SERVICES YOU NEED “According to testimony last week, from January 2006 to June 2007, Clayton reviewed 911,000 loans for 23 investment or commercial banks, including Citigroup, Deutsche Bank, Goldman Sachs, UBS, Merrill Lynch, Bear Stearns and Morgan Stanley.” It’s like slapping some paint on a 30 year old Chevy and selling it as a Rolls […]

Tags: appraisals, Financial Crisis Inquiry Commission, fraud, fraud gross negligence, GRETCHEN MORGENSON, gross negligence, ratings
Posted in bubble, Corruption, Eviction, securities fraud |

Editor’s Note: Now the truth as reported here two years ago. There were no losses. They were making money hand over fist. And this article focuses only on a single topic — some of the credit default swaps — those that Goldman had bought in its own name, leaving out all the other swaps bought […]

Tags: ABACUS 2007-AC1, bonds, borowers, check-kiting, David A. Viniar, default, Eric Kolchinsky, Federal Deposit Insurance Corporation., financial crisis, Financial Crisis Inquiry Commission, Fitch, fraud, Gary D. Cohn, Goldman Sachs, GRETCHEN MORGENSON, HERS, John A. Paulson, Kolchinsky, lenders, lending, Lloyd C. Blankfein, losses, Louise Story, Moody's, mortgage backed securities, Office of Thrift Supervision, operating agreement, OWNERSHIP of the loan pool, Ponzi, Securities and Exchange Commission, selling forward, Senate Permanent Subcommittee on Investigations, SEWELL CHAN, sham, shares, special purpose vehicle, Standard & Poor's, swaps, trust, trustee, Washington Mutual
Posted in Corruption, Eviction, expert witness, Modification, securities fraud, Servicer |

The five biggest U.S. commercial banks in the derivatives market — JPMorgan, Goldman Sachs, Bank of America Corp., Citigroup and Wells Fargo & Co. — account for 97 percent of the notional value of derivatives held in the banking industry [$605 trillion], according to the Office of the Comptroller of the Currency. Goldman Sachs Demands […]

Tags: AIG, Alexander Samuelson, Bank of America, BEAR STEARNS, Blankfein, Bloomberg, Brad Hintz, Brian Marchiony, Chistine Harper, Citigroup, collateral arbitrage, Craig Stein, Darrell Duffie, David Viniar, derivatives, Financial Crisis Inquiry Commission, Goldman Sachs, International Swaps and Derivatives Association, ISDA, Jamie Dimon, JPMorgan, Kevin McPartland, Lehman, Michael DuVally, Michael J. Moore, Morgan Stanley, New York Fed report, Paul Hastings Janofsky & Walker, Richard Lindsey, Robert Claasen, Schulte Roth and Zabel LLP, Stanford University, Tabb Group, Wells Fargo
Posted in bubble, Corruption, securities fraud |

Phil Angelides, the former state treasurer of California who is the commission’s chairman, told Mr. Blankfein “it sounds more like you were selling cars with faulty brakes and then buying insurance on the driver.” Mr. Angelides, who lost the governor’s race in California to Gov. Arnold Schwarzenegger in 2006, pointedly compared some Wall Street chief […]

Tags: Amnesty for Everyone, Bank of America, Blankfein, Brian Moynihan, FCIC, Financial Crisis Inquiry Commission, Jamie Dimon, John Mack, KKenneth Lewis, Mark Leibovich, New York Times, Phil Angelides, principal reduction
Posted in bubble, Corruption, Eviction, securities fraud |