Posts Tagged ‘Richard Bowen’
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 September 23rd, 2013 10:02 AM |
I thank the many devoted readers of Sense on Cents who made sure I was aware of a riveting, must-read article in yesterday’s New York Times written by Bill Cohan, a Wall Street-Washington critic without peer.
Cohan writes of the travails of Richard Bowen, former whistleblower at Citigroup, who ran headlong into the fortress manned by Robert Rubin and friends. Bowen was a Citi employee who blew the whistle regarding the preponderance of defective mortgages running through the Citi pipeline.
He brought the knowledge of this activity to the highest perch within the bank including the attention of Robert Rubin. How was he treated? With what most would define as ‘the silent treatment.’ Once silenced, he was then subsequently shown the door.
While Bowen was pushed out of Citigroup back in 2009, he has not been silenced since then. (more…)
Tags: Bill Cohan, Cohan writes about Richard Bowen, exposing corruption, FCIC, mortgage fraud, regulatory capture, Richard Bowen, Richard Bowen Robert Rubin, Was This Whistleblower Muzzled?
Posted in Citigroup, corruption, Financial crisis inquiry commission, financial frauds, General, Mortgage Crisis, Mortgages, regulation, regulatory capture, Reputation, Robert Rubin, Wall Street Washington Incest, whistleblowers | 15 Comments »
Posted by Larry Doyle on July 28th, 2011 7:31 AM |
For those who love baseball, summer is not only a time for taking in a ballgame (like today’s matinee at Fenway Park between our beloved 1st place Boston Red Sox and the Kansas City Royals) but also for paying a visit to the Hall of Fame.
Baseball fans of all ages love to make the pilgrimage to the hallowed hall in Cooperstown, New York.
Fans of Sense on Cents are well aware that yours truly has inducted worthy and deserving recipients into both wings of our own hall here over the course of the year. Just yesterday, I inducted Muddy Water’s Carson Block into the Sense on Cents Hall of Fame.
While I take the boys to the ballpark, I hope readers, both new and old, may like to pay a visit to the Sense on Cents Halls of Fame and Shame a/o year end 2010.
I provided the following ceremonial tribute and induction at the end of last year.
Enjoy!! (more…)
Tags: Angela Canterbury, BASTA, Baupost's Seth Klarman, Ben Davies, Caroline Herson, Chris Christie, Colorado securities Commissioner Fred Joseph, David Einhorn, David Kotz, David Roche, David Rosenberg, Ed Morrow, Ed Perlmutter, Eli Broad, Ellen Segal Huvelle, Eric Rosengren, Gary Aguirre, gretchen morgenson, Harry Markopolos, james Kwak, Jason Zweig, jeb Hensarling, Joe Giannone, John Williams of SGS, john wooden, Judd Gregg, Levy Economics Institute, Liam Byrnes UK Treasury, Orin Kramer, Peter Sivere, POGO, Professor Edward J. Kane, Reverend James Meeks, Richard Bowen, Richard Durbin, Rick Davis of Consumer Metrics Institute, Ron Paul, Ron Rhoades, Ronald Holland, Russ Feingold, Ruthless by Phil Trupp, Sense on Cents, Sense on Cents Hall of Fame, Sense on Cents Hall of Shame, Simon Johnson, The Daily Bail, UK Prime Minister David Cameron
Posted in General | 2 Comments »
Posted by Larry Doyle on April 7th, 2010 3:41 PM |
Does anybody have any doubt that massive fraud within our mortgage industry played a large part in our current economic crisis? America continues to suffer from the fakers and phonies within our financial regulatory structure (including Alan Greenspan) who fail to accept responsibility for their shortcomings and the resultant frauds.
The mortgage fraud grew over time in order to feed the Wall Street machine the collateral it needed to execute a wide array of structured transactions. This need for increasing volume of mortgage originations was a critical point in one of my earliest blog posts written in November 2008, “The Wall Street Model is Broken… and Won’t Soon be Fixed!!” I wrote: (more…)
Tags: Alan Greenspan, Citigroup, Citigroup consumer lending, Citigroup Underwriter Warned of Mortgage Lapses, David Bushnell, Fannie Mae, FCIC, Financial Crisis Inquiry Commission April 7 2010, financial frauds, financial regulators, Freddie Mac, Gary Crittenden, Mortgage Crisis, mortgage fraud, mortgage originations, Mortgages, originate to distribute, private profit social loss, Richard Bowen, Richard Bowen testimony April 7 2010, Robert Rubin
Posted in Citigroup, General, Mortgage Crisis | 5 Comments »
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