Senate Report Details Web of Problems with Anti-Terrorism “Fusion Centers”

By: Wednesday October 3, 2012 11:47 am

A disturbing new Senate report highlights anti-terrorism “fusion centers,” which were designed to allow state, local and federal investigators to share information about terrorism. Instead, says the Senate Permanent Subcommittee on Investigations, the centers have produced useless intelligence information and proven a waste of money. “The subcommittee investigation could identify no reporting which uncovered a [...]

Levin Goes After JPMorgan Chase with Subcommittee Investigation

By: Friday September 7, 2012 7:06 am

Carl Levin is at it again. His Senate Subcommittee on Permanent Investigations, perhaps the best investigatory panel in Congress, particularly on financial matters, has honed in on JPMorgan Chase and the Fail Whale trades. JPMorgan Chase & Co.’s wrong-way bets on derivatives are the focus of an escalating investigation by a U.S. Senate panel led [...]

Yesterday Was “Relieve Goldman Sachs of Their Legal Exposure” Day

By: Friday August 10, 2012 6:20 am

I mentioned yesterday that Goldman Sachs got a rare “reverse Wells notice” from the SEC, when they were told that a mortgage-backed securities deal which they earlier heard they would face prosecution for would not net them any civil enforcement. But that was just the beginning. Later in the day, they learned they would not [...]

Snapshots of an Era of Bank Greed and No Accountability

By: Tuesday July 17, 2012 6:55 am

I thought that, given all the pervasive bank crimes over the last several years, we wouldn’t have a time when the roof appeared to cave in on the financial industry. But I’m getting that feeling today. All of the criminality and venality and greed seems to be coming to a head. Take JPMorgan Chase, not [...]

Goldman Sachs Plans Offensive Against the Levin Report

By: Monday June 6, 2011 11:06 am

I know it’s hard to believe, but Goldman Sachs is in some trouble. They may not ultimately see indictments of their executives or massive forced payouts of a large chunk of their profits. But the well-researched, well-described Senate Permanent Subcommittee on Investigations report, which partially covered Goldman’s lies to their clients and to Congress, could [...]

Justice Department Plans to Subpoena Goldman Sachs for Documents “Within Days”

By: Friday May 20, 2011 12:30 pm

I mentioned in yesterday’s Roundup that Carl Levin was hopeful of some action by the Justice Department against Goldman Sachs. Levin wrote the report from the Senate Permanent Subcommittee of Investigations not only accusing Goldman of defrauding investors, but lying to Congress about that fraud. At the time, I said that Levin either has real [...]

Goldman Sachs Braces for Another Carl Levin Report

By: Wednesday January 12, 2011 8:52 am

The Senate permanent subcommittee on Investigations, chaired by Carl Levin, is about to release another report on Goldman Sachs, specifically targeting what he colloquially called their “shitty deals,” where they took the opposite side of their own clients on complex bets. The subtext of this is that regulators are gradually writing the rules of the [...]

Goldman Sachs Comes Before the New Pecora Commission

By: Tuesday April 27, 2010 7:08 am

At this hour, the Senate Permanent Subcommittee on Investigations, headed by Carl Levin, will welcome Goldman Sachs CEO Lloyd Blankfein and trader “Fabulous Fab” Tourre, in a hearing about the financial giant’s activities during the financial crisis. This follows the release of emails that not only suggested that Goldman bet against the housing market (which [...]

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