bank fraud

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Audits: Top Mortgage Firms Defrauded Taxpayers

Confidential reports could lead to prosecutions

(Newser) - A set of confidential audits could lead to fraud prosecutions for five of America’s biggest mortgage lenders, officials briefed on the documents tell the Huffington Post . The scathing documents accuse Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial of defrauding taxpayers by making false claims about...

Banks to Pay SEC for Financial Crisis Fraud

They're near deal to settle allegations on mortgage-bond deals

(Newser) - A number of top Wall Street banks are on the verge of settling fraud allegations with the SEC for the mortgage-bond shenanigans that led to the financial crisis, sources tell the Wall Street Journal . The cases are being handled individually, since each bank faces substantially different charges, with the first...

Morgan Stanley Hit With Criminal Investigation

Prosecutors looking into mortgage deals

(Newser) - Looks like Goldman Sachs might have some company. Federal prosecutors have launched a criminal investigation into some of Morgan Stanley's mortgage derivative deals, the Wall Street Journal reports. Morgan Stanley created several mortgage-backed CDOs that it then bet against. Some it marketed itself, while others were sold by Citigroup and...

Warren Buffett to Sound Off on Goldman Sachs

Berkshire Hathaway honcho promises 'extensive' remarks

(Newser) - Goldman Sachs might want to brace itself. Warren Buffett, who just happens to be one of the firm's biggest investors, is ready to “fire at will” during the Berkshire Hathaway shareholders meeting this weekend, the Wall Street Journal reports. “I expect to get multiple questions about Goldman,”...

Translation: Goldman Sachs to English
 Translation: 
 Goldman Sachs to English 
OPINION
Apr 27, 2010 2:15 PM CDT

Translation: Goldman Sachs to English

Bankers' lingo reveals firm's real intentions, if you know how to read it

(Newser) - The Senate panel investigating Goldman Sachs will have an easier job if it embraces one profound truth, Jonathan Weil writes for Bloomberg : "What you must realize, foremost, is that Goldman's employees speak their own distinct language." Some translations:
  • Sophisticated, as in "among the most sophisticated mortgage investors
...

Fabulous Fab: 'I Regret the Emails'

Goldman Sachs exec Fabrice Tourre faces Senate panel

(Newser) - Fabrice Tourre, the 31-year-old trader who is the only company official directly accused in the SEC suit against Goldman Sachs, testified today that he does not recall telling investors a Goldman hedge fund client had bought into an investment that soured. "I deny categorically the SEC's allegation," Tourre...

Goldman Dodges Questions
 Goldman Dodges 
 Damning Questions 
UPDATED
Apr 27, 2010 11:08 AM CDT

Goldman Dodges Damning Questions

Levin assaults firm on 'shitty deal,' Collins on responsibilities

(Newser) - If you enjoy high-quality squirming and stuttering, tune in to the Goldman Sachs Senate hearing. The assembled executives and former executives have been furiously dodging a series of tough questions from Carl Levin and Susan Collins. “Boy, that Timberwolf was one shitty deal,” Levin read from an internal...

Senate Berates 'Unethical' Goldman

As Code Pink protesters yell 'these guys are crooks'

(Newser) - Goldman Sachs took its lumps on Capitol Hill today, with the Senate investigations subcommittee berating it for taking positions against the securities it was selling. After a brief protest from Code Pink, chairman Carl Levin began the hearing by saying Goldman had treated its customers "not as valuable customers...

Lawsuit: Merrill Lynch Did Same Deal as Goldman

Dutch bank points out similarities to US judge

(Newser) - Pro Publica has reported that Goldman Sachs wasn't the only bank hawking built-to-fail mortgage investments, and now it has emails accusing Merrill Lynch of the practice. The Dutch bank Rabobank is suing Merrill, and as soon as it saw the charges against Goldman, it sent an email to the US...

It's Time to Stop the Looters on Wall Street
It's Time to Stop the Looters on Wall Street
Paul Krugman
Apr 19, 2010 11:43 AM CDT

It's Time to Stop the Looters on Wall Street

And financial reform is the only way to do that

(Newser) - The SEC's charges against Goldman Sachs reveal a whole new kind of fraud at work in the financial crisis, writes Paul Krugman of the New York Times . If Goldman had simply sold securities while betting they would fail, it would be “reprehensible” but not illegal. But selling securities deliberately...

Why Goldman Will Settle&mdash;and Fire Blankfein
Why Goldman Will Settle—and Fire Blankfein
Henry Blodget
Apr 19, 2010 10:31 AM CDT

Why Goldman Will Settle—and Fire Blankfein

With mob calling for blood, prolonged fight would cost too much

(Newser) - Say sayonara to Lloyd Blankfein, who will soon be ex-CEO of Goldman Sachs, predicts Henry Blodget of Business Insider . It's not that Blankfein knew about the shady hedge fund deal that's landed Goldman in trouble with the SEC, it's that “as the universal jubilation and chop-licking that greeted the...

Other Wall St. Banks as Guilty as Goldman

Many engaged in same activities SEC is now calling fraudulent

(Newser) - The SEC's fraud suit against Goldman Sachs might be just the tip of the iceberg, because other investment banks engaged in exactly the same sleight of hand, Pro Publica reports. Goldman is accused of failing to disclose that a hedge fund was both helping to create, and betting against, the...

Madoff Sent to Prison's Medical Wing

But there's no word from officials on what's wrong

(Newser) - Bernard Madoff has been transferred to the medical facility at the federal prison in North Carolina where he has been serving his 150-year sentence since July. A spokeswoman tells Bloomberg the Ponzi schemer was transferred on Dec. 18, but would not say why. Neither a federal prisons official nor Madoff’...

$534M Paid to Madoff Victims; $4.5B to Go

Trustee has recovered $1.4 billion in clawbacks, with more to come

(Newser) - The government fund that insures brokerage firms has so far paid 1,368 victims of Bernie Madoff’s Ponzi scheme $534 million in reparations—more than it has paid out in all its previous liquidations combined, in its almost 40 years in existence. And it ain’t over, Madoff trustee...

Hedge Fund Founder Nabbed for Insider Trading

Raj Rajaratnam's $3B Galleon Group trades tech stocks

(Newser) - The founder of a $3 billion hedge fund and two other financial executives have been charged with insider trading, the Business Insider reports. Raj Rajaratnam, whose Galleon Group focuses on high tech stocks, was charged with conspiracy and fraud related to trades of Hilton and Google stock, among others. Execs...

Imprisoned Ponzi Schemer: It Happens to the Best of Us

Jailed Ponzi lawyer just wanted a beach house. $380 million later...

(Newser) - Before he left house arrest in his posh New York apartment to start serving a 20-year sentence, Ponzi schemer Marc Dreier attempted to explain his bizarre actions. Dreier sold bogus debt to expand his law firm, impersonating execs from other companies to do so. His criminal enterprise, he tells Vanity ...

Wells Fargo Fires Exec Who Squatted at Malibu Pad

Senior VP Cheronda Guyton used house that belonged to Madoff victims

(Newser) - Wells Fargo said today it has fired the executive who turned a seized California beachfront mansion into a personal playground, the Los Angeles Times reports. Neighbors say they saw Cheronda Guyton staying in the $12 million Malibu Colony property, which had been turned over to the bank by a couple...

Stanford 'Fraud Scheme Sealed With Blood Oath'

Banker accused of giving bribes, Super Bowl tickets to Caribbean regulator

(Newser) - Alleged Ponzi schemer Allen Stanford cut his wrist and made a secret blood pact with the banking regulator of the island of Antigua, where his bank operated, according to court documents. Stanford and the official pressed their bloody wrists together in a "brotherhood ceremony," after which the...

ID-Theft Ring Victimized Bernanke
ID-Theft Ring Victimized Bernanke
Aug 27, 2009 2:55 PM CDT

ID-Theft Ring Victimized Bernanke

Thieves used pickpocketed IDs, checkbooks for fraud

(Newser) - No less a public figure than the chairman of the Federal Reserve was one of 500 individuals victimized by an identity-theft ring that combined technologically sophisticated methods with old-fashioned thievery to bilk $2.1 million from consumers and financial institutions, Newsweek reports. The ringleader of the group, Clyde Austin Gray...

Madoff Is Cancer-Free: Prison Official

(Newser) - Contrary to what you might have read in the New York Post, Bernie Madoff does not have cancer, Bloomberg reports. “While the N.Y. Post story is full of inaccuracies, and we can’t specifically address all of them, we can tell you that Bernie Madoff is not terminally...

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