Stern Words for Wall Street’s Watchdogs, From a Judge

In the New York Times – By Published: December 16, 2013

NTBTGTJWASHINGTON — It used to be common for the federal government to prosecute prominent people responsible for debacles that rattled the financial system. Michael R. Milken, the junk bond artist, went to prison in 1991; Charles H. Keating Jr., the face of the savings-and-loan crisis, pleaded guilty to four counts of fraud in 1999; and it looks like Jeffrey K. Skilling, the former chief executive of Enron, will be in prison until 2017. Continue reading

OCC – Correcting Foreclosure Practices

Correcting Foreclosure Practices – Updated August 28, 2013

foreclosure_review_cartoon1While cruising the Internet looking for the status of a particular bank, the Office of the Comptroller of the Currency (OCC) Independent Foreclosure Review website jumped into view. The OCC website is worth an examination even though the Submission Window is closed (way too early IMHO) as there are numerous CONSENT ORDERS made available for viewing. 

Of course the accused financial and/or financial related companies never admit or deny the the “Findings” from the examination by the: Continue reading

“Crappy settlements” have become a cheap payoff system not serving the public interest.

It will only continue to get worse. What will it take for our politicians and government to understand that the securities fraud committed by Wall Street and their associates have created joblessness, homelessness, foreclosure and eviction that has affected families across the country? How can we continue to ignore the enormous wrongs?

Judge Rakoff was right when he told the Securities and Exchange Commission that their deal with Citigroup Global Markets, Inc. was not transparent enough and stated,
“[T]he Supreme Court has repeatedly made clear, however, that a court cannot grant the extraordinary remedy of injunctive relief without considering the public interest.”

The public interest has been sorely damaged by the fraud committed by the Wall Street Continue reading