asterisk2a + citigroup   27

"The Untouchables (2013)" PBS documentary about how the Holder Justice Department refused to prosecute Wall Street Fraud despite overwhelming evidence : Documentaries
faustian pact they've made. getting funded their elections by greedy crony capitalists. and are thus beholden to their calls they make and the framework they said they would give them funding for their campaign under. // "breakdown of internal controls [...] 60% of loans in possible portfolio did not meet its own standards, were still bought, put into portfolio" - Citigroup exec // Underfunded/understaffed/non-experience/no-stars @FBI and CIA! corporates have a bigger pocket and star lawyers who know how to position and spin. And without a Whistleblower/Leak it is nearly impossible if not for the case that the accused was really stupid and left a clear trail and or incriminates himself in paperwork/communication. // "criminal intent" //&! No Regrets at Countrywide - //&! Countrywide’s Mozilo Said to Face U.S. Suit Over Loans - //&! NEW SUIT - No, the US government hasn’t forgotten about Countrywide founder Angelo Mozilo -
GFC  banking  crisis  Greed  crony  capitalism  bank  bailout  economic  history  white-collar  crime  accounting  scandal  corporate  scandal  lobbyist  lobby  Lobbying  Career  Politicians  No  Representation  oligarchy  plutocracy  Super  Rich  1%  Fraud  securities-fraud  bonuses  bonus  financial  incentive  financial  literacy  FinancialCrisisInquiryCommission  Mozilo  CountrywideFinancial  Angelo  Mozilo  subprime  NINJA  Loan  non-performing  NPL  CDS  CDO  citigroup  misselling  misrepresentation  Consumer  Protection  misleading  Positioning  PR  spin  doctor  manufactured  consent  Whistleblower  Eric  Holder  presidency  barackobama  Party  Funding  Justice  System  economic  injustice  Washington  revolving  door  accountability  due  diligence  miconduct 
january 2016 by asterisk2a
Beyond Barclays: Laying out the Libor Investigations - ProPublica
The Serious Fraud Office in Britain is considering a criminal investigation and the Justice Department could also potentially bring charges against individuals at the bank.

So who else is being investigated?
· UBS, Citigroup, Royal Bank of Scotland, Bank of America, JPMorgan Chase, Credit Suisse, HSBC, Last fall, European regulators seized documents from Deutsche Bank and others regarding manipulation of the Euribor.
- BaFin, the German regulator, is conducting a “special investigation” into Deutsche Bank, according to Reuters.
- The Serious Fraud Office (SFO) has confirmed that it has formally launched an investigation into the rigging of the inter-bank lending rate, Libor.

Private lawsuits over Libor are already underway. Last summer, Charles Schwab filed a suit alleging anti-trust violations against many Libor-setting banks and at least one class action has been filed alleging that Libor manipulation meant banks paid “unduly low interest rates to investors.”
LIBOR  rigging  scandal  BaFin  anti-trust  antitrust  deutschebank  HSBC  creditsuiss  jpmorgan  bankofamerica  BofA  citigroup  citibank  UBS  GFC  banking  crisis  bank  crisis  USA  UK  DOJ  SFO  fraud  misconduct  investigation  2012  BOE  CFTC  SEC  BBA  FSA  FAQ  EURIBOR  LIBOR  barclays 
july 2012 by asterisk2a
N.Y. Judge Rejects SEC's $285M Deal With CitiGroup as 'Unfair, Unreasonable' - YouTube
A federal judge on Monday rejected a settlement between the Securities and Exchange Commission and Citigroup over mortgage deals dating back to the housing bust and the financial crisis. Ray Suarez discusses the latest developments with Edward Wyatt of The New York Times and Jacob Frenkel of Shulman Rogers Gandal Pordy & Ecker.
SEC  settelment  citigroup 
november 2011 by asterisk2a
JPMorgan Joins Goldman Keeping Italy Debt Risk in Dark - Bloomberg
tied together w bungee cords

JPMorgan Chase & Co. (JPM) and Goldman Sachs Group Inc. (GS), among the world’s biggest traders of credit derivatives, disclosed to shareholders that they have sold protection on more than $5 trillion of debt globally.

JPMorgan said in its third-quarter SEC filing that more than 98 percent of the credit-default swaps the New York-based bank has written on PIIGS debt is balanced by CDS contracts purchased on the same bonds.

By contrast, Goldman Sachs discloses only what it calls “funded” exposure to PIIGS debt -- $4.16 billion before hedges and $2.46 billion after, as of Sept. 30. Those amounts exclude commitments or contingent payments, such as credit-default swaps, said Lucas van Praag, a spokesman for the bank.

“Their position is you don’t need to know the risks, which is why they’re giving you net numbers,” said Nomi Prins, “Net is only as good as the counterparties on each side of the net -- that’s why it’s misleading in a fluid, dynamic market.”
jpmorgan  goldmansachs  sovereign  debt  exposure  derivatives  2011  PIIGS  CDS  toobigtofail  counterpartyrisk  citigroup  bankofamerica  boa  morganstanley  USA  Europe  lehmanbrothers  crisis  analysis  financialmarket  default  liquidity  solvency  confidence  trust 
november 2011 by asterisk2a
Two Down, Many More To Go - Bank Of America Sued For $31 Billion In Mortgage Losses | ZeroHedge
FHFA Sues Barclays over mortgage securities over losses for $4.9 billion: RTRSFHFA Sues Merrill Lynch Bank of Americal over mortgage securities over losses for $30.85 billion: RTRS
Federal housing finance agency sues Barclays PLC BARC.L - court filing Federal housing finance agency sues Barclays over losses on $4.9 billion rmbs Federal housing finance agency sues Bank of America Corp BAC.N - court    filingFederal housing finance agency sues Bank of America Corp over losses on more    than $6 billion securitiesFederal housing finance agency sues bank of America's Merrill Lynch unit over    losses on $24.85 billion securitiesFederal housing finance agency sues Nomura Holdings Inc 8604.T - court    filingFederal housing finance agency sues Nomura over losses on more than $2    billion securitiesFederal housing finance agency sues Citigroup Inc C.N - court filing Federal housing finance agency sues Citigroup Inc over losses on $3.5 billion    securities
FHFA  barclays  merrylllynch  bofa  mortage  securities-fraud  fraud  CountrywideFinancial  citigroup  2011 
september 2011 by asterisk2a
U.S. Said to Be Ready to Sue Banks Over Mortgages -
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase, Goldman Sachs and Deutsche Bank, among others, according to three individuals briefed on the matter.
The suits stem from subpoenas the finance agency issued to banks a year ago. If the case is not filed Friday, they said, it will come Tuesday, shortly before a deadline expires for the housing agency to file claims.
The suits will argue the banks, which assembled the mortgages and marketed them as securities to investors, failed to perform the due diligence required under securities law and missed evidence that borrowers’ incomes were inflated or falsified. When many borrowers were unable to pay their mortgages, the securities backed by the mortgages quickly lost value.

The FHFA was created in 2008 and assigned to oversee the hemorrhaging government-backed mortgage companies, a process known as conservatorship.
deutschebank  bofa  jpmorgan  goldmansachs  FHFA  subpoena  subprime  2011  misleading  trust  documentation  housing  bubble  housemarket  mortage  fraud  fanniemae  freddiemac  UBS  citigroup  AIG  CountrywideFinancial  merrylllynch  bailout  government  subsidizing  toobigtofail  systemicrisk  banking 
september 2011 by asterisk2a
BANKS SERVED LIBOR SUBPOENASRegulators probing alleged manipulation of a key interbank lending rate have focused their demands for information and interviews on five global banks, according to people familiar with the investigation. UBS, Bank of America, Citigroup and Barclays have received subpoenas from US regulators probing the setting of the London interbank offered rate, or Libor, for US dollars between 2006 and 2008.
BofA  UBS  citigroup  barclays  libor  2011  SEC  CFTC  fraud  investigation  regulation 
march 2011 by asterisk2a
Wall St. Often Slow to Disclose Brokers' Sins -
Financial Industry Regulatory Authority, Wall Street’s self-policing organization,

Morgan Stanley separately was hit with a $2.2 million penalty for failing to appropriately report 1,800 incidents of customer complaints and other wrongdoing. It was the largest fine ever levied against a firm for disclosure issues.
Since then, the tally of Finra’s disciplinary cases has ebbed and flowed. In 2010, the regulator suspended 56 brokers for failing to report previous infractions, up from 34 in 2006. Annual fines rose to $2 million from $1.6 million over the same period.
In one of the most prominent cases last year, Finra fined Goldman Sachs $650,000 for failing to disclose that a trader, Fabrice P. Tourre, and another employee had received a Wells notice from the Securities and Exchange Commission, a warning that the agency was considering an enforcement action against them.
banking  broker  transparency  advice  Finra  finance  USA  morganstanley  goldmansachs  citigroup 
february 2011 by asterisk2a
Citigroup Messes Again With J.R. Ewing, a/k/a Larry Hagman -
But Citigroup’s lawyers, who appear to be as tenacious as J.R. Ewing, filed a motion in Los Angeles Superior Court in November to dismiss the arbitration award, alleging that the chairman of the Finra panel had failed to disclose his potential conflict of interest from a past lawsuit.
citigroup  fraud  lawyer  2011 
february 2011 by asterisk2a
Fed Lending Benefited Banks Far and Wide -
The Fed data showed that the biggest recipient of taxpayer assistance was, naturally, Citigroup. It was followed closely by Morgan Stanley, Merrill Lynch and Bank of America. Goldman Sachs was also a large beneficiary during the darkest moments of 2008.
Remember that the Wall Street firms were imperiled by their excessive use of borrowed money, which generated huge paydays when the cost of those funds was cheap and the values of the assets they were buying were rising at a steady clip. After the bubble burst and financing evaporated, the firms were able to tap into a lending program created by the Fed in mid-March 2008 after Bear Stearns collapsed. It was called the Primary Dealer Credit Facility.
The program allowed firms to borrow at low interest rates — ranging from 3.25 percent when the program began to 0.5 percent when the last loan was made in May 2009. The firms had to post various securities as collateral when they borrowed, and some of those securities were risky indeed.
fed  benbernanke  balancesheet  interbank  report  financialcrisis  FinancialCrisisInquiryCommission  2008  2009  bearstearns  citigroup  goldmansachs  shadowbanking  fanniemae  freddiemac  aig  lending  overnight 
december 2010 by asterisk2a
Fair Game - In the Mortgage Drama, One Role Is Enough -
Banks are back office for mortgage lending industry. their tasks are fairly simple: they take in monthly mortgage payments&distribute them 2 whoever owns the loans. ie large institutions like pension funds or mutual funds own the mortgages, and servicers are obligated to act in their interests at all times.

defaulting loan servicing becomes much more complex and laborious. Servicers must chase delinquent borrowers possibly into foreclosure.

conflict of interest
the same bank that services a primary mortgage owned by another institution also owns a second mortgage or home equity line of credit on the same property. When that borrower has trouble meeting both payments, the servicer has an interest in making sure that amounts owed on the second lien, which it owns, continue to be paid even if the first loan, which it has no interest in, slides into delinquency. About two-thirds of primary mortgages are serviced by banks who do not own them but hold the accompanying seconds.
BankofAmerica  BoA  jpmorgan  citibank  citigroup  wellsfargo  conflict  fraud  2010  mortage  lending  practice  usa  housing  bubble  SEC  FDIC  FHDA 
august 2010 by asterisk2a
Citigroup Pays $75 Million to Settle Subprime Claims -
Citigroup has agreed to pay $75 million to settle federal claims that it failed to disclose vast holdings of subprime mortgage investments that crippled the bank during the financial crisis.

In an unusual move, the Securities and Exchange Commission has also singled out two Citigroup executives — Gary L. Crittenden, the former chief financial officer, and Arthur Tildesley Jr., the former head of investor relations — for omitting material information in disclosures to shareholders, according to a complaint releasedThursday afternoon. .

Mr. Crittenden has agreed to pay a $100,000 fine; Mr. Tildesley will pay $80,000.

The settlement centers on events in 2007 and 2008, when Citigroup’s reported losses abruptly cascaded, eventually prompting the federal government to rescue the bank. The case is the first to focus on whether banks adequately disclosed the increasingly precarious state of their finances.
citigroup  citygroup  citibank  fraud  2010  SEC  subprime 
july 2010 by asterisk2a
Ex-Time Warner boss apologises for 'worst deal of the century' - Americas, World - The Independent
Ex-Time Warner boss apologises for 'worst deal of the century'
Jerry Levin encourages banking chiefs to follow his lead after admitting AOL blunder

"I'm really very sorry about the pain and suffering and loss caused," Mr Levin told CNBC television.

"I take responsibility. It wasn't the board. It wasn't my colleagues at Time Warner. It wasn't the bankers or the lawyers – and there were a lot of them... I am not going to blame any predecessors or successors. I helped pick them and I have great respect for them," he said. "I presided over the worst deal of the century, apparently, and it is time for those involved in companies to stand up and say, 'You know what, I am solely responsible for it, I was the CEO, I was in charge'."

who turned Citigroup into the largest US bank and then left in 2006, just before losses from sub-prime mortgage

an angry Mr Weill had defended his record and said one of his biggest mistakes had been "recommending Chuck Prince" to be his successor.
aol  timewarner  dotcom  history  bubble  financial  financialcrisis  citigroup 
may 2010 by asterisk2a
Moody’s: Citigroup Still ‘Too Big To Fail’ For Now - Real Time Economics - WSJ
Moody’s on Monday said in its “Weekly Credit Outlook” that the Treasury Department’s planned sale of its 7.7 billion shares of Citigroup this year doesn’t mean the government would remove its implicit support of the company if Citigroup were to fall into trouble again.

“The likelihood of government support remains very high because of Citigroup’s systemic importance to the U.S. and global financial system as a major counterparty, payments and clearing agent, deposit taker, and provider of credit,” Moody’s said. This is important, because Moody’s said it doesn’t see any “”rating implications from the disposition of the government’s 27% stake in the company.” In other words, Citigroup can still continue issuing debt at levels that assume a type of government support.
citigroup  toobigtofail  2010  moody's  TARP 
april 2010 by asterisk2a
Obama's Big Sellout : Rolling Stone
Then he got elected.

What's taken place in the year since Obama won the presidency has turned out to be one of the most dramatic political about-faces in our history. Elected in the midst of a crushing economic crisis brought on by a decade of orgiastic deregulation and unchecked greed, Obama had a clear mandate to rein in Wall Street and remake the entire structure of the American economy. What he did instead was ship even his most marginally progressive campaign advisers off to various bureaucratic Siberias, while packing the key economic positions in his White House with the very people who caused the crisis in the first place. This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside.
BobRubin  bailout  corruption  barackobama  presidency  government  usa  politics  economy  JosephStiglitz  AIG  bonuses  citigroup  campaign  TARP  history  lobby  wallstreet  lobbyist  Lobbying  larrysummers  timgeithner  goldmansachs  RahmEmanuel  barofsky  CDS  derivatives  regulation  reform  barneyfrank  LTCM  SEC  CFTC  ConsumerFinanceProtectionAgency  CFPA  coruption  FDIC  treasury 
february 2010 by asterisk2a
The Reckoning - Citigroup Saw No Red Flags Even as It Made Bolder Bets - Series -
The bank’s downfall was years in the making and involved many in its hierarchy, particularly Mr. Prince and Robert E. Rubin, an influential director and senior adviser.

Citigroup insiders and analysts say that Mr. Prince and Mr. Rubin played pivotal roles in the bank’s current woes, by drafting and blessing a strategy that involved taking greater trading risks to expand its business and reap higher profits. Mr. Prince and Mr. Rubin both declined to comment for this article.

-- with hindsight -- these people were the architects of this crisis.
Summers and Greenspan and Rubin were part of the Clinton administration, and Bush partly too.
citigroup  MBS  robertrubin  fed  treasury  billclinton  administration  history  housing  bubble  architect  bailout  CDO  housemarket  barackobama  larrysummers  timgeithner  alangreenspan 
december 2009 by asterisk2a
Business Management US - Citigroup Decline - Financial Services Technology US
A decade after it changed the financial landscape, Citigroup is falling apart. BM traces the decline of a banking giant.
citigroup  history  recession  creditcrunch 
october 2009 by asterisk2a
Can Meredith Whitney Leverage Her Prediction of the Banking Meltdown? -- New York Magazine
While working at Oppenheimer, Whitney became famous for issuing an October 2007 research report that said Citigroup would have to raise $30 billion by cutting its dividend or selling assets in order to survive. The subprime-mortgage market had already fallen apart, but the bankruptcy of Lehman Brothers and the paralysis of the financial system were then still practically unimaginable. The thought that Citigroup might be insolvent seemed absurd. The day after Whitney put out her report, though, Citigroup shares plummeted. The company’s CEO, Chuck Prince, resigned a few days later, and the bank spiraled down.
citigroup  finance  MeredithWhitney  NourielRoubini  nassimtaleb 
august 2009 by asterisk2a
Op-Ed Columnist - Rewarding Bad Actors -
The stock market is supposed to allocate capital to its most productive uses, for example by helping companies with good ideas raise money. But it’s hard to see how traders who place their orders one-thirtieth of a second faster than anyone else do anything to improve that social function.
investment  banking  goldmansachs  speculation  Trading  wallstreet  highfrequencyorders  high-volume  citigroup  financial  market 
august 2009 by asterisk2a

related tags

1%  Abacus  accountability  accounting  administration  advice  aig  alangreenspan  analysis  Angelo  anti-trust  antitrust  aol  architect  August  BaFin  bailout  balancesheet  bank  banker  banking  bankofamerica  banks  barackobama  barclays  barneyfrank  barofsky  BBA  bearstearns  benbernanke  billclinton  boa  BobRubin  BOE  bofa  bonus  bonuses  bookvalue  broker  bubble  campaign  capitalism  Career  CarlosSlim  CDO  CDS  CFPA  CFTC  citibank  citigroup  citygroup  confidence  conflict  consent  Consumer  ConsumerFinanceProtectionAgency  corporate  corruption  coruption  counterpartyrisk  CountrywideFinancial  creditcrunch  creditsuiss  crime  crisis  crony  debt  default  derivatives  deutschebank  diligence  disclosure  doctor  documentation  DOJ  door  dotcom  due  economic  economy  equities  Eric  EURIBOR  Europe  exposure  faith  fanniemae  FAQ  FDIC  fed  FHDA  FHFA  finacials  finance  financial  financialcrisis  FinancialCrisisInquiryCommission  financialmarket  Finra  fraud  freddiemac  FSA  Funding  GFC  goldmansachs  government  greatrecession  Greed  high-volume  highfrequencyorders  history  Holder  housemarket  housing  HSBC  incentive  injustice  interbank  investigation  investment  JamieDimon  jimrogers  JohnPaulson  JosephStiglitz  jpmorgan  Justice  larrysummers  law  lawyer  lehmanbrothers  lending  libor  liquidity  literacy  LloydBlankfein  Loan  lobby  Lobbying  lobbyist  LTCM  Magnetar  manufactured  market  MBS  MeredithWhitney  merrylllynch  Mexico  miconduct  misconduct  misleading  misrepresentation  misselling  moody's  morganstanley  mortage  mortgage  Mozilo  nassimtaleb  NINJA  No  non-performing  NourielRoubini  NPL  oligarchy  overnight  Party  PIIGS  plutocracy  Politicians  politics  ponzischeme  Positioning  PR  practice  presidency  prosecution  Protection  RahmEmanuel  recession  reform  regulation  report  Representation  revolving  Rich  rigging  robertrubin  scandal  SEC  securities-fraud  settelment  SFO  shadowbanking  solvency  sovereign  speculation  spin  subpoena  subprime  subsidizing  Super  system  systemicrisk  tarp  timberwolf  timewarner  timgeithner  toobigtofail  toxicassets  Trading  transparency  treasury  trust  UBS  UK  usa  violation  wachovia  wallstreet  Washington  wellsfargo  Whistleblower  white-collar 

Copy this bookmark: