Citigroup

Where Hortgage-Related Fraud Is Found, Justice Is Not Equal

October 20, 2011 by The Political E...

The feds are bringing criminal charges against some alleged local mortgage fraud perpetrators. The charges are serious and it looks like jail or prison time is coming.

So be it. Anyone who had a hand in this national economic scandal should face criminal charges.

But where we have already had banks too big to fail, we've got some bankers who apparently are too big to jail.

The feds are alleging a massive mortgage-securities related scheme perpetrated by Citigroup by letting the Wall Street giant  settle and buy its way out through a civil complaint process...though Citigroup continues to report billions of dollars in profits that dwarf the amount of the proposed settlement...after having received billions of dollars in a taxpayer bailout to survive the crash it helped bring on with by creating and selling and profiting from shady, toxic mortgage securities.

On Bilking The Sophisticated, Or, Check It Out: We’re Suing Banks!

September 6, 2011 by Uppity Wisconsin

I took a break to enjoy the holiday, as I’m sure many of you did, but my inbox kept busy, and on Friday came a doozy, courtesy of the Washington Post.

You remember that little bit of a banking crisis we had a couple of years back, where banks around the world might have possibly, maybe, just a little, conspired in a giant scheme to package toxic mortgage loans into Grade A, investment-ready securities instruments, which then blew up in everyone’s faces to the tune of a whole lot of taxpayer bailouts?

Well all of a sudden, it looks like an agency of the Federal Government is looking to do something about it, in a real big way. Last Friday the Federal Housing Finance Agency (FHFA) announced they’re suing 17 firms (I’ll give you a list, bit it’s pretty much all the usual suspects); depending on who you ask the Feds are seeking an amount as high as $200 billion.

As Joe Biden would say, it’s a big…well, it’s a big deal, anyway, and that’s why we’re starting the new week with this one.