As ProPublica reported last year, Segarra sued the New York Fed and her bosses, claiming she was retaliated against for refusing to back down from a negative finding about Goldman Sachs. A judge threw out the case this year without ruling on the merits, saying the facts didn’t fit the statute under which she sued.

At the bottom of a document filed in the case, however, her lawyer disclosed a stunning fact: Segarra had made a series of audio recordings while at the New York Fed. Worried about what she was witnessing, Segarra wanted a record in case events were disputed. So she had purchased a tiny recorder at the Spy Store and began capturing what took place at Goldman and with her bosses.

Segarra ultimately recorded about 46 hours of meetings and conversations with her colleagues. Many of these events document key moments leading to her firing. But against…

lol Now, that would be a hoot. I hope Obama puts this man on his short list…

Attorney General Eric Holder is heading to the exit door — and that’s making Wall Street nervous.

Executives in the financial services industry see Manhattan US Attorney Preet Bharara as a possible successor — and with his tough-on-corporate-crime history, believe a renewed focus on Wall Street could be coming to Washington.

Holder, after six years atop the Justice Department, is seen as not interested in highlighting white-collar crimes.

“[Holder] was pretty easy on Wall Street,” Marc LoPresti, a corporate and securities lawyer in New York, told The Post.

“It’s glaring that past financial debacles have led to prosecutions of high-level executives but we have seen almost no prosecution of individuals involved in wrongdoings of financial institutions related to the 2007-2009 financial crisis,” said Anat Admati, a professor of finance at Stanford’s graduate school…

Submitted by Michael Snyder of The Economic Collapse blog,

The “too big to fail” banks run up enormous profits from their derivatives trading.  According to the New York Times, U.S. banks “have nearly $280 trillion of derivatives on their books” even though the financial crisis of 2008 demonstrated how dangerous they could be…

American banks have nearly $280 trillion of derivatives on their books, and they earn some of their biggest profits from trading in them. But the 2008 crisis revealed how flaws in the market had allowed for dangerous buildups of risk at large Wall Street firms and worsened the run on the banking system.

The big banks have sophisticated computer models which are supposed to keep the system stable and help them manage these risks.

But all computer models are based on assumptions.

And all of those assumptions were originally made by flesh and blood people.

When…

Barclays Plc (BARC) was fined twice in one day for client account failures in the U.K. and the U.S., hurting the bank’s effort to rehabilitate a tarnished image. It agreed to pay a total of $77 million in penalties.

The bank will pay $15 million to the Securities and Exchange Commission to settle claims that its U.S. wealth-management business failed to maintain an adequate internal compliance system and made trades and charged commissions without client approval.

In the U.K., Barclays agreed to pay 38 million pounds ($62 million) to Britain’s market regulator for failing to properly protect 16.5 billion pounds of client assets between 2007 and 2012. Flaws in account naming or data suggested assets belonged to Barclays instead of its clients, which could have caused customers to lose money if the bank became insolvent, the Financial Conduct Authority said.

Read on.

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There seems to be confusion about what is necessary to file a foreclosure. To start with the basics, the debt is created when the borrower receives the funds or when the funds are disbursed for the benefit of the borrower. This requires no documentation. The receipt of funds presumptively implies a loan that is…

LOGAN – Senior United States Senator for Ohio, Sherrod Brown (D) hosted a conference call on Wednesday to discuss a record setting $16 billion settlement from Bank of America.

“It’s been some six years since the financial crises wreaked terrible damage on homeowners and investors in our state and across the country,” said Brown. “We made progress, we know though that the economy can’t fully recover until the housing industry does.”

Derivatives Are Manipulated.

Runaway derivatives – especially credit default swaps (CDS) – were one of the main causes of the 2008 financial crisis. Congress never fixed the problem, and actually made it worse.
The big banks have long manipulated derivatives … a $1,200 Trillion Dollar market.
Indeed, many trillions of dollars of derivatives are being manipulated in the exact same same way that interest rates are fixed (see below) … through gamed self-reporting.
The criminality and blatant manipulation will grow and spread and metastasize – taking over and killing off more and more of the economy – until Wall Street executives are finally thrown in jail.
It’s that simple …

Submitted by Washington’s Blog

Ocwen Loan Servicing LLC v. Summit Bank, N.A. (In re Francis), 750 F.3d 754 (8th Cir. 2014) –

A lender that attached the wrong legal description to its recorded mortgage sought equitable subrogation and/or reformation of the mortgage in order to obtain a first priority lien on the intended property.

I would certainly been dropped kick to the curb from a job with this type of scheduling by Congress! That’s right, legislators left the Capitol — only eight work days after returning from a five-week summer recess — and will not be back to work for another 54 days, until after the November midterm elections. Rachel Maddow said it all:

“Sixteen-hundred U.S. families have gotten the call that their loved ones deployed to Iraq. They’re flying those missions right now..But Congress? Heading home for another seven-week break, because they can’t be bothered to think about that right now. They’ve got more important business to tend to — they’ve gotta get re-elected.”

Folks, get out and vote the loafers out of office!!!

From Rachel Maddow show: on.msnbc.com/1mkdLI0