Monthly Archives: September 2013

This is a complete list of Wall Street CEOs prosecuted for their role in the financial crisis

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“But it’s shocking that for a crisis that drove the global economy off a cliff, caused millions of people to lose their homes and generally spread mass human misery to almost every corner of the earth there is no defining prosecution. No man or woman who led one of the firms directly culpable for the catastrophe has been put in a prison-orange jumpsuit. You might think that by now we could say that orange is the new charcoal pinstripes. But we can’t.” [Oh, so true…DC Ed]

justiceleague00's avatarJustice League

Five years after Lehman fell, taking the global economy along with it, a roll call of Wall Street CEOs serving time for their role in the crisis looks something like this:

So, yeah. Zero Wall Street CEOs are in jail. But we did promise you a list:

1. No one.

2. LOL.

3. Wall Street’s lawyers are amazing.

4. Etc. Etc.

It’s not that federal government tried to prosecute a bunch of them but lost the cases. There were no serious efforts at criminal prosecutions at all.

Read on.

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PHOENIX LIGHT SF LIMITED vs THE GOLDMAN SACHS GROUP, INC | NY – Goldman Sachs disseminated offering documents containing false and misleading information regarding collateral quality and underwriting standards

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Just one more example of empty trusts… the judiciary needs to take note.

Bookingscom

 

justiceleague00's avatarJustice League

Defendants’ failure to ensure proper transfer of the notes and the mortgages to the trusts at closing has already resulted in damages to investors in securitizations underwritten by defendants. Trusts are unable to foreclose on loans because they cannot prove they own the mortgages, due to the fact that defendants never properly transferred title to the mortgages at the closing of the offerings. Moreover, investors are only now becoming aware that, while they thought they were purchasing “mortgaged-backed” securities, in fact they were purchasing non-mortgagedbacked securities.

http://stopforeclosurefraud.com/wp-content/uploads/2013/09/PHOENIX-LIGHT-SF-LIMITED-vs-THE-GOLDMAN-SACHS-GROUP-INC.pdf

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List of SEC Enforcements Actions Published

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Brilliant compilation. Needs to be sent to every Congressional representative and US Senator with a link to OpenSecrets.org and a note of advice for them to seriously reconsider their investment portfolios.

Unknown's avatarLivinglies's Weblog

SEC Enforcement Actions Addressing Misconduct that Led To or Arose From teh Financial Crisis:

Concealed from investors risks, terms, and improper pricing
in CDOs and other complex structured products:

  • Citigroup – SEC charged Citigroup’s principal U.S. broker-dealer subsidiary with misleading investors about a $1 billion CDO tied to the housing market in which Citigroup bet against investors as the housing market showed signs of distress. The proposed settlement would require a payment of $285 million by Citigroup that would be returned to harmed investors. (10/19/11)
  • Commonwealth Advisors – SEC charged Walter A. Morales and his Baton Rouge-based firm with defrauding investors by hiding millions of dollars in losses suffered during the financial crisis from investments tied to residential mortgage-backed securities. (11/9/12)
  • Goldman Sachs – SEC charged the firm with defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market…

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CREDIT SLIPS – Crisis Books… a phenomenal resource

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Credit Slips logo

Crisis books  posted by Alan White

I recently stumbled on this excellent compendium of more than 300 books on the financial crisis.  It also includes a list of 25 or so books that predicted the crisis, as well as a useful link to an annotated list of individuals who can be given credit for predicting various aspects of the crisis. [This is terrific reference material. Be sure to bookmark. DC Ed.] Continue reading →

BofA Invasive Tactic in Foreclosures Draws Scrutiny

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Don’t think for a minute that this could not happen to you.  This is much more prevalent than you can imagine.

NYT break-in storyThe New York Times – by JESSICA SILVER-GREENBERG

Barry Tatum returned to his home in Chicago in December to find that his front and back doors had been torn from their hinges, leaving his possessions exposed to the frigid winds that whipped through his neighborhood.

Terrified that he had been robbed, Mr. Tatum, who had fallen behind on his Bank of America mortgage, raced inside only to discover an unlikely source of the break-in, he Continue reading →

Inside the End of the U.S. Bid to Punish Lehman Executives

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Don’t you wonder if maybe now that there are lawsuits like PHOENIX indicating the securitized trusts are actually empty and assignments were never made, if that might be enough reason for the SEC to take action? We’ve seen Lehman loans that were not assigned and Aurora hiding trust information – gotta wonder how management could not know the trusts are empty. We can hope Mr. Barofsky has been looking into this too.

justiceleague00's avatarJustice League

Inside the End of the U.S. Bid to Punish Lehman Executives

At a closed-door meeting in early 2011, Wall Street regulators were close to throwing in the towel on their biggest case.

The Securities and Exchange Commission’s eight-member Lehman Brothers team, having hit one dead end after another over the previous two years, concluded that suing the bank’s executives would be legally unjustified. The group, noting that prosecutors and F.B.I. agents had already walked away from a parallel criminal case, reached unanimous agreement to close its most prominent investigation stemming from the financial crisis, according to officials who attended the meeting, which has not been reported previously.

But Mary L. Schapiro, the S.E.C. chairwoman, disagreed. She pushed George S. Canellos, who supervised the Lehman investigation as head of the S.E.C.’s New York office, to explain how executives who presided over the biggest bankruptcy in United States history could…

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Barofsky, watchdog to government bank bailout program, joins law firm represents clients bringing suits against large financial institutions

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God Bless you Neil! Anything we can do to help – count us all in! Lord knows, we have the evidence. Major mahalo! DC Ed.

justiceleague00's avatarJustice League

Barofsky, watchdog to government bank bailout program, joins law firm represents clients bringing suits against large financial institutions

Neil Barofsky, the former prosecutor who brought transparency and accountability to the federal government’s 2008 bank bailout program as its first special inspector general, has joined Jenner & Block, a law firm based in Chicago, as a partner.

Mr. Barofsky, who was appointed by President Obama to oversee the $700 billion Troubled Asset Relief Program in late 2008, was a Washington outsider whose periodic reports on the program questioned Treasury officials’ claims of its effectiveness. He and his office drew criticism at times from those officials, as a result.

Mr. Barofsky left his post in 2011 to teach at New York University’s law school. He also wrote “Bailout,” a scathing account of his time in Washington that highlighted the problem of regulators who he said were for the most part captured by…

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Washington, DC Tax Lien Rape Leaves Homeowner with Nothing

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Don’t think for one minute that this could not happen to you.

WP Tax Rape Story

On the day Bennie Coleman lost his house, the day armed U.S. marshals came to his door and ordered him off the property, he slumped in a folding chair across the street and watched the vestiges of his 76 years hauled to the curb. Continue reading →

REQUEST FOR RESEARCH ASSISTANCE: PROJECT UNENDORSED NOTES

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No endorsements, nothing stamped on the note – but claimed by a trust. If you don’t have a working copy of your note from your servicer – request it. If you do not know where your loan is located contact report@DoctelPortal.com and we’ll run a securitization search for you. Even if you are not in foreclosure you need to know where your loan is located. Don’t trust the banks – verify everything.

Bookingscom

justiceleague00's avatarJustice League

REQUEST FOR RESEARCH ASSISTANCE: PROJECT UNENDORSED NOTES

September 5, 2013

Our goal is to provide the Mortgage Fraud Taskforce with 1,000 examples of unendorsed notes used by trusts in foreclosures and bankruptcies.

Our research results will also be published on this website.

Please send copies of any unendorsed mortgage note used by a trust in a foreclosure or bankruptcy action to the Housing Justice Foundation, by pdf or fax (561.355.0893).

Please note:

1. We are at this time looking only for mortgage notes claimed by trusts.

2. The last page of the note is most important – showing that the note was not endorsed.

3. Please also give the name of the court and the case number where the note was filed.

4. Please do NOT send copies of mortgages, riders, entire case files – we are only seeking the NOTES.

5. Please do not include any case where the note was endorsed by an…

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