Posts filed under “Legal”
Not with a Bang but a Whimper – the SEC Enforcement Team’s Propaganda Campaign By William K. Black The New York Times has one of those “inside” stories that unintentionally demonstrate the collapse of justice and financial reporting. This genre involves the media reporting gravely (and uncritically) the administration’s claims that its failure…Read More
What’s behind Microsoft’s fall from dominance? Barry Ritholtz Washington Post September 8, 2013 “Do you have an iPod?” Steve Ballmer: “No, I do not. Nor do my children. My children — in many dimensions they’re as poorly behaved as many other children, but at least on this dimension I’ve got my kids brainwashed:…Read More
The SEC Flacks Paint Lehman’s Looters as the Victims of a “Political” SEC By William K. Black This is the second installment in a three-part series correcting the NYT propaganda that seeks to transmute the SEC’s refusal to hold any of Lehman’s looters accountable for their myriad frauds. For the purposes of this article I…Read More
5 years after the financial crisis, the WSJ produces this enormous graphic about SEC prosecutions, and the lack thereof.
The key takeaway: If you can write a bog enough check, you do not really need to worry about breaking the law. Settlements are merely another cost factor, a cost of doing business.
After initially rejecting an SEC settlement with Bank of America, U.S. District Judge Jed S. Rakoff sums up this assembly line process: “While better than nothing, this is half-baked justice at best.”
4ClosureFraud Posts Lender Processing Services Mortgage Document Fabrication Price Sheet A bombshell has dropped in mortgage land. We’ve said for some time that document fabrication is widespread in foreclosures. The reason is that the note, which is the borrower IOU, is the critical instrument to establishing the right to foreclose in 45 states (in those…Read More
The FBI’s 2010 Mortgage Fraud Report Reveals Why the Banksters Love Holder By William K. Black The Obama administration’s continuation of the Bush administration’s refusal to prosecute the elite banksters (or even the vastly lower status CEOs of the fraudulent mortgage bank) that drove the crisis has made it clear that the rule…Read More
This morning, the NY Times had an article titled: JPMorgan Reveals It Faces Criminal and Civil Inquiries. The timing was funny, because we had been discussing this up in Maine over the weekend. The dollar figures for the fines just since 2011 are pretty astounding: $56 million (April 2011) $153.6 million (June 2011) $229 Million…Read More