National Credit Union Administration Sues Wall Street Banks For Fraud In Mortgage Market

By: Tuesday September 24, 2013 7:47 am

The National Credit Union Administration (NCUA), a government regulator, has filed a lawsuit against Morgan Stanley, Barclays, JPMorgan, Credit Suisse, Royal Bank of Scotland Group, and UBS for selling fraudulent mortgage-backed securities to credit unions. The sales of these securities amounted to $2.7 billion. Goldman Sachs, Wachovia, Wells Fargo, and Ally Securities also allegedly sold [...]

Rahm Emanuel Is Losing Control Of Chicago

By: Monday June 17, 2013 7:47 am

Chicago has experienced one of its bloodiest weekends yet under “Murder Mayor” Rahm Emanuel with 46 people shot and at least 7 dead. Questions are now being raised as to whether Emanuel can govern the city. At least 34 people were shot — seven of them fatally — Saturday afternoon through Father’s Day Sunday, stretching [...]

Obama Considering Ruth Porat For Deputy Treasury Secretary Despite Dodd-Frank Lobbying

By: Tuesday January 15, 2013 7:29 am

Optics-obsessed Washington’s latest issue is a lack of women in high profile positions in the Obama Administration. The issue for Obama previously was not a lack of women but their treatment in his administration. Regardless, the President has now floated two women for positions within his administration. From Bloomberg: President Barack Obama is considering two [...]

Morgan Stanley Banker Who Stabbed Cab Driver Fired by Firm

By: Friday December 21, 2012 1:04 pm

I was racking my brain for one final story that sums up this era in politics, the state of our world circa 2012, and I have to give it to this one from a few days ago. William Bryan Jennings, whose parents obviously hoped for a Progressive populist reformer as a child, grew up to [...]

Morgan Stanley Trader Investigated for Manipulation

By: Monday December 3, 2012 8:30 am

It has taken many years, but we might see one Wall Street trader investigated for malfeasance. Glenn Hadden, a former partner at Goldman Sachs now on the trading desks at Morgan Stanley, faces an inquiry into his practices at Goldman. Specifically, regulators at the CME Group, which runs commodity and futures exchanges, are investigating whether [...]

Obama Donors Getting Lots of Face Time in Fiscal Slope Meetings

By: Thursday November 29, 2012 10:00 am

The President and senior Administration officials have met with lots and lots of people about the fiscal slope in the wake of the election. Everyone, in fact, but most of the House Republican deciders who will determine the bulk of the deal. But as it turns out, many of the meeting attendees included Obama campaign [...]

Banks Trying to Grow Releases on Fraud-Related Settlements After the Fact

By: Monday October 15, 2012 3:30 pm

The ACLU’s calss action lawsuit against Morgan Stanley over racial discrimination in lending is out. Five African-American homeowners from Detroit form the core of the plaintiffs, who allege that Morgan Stanley pushed the now-defunct New Century Financial into providing them with a “steady stream of irresponsible, high-risk loans issued in communities of color that were [...]

ACLU Sues Morgan Stanley Over Housing Discrimination Claims, Targeting the Securitizer Over the Originator

By: Monday October 15, 2012 7:45 am

The ACLU plans to sue Morgan Stanley on behalf of five named plaintiffs (they will seek class action status), for the investment bank’s role in fueling what they view as a discriminatory subprime bubble. In doing so, the ACLU will try to pioneer a new legal strategy, by going after the securitizer of the loans [...]

Morgan Stanley Says the Bankers’ Salaries Are Too Damn High

By: Friday October 5, 2012 12:56 pm

What you hear from bankers to justify their enormous profits is that they must be obscenely overpaid to ensure the retaining of key talent in the organization. It’s worth pointing out that their own bosses think that’s garbage. The chief executive of the US investment bank Morgan Stanley has said Wall Street pay is still [...]

Assessing the Costs and Rewards of the Libor Rate-Rigging Scandal

By: Friday July 13, 2012 11:34 am

We do not yet have a very good context for the costs of the Libor rate-rigging scandal. We know that derivatives traders gained when they called in favors and had banks set the Libor in ways favorable to their bets. And we know that banks benefited from artificially setting the Libor down during the financial [...]

Bowles-Gregg; Or, Morgan Stanley-Goldman Sachs

By: Thursday June 21, 2012 6:17 am

I guess Alan Simpson and his recurring set of bad manners has become too much of a liability to those intrepid grand bargaineers. So he’s been pulled for a reliever. Enter Judd Gregg, himself just out of the Senate. Former Sen. Judd Gregg (N.H.) is stepping up his role in building Republican support for a [...]

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