Posts Tagged ‘Department of Justice’
Posted by Larry Doyle on July 14th, 2014 11:40 AM |
Running down the clock used to be a strategy employed by renowned North Carolina basketball coach Dean Smith to win many a game. College basketball ultimately employed a shot clock to keep the games going.
Perhaps the Department of Justice should also have some sort of effective ‘shot clock’ imposed upon it in certain circumstances. Why so?
Just look at the announcement today (July 14, 2014) that Citigroup is paying a $7 billion fine to settle an array of egregious practices involved in transactions the firm brought from 2003 to 2008. The WSJ offers that AG Eric Holder will provide the following details: (more…)
Tags: Citi $7 billion settlement, Citi settlement, Citi settlement with DOJ, Citigroup settlement, Corbat, Department of Justice, financial regulators, in bed with Wall Street, Richard Bowen, Robert Rubin, truth and justice delayed, truth and justice denied, who pays Citi settlement
Posted in Citigroup, fraud, General | 1 Comment »
Posted by Larry Doyle on July 8th, 2014 9:00 AM |
Let’s see here.
The public at large rails on those in Washington for going easy on our ‘too big to fail’ banks for a host of clearly criminal practices.
Uncle Sam — that is the SEC, other regulators, and ultimately the Department of Justice — try to talk tough and hit an array of institutions with sizable fines but little really changes.
The public continues to see through the facade and lets Uncle Sam know it.
The ‘old man’ decides he needs to really get tough and begins to mandate that institutions admit guilt as part of the settlement process. The first guilty party is Credit Suisse, then next up is BNP Paribas.
Now we awake this morning to see that Germany’s second largest lender, Commerzbank, is likely next in the crosshairs. Do you detect a pattern here? Bloomberg provides further color in reporting: (more…)
Tags: Commerzbank fines and sanctions, corrupt justice system, Department of Justice, DOJ double standard, DOJ targets foreign banks, double standard DOJ, drug trafficking money laundering at Wachovia, foreign banks targeted by DOJ, guilty pleas by banks, money laundering at Wachovia, regulatory capture, selective enforcement of justice, Wachovia money laundering in Mexico
Posted in General, Obama Administration, regulation, regulatory capture, rule of law | 3 Comments »
Posted by Larry Doyle on March 12th, 2013 8:25 AM |
In December 2011, President Obama was interviewed on 60 Minutes and had the following exchange with CBS’ Steve Kroft in regard to behaviors on Wall Street:
KROFT: One of the things that surprised me the most about this poll is that 42%, when asked who your policies favor the most, 42% said Wall Street. Only 35% said average Americans.
My suspicion is some of that may have to do with the fact that there’s not been any prosecutions, criminal prosecutions, of people on Wall Street.
And that the civil charges that have been brought have often resulted in what many people think have been slap on the wrists, fines. “Cost of doing business,” I think you called it in the Kansas speech. Are you disappointed by that? (more…)
Tags: Department of Justice, Eric Holder comment on banks, Eric Holder indicts too big to fail, holder on too big to fail, Holder on too big to prosecute, Obama on too big to fail, too big to fail, too big to jail, too big to prosecute, too big to regulate, Wall Street regulation
Posted in Bailout, Bank Failure, Banking Institutions, General, Obama Administration, too big to fail, Wall Street, Wall Street Washington Incest | 6 Comments »
Posted by Larry Doyle on April 5th, 2012 7:53 AM |
America only had to wait for a 60 Minutes expose and more than half a decade to witness our elected representatives pass a meaningful piece of legislation addressing insider trading on Capitol Hill. If those two basic facts do not speak volumes as to the quality of character of those governing our nation, then let’s navigate further.
President Obama’s signing of the STOCK Act outlawing insider trading in Washington is heralded as a major achievement. If that is the case, then we are holding the bar exceptionally low.
I will grant that our nation is better off having the STOCK Act than not, but let’s hold the applause. As a further reminder that there are two sets of standards in our nation, let’s review how ‘justice’ is defined within the realm of insider trading. (more…)
Tags: 60 Minutes expose on Stock Act, Department of Justice, Dodd-Frank Act, Federal Sentencing Guidelines, insider trading in Washington, insider trading on Capitol Hill, John Boehner insider trading, justice in STOCK Act, Nancy Pelosi insider trading, no perp walks in Washington, penalties for insider trading, penalty does not fit the crime, pension forfeiture for corrupt members in Congress, perp walks, Raj Rajaratnam, Spencer Bachus insider trading, Steve Kroft, Steve Kroft 60 Minutes, Steve Kroft insider trading November 13 2011, STOCK Act, STOCK Act justice, Stock Act penalty, Wall Street
Posted in General, insider trading | 4 Comments »
Posted by Larry Doyle on May 17th, 2011 9:30 AM |
(This commentary is a little lengthy, but not overly so. I strongly encourage you to read and ponder the details embedded here as I firmly believe America’s core principles of decency and justice are on the line. Let’s stand up for America!!)
What would be the outcry in America if a foreign government or corporation knowingly and willingly abused the personal finances of multiple tens of thousands of our fellow citizens? Imagine if that entity were a large Chinese national bank or a Russian financial conglomerate? What if it were a division of an organization involved in illicit activities or even worse?
Do you think the United States government would intervene very aggressively on behalf of our fellow brethren? Might the media be up in arms with headline stories on a daily basis? Would the personal assaults precipitate an international trade embargo or a discontinuation of diplomatic relations? Does this sound like the stuff of a Harrison Ford virtuoso performance? Even better, this must be the plot to the next James Bond thriller, right? (more…)
Tags: A Low Bid for Fixing a Big Mess, abusive financial practices, abusive mortgage servicing practices, Bank of America Brian Moynihan, Citigroup Vikram Pandit, Congressional hearings on mortgage foreclosure abuses, defending America's principles, Department of Justice, disclosure and discovery of Wall Street's mortgage practices, GMAC Michael Carpenter, gretchen morgenson, Harrison Ford performance, how much will Wall Street pay for mortgage servicing abuses, James Bond flicks, JP Morgan Jamie Dimon, Mortgage Crisis, mortgage foreclosure, mortgage foreclosure abusive, mortgage servicing practices, our nation's principles of decency and justice, problems ion mortgage servicing, RICO Act, robo-signing, Sense on Cents, United States bankruptcy system, United States Trustee Program, Wall Street abusive practices, Wall Street fine for mortgage servicing abuses, Wells Fargo John Stumpf, who is Clifford J. White III
Posted in General, mohamed el-erian, monetary policy, money, Money Market Funds | 9 Comments »
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Holder Refutes Obama with “Indictment” of TBTF
Posted by Larry Doyle on March 12th, 2013 8:25 AM |
Tags: Department of Justice, Eric Holder comment on banks, Eric Holder indicts too big to fail, holder on too big to fail, Holder on too big to prosecute, Obama on too big to fail, too big to fail, too big to jail, too big to prosecute, too big to regulate, Wall Street regulation
Posted in Bailout, Bank Failure, Banking Institutions, General, Obama Administration, too big to fail, Wall Street, Wall Street Washington Incest | 6 Comments »