Vikram Pandit’s Material Mistatements

By: Thursday February 24, 2011 1:57 pm

It appears that Vikram Pandit’s failure to disclose material problems with Citibank’s valuation of its shitpile is another of the crimes we’re supposed to look forward and ignore. Jonathan Weil looks at how one of the documents disclosed in the FCIC dump–a February 14, 2008 OCC report finding that Citibank’s models for measuring the value [...]

About that AG “Investigation” and “Settlement”

By: Tuesday November 16, 2010 7:15 pm

About four hours ago, Iowa’s Attorney General Tom Miller testified to the Senate Banking Committee  it would be months before the combined AG “investigation” came up with a settlement (he also suggested that there were new aspects that were just being added to the “investigation”). Dodd: How long AG investigation? Miller: Months, rather than year [...]

Richard Shelby’s Selective Investigation

By: Friday November 12, 2010 5:08 am

Let me make a rare statement: I agree with just about everything Richard Shelby said in his call for an investigation of mortgage servicers. The Federal Banking Regulators should immediately review the mortgage servicing and foreclosure activities of Ally Financial, JP Morgan Chase and Bank of America. The regulators should determine exactly what occurred at [...]

Want to Sue the Banksters? Ask WhereIsTheNote

By: Wednesday November 3, 2010 9:40 am

Remember WhereIsTheNote? In the face of mounting evidence that the banks foreclosing on homes did not comply with legal requirements during securitization of mortgages and therefore don’t have legal standing to foreclose, the SEIU and some community organizations teamed together last month to create an online tool that anyone can use to ask their mortgage [...]

Citi’s Fear

By: Sunday October 31, 2010 10:39 am

I wanted to return to a detail I mentioned in yesterday’s book salon. As I noted, in his book on the auto bailout, Steven Rattner described Citi as being worried during the Chrysler negotiations that retail customers would retaliate if Citi played hard ball. Bankers for Goldman and Citi had advised [JP Morgan Chase VP [...]

If Voluntary Moratoria Mean Banks Are Solving the Problem, What about Wells Fargo?

By: Friday October 15, 2010 4:34 am

Elizabeth Warren, presumably laying the foundation for an Administration deal with banks to not unwind the entire securitization paperwork problem in exchange for loan modifications, points to banks’ voluntary foreclosure moratoria as proof the banksters are trying to solve this problem (presumably meaning the foreclosure fraud, but not the larger problems). She additionally stated that [...]

Remember the Stress Tests?

By: Tuesday October 12, 2010 9:36 am

The other day, I noted that Administration claims that they were helpless to affect what they now depict as loan servicers’ “sloppiness” but what really amounts to fraud ignores their decision to stop pushing for cramdown–and with it, leverage over the loan servicers. I think (though I’m less sure of this) they’re ignoring one other [...]

“Creative” Wall Street and Money-Laundering

By: Tuesday July 6, 2010 7:45 am

I have long maintained that we will eventually learn that Citibank took over where BCCI and then Riggs Bank left off: serving as a money laundering vehicle used by drug cartels and other organized crime, terrorists, and spooks. But this article (h/t scribe) on the role of big banks in laundering Mexican drug money reports [...]

Is Obama Fixing to Own Some Banks?

By: Tuesday June 2, 2009 10:43 am

Rahm reveals that the principles of government ownership came up in the context of owning banks, not owning car companies.

Geithner to Banks: “Ix-Nay on the Solvency-Inay”

By: Friday April 10, 2009 6:50 am

Tim Geithner is now instructing publicly traded companies to hide data about their financial health.

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