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Posts Tagged ‘mortgage fraud on Wall Street’

SEC Settles with JP Morgan/Bear Stearns: Crime Pays . . . . . . . . . . (“Why I Left Bear Stearns”) . . . . . . . . . . .

Posted by Larry Doyle on November 16th, 2012 8:29 PM |

This evening I feel the need to take a shower after having just read the most despicable settlement yet rendered by the SEC. In fact, having just read this settlement, I am embarrassed to be a citizen of a nation with such little moral fiber as to let what is a blatant criminal act go properly unpunished. This is a sad day in America. I do not write that for simple effect.

I write that because I believe a settlement this afternoon between the SEC and JP Morgan/Bear Stearns closes the door on perhaps the single most egregious criminal act I have yet come across while writing this blog. (more…)

UPDATE: Did Wall Street Violate the Racketeering Act?

Posted by Larry Doyle on May 4th, 2011 11:50 AM |

A month ago I questioned whether there was sufficient evidence of abusive and fraudulent practices in the mortgage business on Wall Street (underwriting, servicing, securitizations, etc) to make a case that the industry as a whole violated the Racketeering Act? I would not expect that our ‘leaders’ in Washington would ever think about making that case; that said, I think there is plenty of reason to believe that a very real case could be made.

What will we likely see? Perhaps a number of individual cases. We witness just such a situation today with news that the Department of Justice yesterday filed a lawsuit against Deutsche Bank for lying about the quality of loans made by a mortgage subsidiary of the German bank. (more…)






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