Schneiderman Files Suit Against Credit Suisse for Securities Fraud, Days After SEC Settled Same Conduct

By: Tuesday November 20, 2012 11:55 am

Continuing on the theme of prosecutions for fraud during the housing collapse, though in this case civil rather than criminal ones, New York Attorney General Eric Schneiderman just announced a new lawsuit against Credit Suisse for defrauding investors in its mortgage backed securities business. The case mirrors the previous suit filed by Schneiderman against JPMorgan [...]

Schneiderman Signed Tolling Agreements With MBS Issuers to Extend Statute of Limitations

By: Friday October 5, 2012 6:55 am

One of the criticisms I have issued at New York Attorney General Eric Schneiderman’s lawsuit against JPMorgan Chase was that it was filed so late, it allowed much of the statute of limitations to run out, in the process capturing just a small sliver of the actions of Bear Stearns in their issuance of mortgage [...]

The Potential Conflict of Interest Issue Inside the Schneiderman/JPMorgan Chase Case

By: Wednesday October 3, 2012 9:05 am

Much thanks to FT Alphaville for highlighting my story about Eric Schneiderman’s lawsuit against JPMorgan Chase over Bear Stearns’ dodgy mortgage-backed securities deals. I wrestled in that other piece about whether there was a legitimate conflict of interest argument with Sanchez. Could JPMorgan Chase try to invalidate the lawsuit by saying that Sanchez’ involvement represented [...]

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 [...]

Financial Fraud Prosecutions Coming Soozzzzzzzzzzzzzzzzzzz…

By: Friday September 21, 2012 9:35 am

I strongly considered not even remarking on the “news” that the long-silent Residential Mortgage Backed Securities (RMBS) working group, the vaunted task force that would finally and definitively bring accountability to the perpetrators of the financial crisis, would soon, really this time, announce major actions. If you want to announce something, go ahead and announce [...]

Financial Fraud Prosecutions Sacrificed in Favor of Hit Jobs on Political Enemies

By: Tuesday September 4, 2012 9:43 am

Talking Points Memo picks up on Eric Schneiderman’s investigation of Bain Capital’s tax avoidance strategies, and asks a couple questions about why the New York Attorney General is probing something clearly within the purview of the IRS. “[W]hat the hell is the Attorney General doing here?” asked Ed Kleinbard, a tax expert at USC’s Gould [...]

Schneiderman Investigating Bain Capital, Amid No News of Any Investigation on Mortgage Fraud Task Force

By: Sunday September 2, 2012 3:33 pm

As you may know, back in late January New York Attorney General Eric Schneiderman agreed to a relatively toothless settlement over mortgage servicing and foreclosure issues in exchange for becoming a co-chair of a task force designed to investigate and prosecute fraud in the securitization market. According to Schneiderman, this would focus resources on “the [...]

Goldman Sachs Escapes Liability from SEC in Mortgage Backed Securities Case

By: Thursday August 9, 2012 1:00 pm

Goldman Sachs announced in a regulatory filing that the Securities and Exchange Commission has closed their investigation into the firm misleading investors on a $1.3 billion subprime mortgage-backed security deal. This represents a flip for the SEC, which notified Goldman of impending action back in February: In February, Goldman received a so-called Wells notice from [...]

Schneiderman Claims Romney Administration Would Shut Down Mortgage Fraud Investigations; Apparently, They Aren’t Shut Down Already

By: Thursday August 9, 2012 6:25 am

It has now been six months since the announcement of the foreclosure fraud settlement between multiple federal agencies, the state Attorneys General and the five leading banks. It has also been six months since the establishment of the RMBS working group, the task force inside the larger financial fraud unit at the Justice Department, which [...]

Barofsky Set to Enter National Debate With Book on TARP’s Failures

By: Monday July 23, 2012 8:15 am

It’s fair to say that former Special Inspector General for TARP, Neil Barofsky, whose book I profiled on Friday, plans to become as much a part of the national conversation over the next couple weeks as humanly possible. He got bumped from Face the Nation yesterday in favor of coverage of the Aurora, Colorado shooting, [...]

Libor Prosecutions: The October Surprise for Bankster Accountability?

By: Sunday July 15, 2012 10:36 am

The New York Times quotes anonymous government officials saying that the Justice Department is in the midst of building criminal cases in the Libor rate-rigging scandal. As regulators ramp up their global investigation into the manipulation of interest rates, the Justice Department has identified potential criminal wrongdoing by big banks and individuals at the center [...]

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