The bank’s quarterly profits plunged from a year ago as revenue slumped and the bank set aside more than $1bn for the UK bonus tax and its historic settlement with US securities regulators
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Goldman profits plummet by 83%
With Goldman Sachs’ skirmish with the US Securities and Exchange Commission now behind it and a clearer roadmap to regulatory reform before it, investors can now shift their focus back to the bank’s business
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Goldman finds itself at crossroads
Employment Scams Proliferate in Shaky Economy PRLog.Org (press release) As with many work -at- home scams , the checks bounce and the wired money disappears, leaving the victim to pay the bank money that otherwise could have been … and more
Citigroup is selling most of its interests in its private equity fund of funds and other investments to Lexington Partners in a deal affecting about $5bn in assets, as part of Vikram Pandit’s plan to streamline the bank
Not All Tennessee Flood Victims Are in Nashville Insurance Journal Someone claiming to be from FEMA told him he had to use the money to pay off his home loan and he gave the bank $8000 before he realized that was a scam , …
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Not All Tennessee Flood Victims Are in Nashville – Insurance Journal
Hickman's flood victims far from the spotlight Knoxville News Sentinel Someone claiming to be from FEMA told him he had to use the money to pay off his home loan and he gave the bank $8000 before he realized that was a scam , … and more
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis www.youtube.com EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” They forced banks to …
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Barney Frank & Chris Dodd Complicit With Failure Of Fanni Mae …
Goldman executives responded to allegations that the bank was overly aggressive in calling collateral from AIG, noting the insurer had refused to share its own marks on the debt securities at the heart of the dispute
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AIG and Goldman trade blame for crisis
Securities industry regulators order Goldman Sachs to pay $21m to settle claims that the bank should have known that Bayou Management was defrauding investors through an alleged Ponzi scheme
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Goldman told to pay $21m over Bayou collapse
Let me start out this post by saying that I don’t like it when anyone is taken advantage of. Any individual, any group. I don’t like scammers who prey on the elderly, or those who speak English as a second language, or members of a certain religion or ethnic group, etc. It’s simply wrong. However, I also don’t like sweeping generalizations that put a group of people in the status of “victim” without any hard facts to back it up. Such is the case with an article on AOL’s site DailyFinance.com, for which I am a writer. The article Mortgage Foreclosure Crisis Hits Minorities Hard starts out with a factual basis: that the foreclosure rate for minorities is higher than for non-Hispanic whites. Foreclosure rates published by the Committee for Responsible Lending put Latinos at 17%, blacks at 11%, and whites at 7%. The next logical question is “why,” but the author doesn’t bother to ask it. He simply makes the leap that discrimination is the reason, and uses the rest of the article to speculate about that discrimination. Rather than speculate, why didn’t he take the time to research the answers? He says “Civil rights groups are outraged.” Outraged at what? At the discrimination? Because that premise hasn’t been supported in any way. It might be the case that discrimination is tied into this issue, but it might not . A discussion of the fact that minorities are being foreclosed on at higher rates than whites is meaningless unless we have other information, namely: What circumstances surrounded the home purchases? How much of the borrower’s income did the home purchase eat up? (i.e. Could the borrower really afford the home?) What prompted the foreclosures? What kind of credit histories do the buyers have? Did the homeowners attempt to avoid foreclosure? By doing what? You see, simply saying it is an injustice that minorities have higher foreclosure rates is nonsense. We need to know why. It’s easy to blame “predatory lending” as the reason minorities have higher foreclosure rates. But until we know whether “predatory lending” actually happened or not, it’s unfair to cast that blame. The article on DailyFinance says that subprime lenders aggressively marketed high interest loans to minorities, and it’s possible that some of those borrowers could have qualified for conventional mortgages. Then why doesn’t someone do the research to find out exactly whether or not that happened? Subprime lenders aren’t inherently evil companies. They serve a purpose. They offer financing to people who are higher risk because of their credit histories or other factors related to money-management. And those loans with higher risk also come with a higher pricetag. I don’t deny that subprime lenders can and do take advantage of people, just like many other industries and companies do, unfortunately. It’s easy to blame companies in an industry that has a bad image, and much harder to come up with the facts to support those accusations. On a related note, the article says that mortgage companies are reducing loan balances on underwater mortgages, but not often enough. The premise here is that when a home’s value is less than the amount owed on the mortgage, the bank should just write off the difference. Really? Because it’s the bank’s fault that someone bought a house that later dropped in value? Well that’s just dumb.
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Correlation between forclosure figures and minority status?
Goldman Sachs was sued for $1bn by Basis Yield Alpha Fund (Master), an Australian hedge fund, claiming that the bank made ‘misleading statements’ in connection with Timberwolf
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Goldman sued for $1bn by hedge fund
The US Securities and Exchange Commission has stepped up its inquiries into a complex mortgage-backed deal by Goldman Sachs that was not part of the civil fraud charges filed against the bank in April, according to people close to the matter
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SEC probes second Goldman security
The first non-US born head of Morgan Stanley on why his outsider’s perspective will help turn the bank round
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The meticulous diplomat
City regulator levies record penalty on US bank’s securities arm for failing to protect billions of dollars of clients’ money, which would have left customers at risk if the bank had run into financial difficulties
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FSA fines JPMorgan record £33.3m
Miami Dolphins, Brandon Marshall, NFL,Stop Foreclosure, Miami FL By Bill Belms Stock Markets Review If you're falling behind on your bank mortgage, others may know it, too including scam artists. They know that homeowners behind on their mortgage and in … and more
Protecting the vulnerable: Agencies work together for community Maryville Daily Times In another scam , called phishing, a person gets a call or e-mail from “the bank” asking for verification of an account. “This hits a lot of people, …
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Protecting the vulnerable: Agencies work together for community – Maryville Daily Times
Filed under: foreclosure fraud | Tagged: foreclosure, foreclosure fraud, dinsfla, Freddie Mac, Michael Moore, Take Back the Land, homeless, fannie may, operation, welcome home, activism. « Memo to the bank: Take this money-sucking, …
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Activists Help Homeless Families Shop Around for Foreclosed Houses …
Alvarez & Marsal, the restructuring experts, tops recipients of the bank’s pay-out to lawyers, advisers and managers since its bankruptcy, with fees reaching $277m
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Lehman dispersal costs hit $800m
Criminal investigation launched into mortgage fraud allegations CTV.ca The BMO claim alleges the value of the home was then inflated and the bank unknowingly approved the falsely inflated mortgage with some of the alleged … and more
The cull that usually accompanies Goldman Sachs’ biennial selection of new partners promises to be more brutal than usual this year as lower-than-expected turnover of top employees could prompt the bank to oust dozens of its 400 existing partners
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Goldman set for brutal cull
Lloyd Blankfein, chief executive of Goldman Sachs, made another attempt to repair the bank’s reputation, saying a new board committee will lead a review of the firm’s business practices in the wake of fraud allegations
Goldman Sachs’ board is expected to come under fire at the bank’s annual investor meeting, with shareholders likely to question its directors’ independence from management and oversight role before recent troubles
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Goldman board in line of fire
Funds holding $2.3bn of Washington Mutual securities asked a bankruptcy judge to liquidate the bank as its reorganisation was on the ‘verge of unraveling’ due to the tactics of shareholders
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Noteholders request WaMu’s liquidation
The cost of insuring Goldman Sachs’ debt against default is nearing that of less profitable rivals as the bank’s regulatory woes take a toll on investors’ confidence and its standing on Wall Street
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Cost of Goldman debt insurance soars
Goldman Sachs shares tumbled more than 9 per cent, wiping out about $8bn (£5.2bn) in market value, amid reports that US prosecutors were considering a criminal investigation into the bank’s mortgage-backed securities business.
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US prosecutors to review Goldman case
Goldman Sachs is in talks over a potential settlement with an investor that claims that it lost money and went out of business after buying into a $1bn (€760,000) mortgage-backed security that was later privately criticised by a senior executive at the bank
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Goldman pressed for CDO loss settlement
The fact that none of the bank executives questioned at the hearing gave a direct ‘yes’ shows just how wide the gulf between Washington and Wall Street has become
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‘Disconnect’ between Goldman and the public
Goldman Sachs officials privately disparaged a complex $1bn mortgage security that the Wall Street bank sold to investors, according to e-mails released by Senate investigators on the eve of hearings on the bank’s role in the financial crisis
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Goldman ‘criticised $1bn loan product’
The US Treasury department said that it had authorised the sale of up to 1.5bn of Citigroup shares, taking its first step to offload its stake in the bank
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US Treasury to sell 1.5bn Citi shares
Former high-ranking SEC officials say the legal confrontation between the SEC and the bank has been mishandled by both sides and probably should have been avoided
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Handling of Goldman case under attack
Morgan Stanley opened the James Gorman era with quarterly results that beat analysts’ expectations and began to erase doubts that the bank would regain its footing in crucial trading businesses
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Morgan Stanley swings to profit
Wells Fargo’s first-quarter earnings fell 16 per cent to $2.5bn, or 45 cents a share, as the bank continued to struggle with souring loans to home owners and small businesses
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Wells Fargo quarterly profits fall 16%
Mary Schapiro, chairman of the Securities and Exchange Commission, acknowledged that her agency had been ill-equipped to regulate Lehman Brothers as Congress looked for lessons from the bank’s failure
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SEC poorly equipped to regulate Lehman
Citigroup’s best quarter in almost three years failed to please a barrage of frustrated investors at its annual meeting, as stockholders pilloried the bank for its feeble share price and the unsatisfactory pace of its turnaround
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Citi faces frustrated investors
Democrats in the US cited the damaging demise of Lehman Brothers as a reason for financial regulatory reform, as Republicans tried to link Tim Geithner, Treasury secretary, with the bank’s collapse in 2008
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Lehman’s fall said to justify reform
Richard Fuld, the former chief executive of Lehman Brothers, will reject criticism for his role in the collapse of the bank and argue ‘Repo 105′, a controversial accounting technique, was legal
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Fuld defends Lehman’s use of ‘Repo 105′
Goldman Sachs could face legal and regulatory action in Britain and Germany after US authorities accused the bank of fraud, politicians in both countries suggested
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Calls for action in Germany and Britain
Palm Beach Post OIL FUTURES: Nymex Crude Sinks On Goldman Fraud Charges Wall Street Journal “If Wall Street is indeed long oil … they could potentially have to monetize those positions, maybe put some money in the bank as a failsafe if these SEC … NYMEX-Crude down $2 as Wall St drops, banks weigh Reuters Oil slumps as traders run for cover Sydney Morning Herald US crude losses deepen as Wall St drags on Goldman Reuters UK all 821 news articles
US STOCKS SNAPSHOT- Wall Street adds losses on Goldman charges Reuters N) fell after the US Securities and Exchange Commission said it charged the bank with fraud over subprime-related financial products. … and more
Washington Mutual ramped up sales of high-risk mortgages to investors in the years before its collapse even though internal reports showed many of the loans were tainted by fraud, according to a congressional investigation into the bank’s failure
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WaMu risky loans ‘riddled’ with fraud
Chuck Prince, the bank’s former chief executive, says he is ‘deeply sorry’ that he did not foresee the events that led the US bank to incur losses so deep that it required a $45bn government bail-out
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Former Citi executives express regret
Citigroup’s disastrous foray into complex securities before the financial crisis was partly based on the recommendation of outside consultants hired to advise the bank’s leaders, a former senior manager revealed
Goldman Sachs will rebuff accusations that it ‘bet against’ clients in the mortgage market at the height of the financial crisis in a letter to investors that contains the most robust defence yet of the bank’s actions during the turmoil
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Goldman denies ‘bets against clients’
The US Treasury said it would sell its 7.7bn Citigroup shares in a move that would allow it to pull back its support of the bank, in which it owns a 27% stake
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US Treasury to sell its 27% stake in Citi
Lancaster Newspapers Examining scandal that rocked Sterling Lancaster Newspapers If there was a fraud , why hasn't anyone been charged? Have law enforcement officials looked into the bank's charges? Is the investigation complete or … and more
Now they are working on the Bank Overhaul Bill (that will control all but Fannie & Freddie who are of course exempt), Illegal Aliens, Cap And Trade…..don’t these people sleep? I worry about how much more damage they can do by November …
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OBAMAcare scam on Flickr – Photo Sharing!
The bank’s executives took home millions of dollars last year from investments in funds run by the bank, after the furore over pay forced Wall Street banks to rein in awards to their top staff
Wachovia bank has agreed to pay $160m to settle charges brought by the US justice department and bank regulators that lax controls allowed Mexican drug cartels to launder millions of dollars through the bank using exchange houses that line the US-Mexican border
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Wachovia settles drug cartel laundering case
New York Daily News First Bailout Fraud Unlikely the Last The Big Money Valley National Bank acquired Park Avenue Bank's four branches, according to the Wall Street Journal. As a whole the bank's capital was down 87 percent from … Park Avenue Bank CEO Arrested for TARP Fraud WorldNewsVine (blog) (press release) Park Avenue Bank President Arrested for Ripping Off FDIC, TARP — Self-Dealing … The Business Insider Ex-Bank President Charged in TARP Rip-Off NBC New York Daily Beast
The estate that controls what remains of Lehman Brothers sought a US bankruptcy court’s approval to forge a money-management business that would operate even after the bank’s assets are liquidated