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October 10, 2012

U.S. government sues Wells Fargo, claiming civil mortgage fraud

  • 6,320 loans reportedly had problems, but Wells Fargo never told the Federal Housing Administration, which insured the loans. The loans eventually failed, leaving the federal government on the hook.
  • $190M the amount these loans ended up costing the United States after the financial crisis hit; now the government is suing, saying Wells Fargo didn’t report issues even after the quality-review department flagged them for issues. source
9:18 // 1 year ago
October 1, 2012
19:55 // 1 year ago
September 29, 2012

Bank of America dishes out big settlement on Merrill Lynch allegations

$2.43 bil. the cost of a legal settlement between Bank of America and shareholders source

This time the piper pays: A group of shareholders and investors alleged that Bank of America misled them in 2008 regarding the institutional health of Merrill Lynch, prior to its acquisition by BofA, hiding huge losses mounting on the floundering bank’s record. This is the largest class-action settlement to emerge from the financial crisis, and there’s a reason if companies seem so eager to settle – doing so can limit further action that might be taken by attorneys general, in this case New York AG Eric Schneiderman.

15:56 // 1 year ago
September 9, 2012

For sale: Most of the U.S. government’s bailout investment in AIG

  • $18B being sold off by the U.S. government, which is more than half of the government’s overall stake in the firm and would downgrade them to a minority stake in the company
  • 92% the amount of  the U.S. government’s total $182 billion stake in AIG that has been divested since 2011; the government could soon score a profit on the deal source
23:45 // 2 years ago
June 29, 2012
It is the worst deal in the history of American finance. Hands down.
UNC-Charlotte finance professor Tony Plath • Discussing Bank of America’s buyout of Countrywide four years ago, which made the company one of the biggest mortgage lenders in the world just as the market was going bust. Gotta love the timing. The company has lost roughly $40 billion (and counting) on the deal, and its stock price, which once neared $40, closed at roughly $8 at the end of Friday trading. But on the other hand, perhaps it wasn’t all bad for the economy — see, the deal put Countrywide in the hands of another company which was slightly less likely to fail. While the deal was clearly a bad move for Bank of America, the economy might not have recovered as easily if Countrywide totally crashed and burned.
21:23 // 2 years ago
April 5, 2012
The Greek government has a new problem: A potential martyr. A 77-year-old man who recently recently shot and killed himself in Athens’ Syntagma Square has become a symbol for anti-austerity activists, leading to heavy protests Wednesday, including chants like ”this was no suicide, it was a state-perpetrated murder.” Greece, rocked by a tough state of austerity, has unemployment at 21 percent — higher for young people — and tens of thousands of jobs have been lost.  (Photo: People gather at the site of the man’s shooting. Thanassis Stavrakis/AP)

The Greek government has a new problem: A potential martyr. A 77-year-old man who recently recently shot and killed himself in Athens’ Syntagma Square has become a symbol for anti-austerity activists, leading to heavy protests Wednesday, including chants like ”this was no suicide, it was a state-perpetrated murder.” Greece, rocked by a tough state of austerity, has unemployment at 21 percent — higher for young people — and tens of thousands of jobs have been lost.  (Photo: People gather at the site of the man’s shooting. Thanassis Stavrakis/AP)

10:26 // 2 years ago
December 17, 2011
These material misstatements occurred during a time of acute investor interest in financial institutions’ exposure to subprime loans, and misled the market about the amount of risk on the company’s books.
Securities and Exchange Commission enforcement division director Robert Khuzami • Discussing the civil fraud charges that the SEC filed against six former top execs at Fannie Mae and Freddie Mac, charges that came about due to alleged misrepresentation of investors’ exposure to the subprime mortgage crisis. Lawyers for the six officials claim that the executives acted in the best interests of investors despite the allegations otherwise.
11:09 // 2 years ago
November 2, 2011
thedailyfeed:

It’s Jon Corzine’s LinkedIn page!

Hi, I’m former New Jersey Governor Jon Corzine and I’ve made a career out of failing upward.

Okay not really, but it is the one imagined by The Daily. Click here for the rest of his page, including details on his experience, recommendations and specialities (“investment banking; really, I swear!”).

To folks not watching this story: Watch this story. This guy is at the crossroads of “bad politician” and “bad investor.”

thedailyfeed:

It’s Jon Corzine’s LinkedIn page!

Hi, I’m former New Jersey Governor Jon Corzine and I’ve made a career out of failing upward.

Okay not really, but it is the one imagined by The Daily. Click here for the rest of his page, including details on his experience, recommendations and specialities (“investment banking; really, I swear!”).

To folks not watching this story: Watch this story. This guy is at the crossroads of “bad politician” and “bad investor.”

(via thedailyfeed)

12:52 // 2 years ago
September 7, 2011
We must make it very clear to people that the current problem, namely of excessive debt built up over decades, cannot be solved in one blow, with things like euro bonds or debt restructurings that will suddenly make everything okay. No, this will be a long, hard path, but one that is right for the future of Europe.
German Chancellor Angela Merkel • Arguing, amidst much jeering from leftist opposition parties, that Europe needs to change the way it approaches its growing debt crisis. Merkel argues for long-term fundamental change. “I’m convinced that this crisis, if a great crisis of the western world is to be avoided,” she said, “cannot be fought with a ‘carry on’ attitude. We need a fundamental rethink.” Merkel is facing a parliamentary vote later this month that could prove a great threat to her power, and her party is sinking in the polls right now. She suffered a setback earlier in the day after a court put strict limitations requiring her to get approval from lawmakers to grant future bailout aid to other European countries. source (viafollow)
10:22 // 3 years ago
September 2, 2011
16:46 // 3 years ago