DOJ stands up to corporate greed
In back to back announcements the Department of Justice signaled it was standing up to unrestricted corporate business practices on Wall Street. Yesterday, the DOJ said it would bring criminal…
Despite huge losses banks continue subprime mortgage securities fraud
There is an interesting article in today’s New York Times business blog about the reverberation of subprime mortgage securities that are still being peddled by banks and financial institutions. Below…
Rethinking home loans without regulation means a repeat of crisis
Update: Thursday, August 9. Today Fannie Mae announced a quarterly profit of $10 billion and projected profits for the foreseeable future. When this dividend is paid, Fannie will have repaid…
Economists worry financial lessons from last recession are ignored
There is an interesting article in today’s New York Times by Adam Davidson of NPR’s “Planet Money” that explores both sides of the economic spectrum about whether more or less…
Mergers return but is it real growth?
Despite weak economic growth and dim forecasts for more robust growth in the future, large corporations are taking advantage of weak sales and declining profits to make big on mergers…
Justice Department, SEC give up investigation into Goldman Sachs
The Department of Justice announced it will not bring civil or criminal charges against investment bank Goldman Sachs, despite its probable violations of various banking and securities laws that precipitated…
Barclays scandal spreads to US banks, regulators, and politicians
As big banks face the fallout from a global investigation into interest rate manipulation, American and British lawmakers are scrutinizing regulators who failed to take action that might have prevented…
Moody’s downgrades world’s banks
In 2011, a Congressional Report was released exposing those financial institutions responsible for the recession. The finger was pointed squarely at large investment banks as well as credit rating agencies…
When it comes to smart investing, the lesson is bankers gamble big
The CEO of JPMorgan Chase continued his testimony before Congress today concerning the multi-billion trading loss that bank announced last month. Jamie Dimon testified before the House Committee on Financial…
JP Morgan’s Dimon lies to Congress
Today marks the second day of testimony before Congress from JP Morgan’s CEO and chief financial officer Jamie Dimon regarding a multi-billion trading loss the bank recently disclosed to investors.…