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HomeTaibbi on HSBC: Blood Money
Posted by Larry Doyle on February 15th, 2013 7:22 AM |
There are few writers today who hit as hard as Rolling Stones’ Matt Taibbi. That is a good thing for those who actually care about free market capitalism, let alone a sense of moral decency.
Two months ago, the European based bank HSBC was hit with a $1.9 BILLION fine for allowing — if not promoting — its operations to be used as little more than a laundromat by a host of very unsavory characters for a protracted period. Huge story, right? RIGHT!
Where are the major media outlets to dig in, unearth the dirt, clean out the residue in this laundromat, and bring the unbridled truth to the public? I will tell you where the media is: in the tank.
Leave it to Taibbi to make the contacts and expose the dirt, the grime, and the blood that was (is?) HSBC. In a Sense on Cents classic, Taibbi writes>>>>>>>>> (more…)
George Hartzman Blows Whistle on Wells Fargo’s Envision Plans
Posted by Larry Doyle on February 11th, 2013 8:55 AM |
A week ago I cautioned people on two fronts in writing about Top Ten Investor Threats and How Much Are You Really Paying for That Fund?
In serendipitous fashion, over the weekend I read about a former financial advisor at Wells Fargo who blew the whistle on his firm for not properly informing clients of investment fees embedded in one of its programs. Which one? The Wells Fargo Advisors Envision plans. Let’s navigate and see exactly what this whistleblower, George Hartzman, has to say as he writes: >>>>> (more…)
Libor Scam/Tom Hayes: Goes Much Higher Than Me
Posted by Larry Doyle on February 8th, 2013 9:04 AM |
I have long maintained that senior executives on Wall Street were very much aware of the collusive racketeering in the Libor rigging scandal. Why so? When a trader ‘makes it rain,’ that is, he is connected to a P/L that generates hundreds of millions of dollars, you better believe that the execs up the chain of command will want to know how the money is being made.
To think otherwise would display a level of naivete not found in these markets.
What evidence do we learn this morning that supports my premise that senior execs on Wall Street were aware that Libor was being manipulated? Let’s navigate as the WSJ writes about the “Rain-Man” >>>>>>>> (more…)
Uncle Sam Charges S&P with FRAUD!!!
Posted by Larry Doyle on February 6th, 2013 9:28 AM |
“Fraud,” cried the maddened thousands, and the echo answered “Fraud.”
Fans of our national pastime are likely well acquainted with the classic poem, Casey At The Bat. In that well worn tale, the patrons of the game go home with heads bowed as their power hitter, that being the mighty Casey, fails to drive home the winning runs in the bottom of the ninth.
In similar fashion but in real life, the fans of the red, white, and blue team with USA adorned across their breast are also disappointed to date as justice officials have yet to swing at pitches seemingly thrown right over the plate. To what do I refer? Financial frauds emanating on Wall Street. Although our very real game is seemingly in the late innings, mighty Sam is in the process of swinging his bat as he charges the rating agency Standard & Poors with fraud. About time right? (more…)
Sucker Born Every Minute: Top Ten Investor ‘Threats’
Posted by Larry Doyle on February 5th, 2013 8:41 AM |
“A con artist will use every trick in the book to take advantage of unsuspecting investors, including exploiting well-intended laws, in order to fatten their wallets.”
– NASAA Past-President Jack E. Herstein
“There’s a sucker born every minute.”
Although widely attributed to the 19th century showman P.T. Barnum, the above oft-referenced quote was actually delivered by Barnum’s main competitor, George Hull of Binghamton, New York. While Hull played his elaborate scam of discovering a giant back in 1869, there are no less sophisticated cons at work this very minute.
The North American Securities Administrators Association cautions investors about the following top investor threats from 2012. In true David Letterman fashion, let’s count down the Top Ten: (more…)
Taibbi: More Dirt on Mack, Samberg, & White
Posted by Larry Doyle on January 25th, 2013 1:07 PM |
While most pundits in New York, Washington, and across America are singing the praises of prospective SEC chair Mary Jo White, more dirt on her intervention on behalf of Morgan Stanley and John Mack is filtering into the marketplace.
Who writes on this topic today? Rolling Stone’s Matt Taibbi undresses Mack and his sidekick Art Samberg in truly unceremonious fashion in writing, (more…)
Barclays Libor Scandal: What is Bob Diamond Hiding?
Posted by Larry Doyle on January 25th, 2013 7:25 AM |
To think that scandalous activity of the size and scope involved in the rigging of Libor would be confined to a mere handful of traders and brokers is so ridiculous as to be laughable.
Yet, to this point, every institution connected to this racket would try to have us believe just that. Well, we can disavow that attempt to minimize the fallout of this manipulation at one bank. Which one is that? (more…)
PBS’ Frontline: Fraud Was . . . The F-Bomb”
Posted by Larry Doyle on January 22nd, 2013 7:29 PM |
I will be watching Frontline this evening on PBS as a documentary on fraud within the mortgage industry airs. This show, The Untouchables, will interview a number of mortgage due diligence underwriters.
What did they have to say? This 5-minute Frontline preview says a lot, including ….
“Fraud in the due diligence world, fraud was the F-word or the F-bomb,” said Tom Leonard. “You didn’t use that word,” (more…)
JP Morgan Mortgage Fraud: Comments and Questions
Posted by Larry Doyle on October 2nd, 2012 8:58 AM |
Is yesterday’s announcement that the New York Attorney General (on behalf of the President’s Residential Mortgage-Backed Securities working group) is suing JP Morgan for fraud in selling mortgage-backed securities during 2006 and 2007 America’s long overdue call for justice?
Here is a copy of the suit. A few comments and questions.
First off, the activity in question occurred at Bear Stearns and not JP Morgan. JPM purchased Bear in the spring of 2008. I have long believed that selected parts of the mortgage origination process on Wall Street rose to the level of a racketeering enterprise. (more…)
Sherry Hunt: A True American Hero
Posted by Larry Doyle on June 9th, 2012 9:08 AM |
“This case demonstrates that the notion that the bailed-out banks have somehow found God and have reformed their ways in the aftermath of the financial crisis is pure myth,” he says.
“Sherry is an absolutely fantastic lady who knows what she’s doing. She has a conscience. I have the highest regard for her.”
At this point in our nation’s history, America needs some real heroes.
Certainly those who had put and continue to put their lives in harm’s way for our freedom and liberty are true American heroes. What about in the world of finance, though? (more…)
