues to Tout Action Against Penny-Ante Mortgage Fraud, While Banks Go Free

By: Tuesday October 9, 2012 12:24 pm

Following up on this earlier item about the Justice Department’s impotence in prosecuting financial fraud, take a look at what they’ve been reduced to promoting (h/t Marcy): Attorney General Eric Holder, Housing and Urban Development (HUD) Secretary Shaun Donovan, FBI Associate Deputy Director Kevin L. Perkins and Federal Trade Commission (FTC) Chairman Jon Leibowitz today [...]

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 [...]

Jeff Connaughton: “The public interest has become so outgunned”

By: Thursday October 4, 2012 11:33 am

Before last night’s debate, Jeff Connaughton, former chief of staff to Senator Ted Kaufman and longtime aide to Joe Biden and President Clinton, offered some advice to Mitt Romney. He thought Romney should go after Barack Obama’s biggest weakness: the failure to prosecute Wall Street crimes. In actuality, Romney only submitted a glancing blow with [...]

Challenges to Conservative Voter Suppression Tactics Largely Successful in 2012

By: Wednesday October 3, 2012 10:16 am

With the narrow, potentially confusing but generally beneficial ruling yesterday in the Pennsylvania voter ID case, the trend is confirmed: voting rights activists have successfully fended off a number of voter suppression tactics put forward by Republicans seeking to model the electorate to their benefit in 2012. The result, that Pennsylvanians will not have to [...]

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: [...]

Timing and Scope: The Issues With the Schneiderman JPMorgan Chase Lawsuit

By: Tuesday October 2, 2012 9:30 am

One thing I want to emphasize about the lawsuit against Bear Stearns on securitization fraud put together by Eric Schneiderman’s office is that it’s rooted in reality. Indeed, Bear Stearns did misrepresent to investors the quality of the loans they placed in mortgage backed security pools, did ignore warnings from third-party due diligence specialists about [...]

Schneiderman Sues JPMorgan Chase; Lawsuit Mirrors Old Cases

By: Monday October 1, 2012 11:47 pm

Late yesterday, New York Attorney General Eric Schneiderman filed a lawsuit made up of years-old evidence against JPMorgan Chase, over deceptive practices related to the sale of $87 billion in Bear Stearns mortgage-backed securities at the height of the housing bubble. The lawsuit is closely modeled after one brought against the same defendants by the [...]

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. [...]

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