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HomeDid Wall Street Violate the Racketeering Act…AGAIN??!!
Posted by Larry Doyle on April 29th, 2011 11:46 AM |
Earlier this month I inquired Did Wall Street Violate the Racketeering Act? in regard to the rampant abuses centered on Wall Street institutions involved in the mortgage foreclosure travesty. That commentary written on April 4th generated the strongest and most vocal reaction to any commentary I have written since the inception of Sense on Cents in January 2009. (I encourage you to scan the comments to that article to gain a sense of the pain and anguish felt by so many in our nation today!)
Today I repeat the question.
“Did Wall Street Violate the Racketeering Act …Again??” in regard to the pricing and potential manipulation of the credit derivatives market? Why has Wall Street fought the legislative and regulatory proposals to bring greater transparency into this corner of the casino? Why does Wall Street want to maintain its hegemony over the cash cow known as ‘credit derivatives’? Let’s navigate across the pond and review a probe of Wall Street’s CDS business by the EU. The European Union put out this official press release this morning: (more…)
Tags: abusing a dominant position on Wall Street, antitrust investigations on Wall Street, Bank of America's CDS business, Barclays CDS business, BNP Paribas CDS business, CDS, CDS bank dealers, Citigroup CDS business, collusion on Wall Street, Commerzbank CDS business, controlling financial information on Wall Street, Credit Agricole CDS business, credit derivatives manipulation, Credit Suisse First Boston CDS business, Deutsche Bank CDS business, did Wall Street violate the racketeering act, EU press release April 29 2011, Europa site, Europa website, Goldman Sachs CDS business, how does Markit work, HSBC CDS business, is Wall Street on the up and up, JP Morgan CDS business, lack of transparency on Wall Street, market manipulation, Markit, Morgan Stanley CDS business, mortgage foreclosure abuses, organized activity on Wall Street, practices to the detriment of competitors on Wall Street, price controls on Wall Street, RBS CDS business, Royal bank of Scotland CDS business, Societe Generale CDS business, transparency in derivatives business, UBS CDS business, Wall Street racketeering, Wall Street's CDS business, Wells Fargo CDS business, what is hegemony, what is Markit, what is RICO Act
Posted in Credit Derivative Swaps, derivatives, General | 8 Comments »
“WAMU Loan Fraud Should Have Been Easily Detected”
Posted by Larry Doyle on April 14th, 2011 10:16 AM |
I have long believed and written extensively that I thought our nation experienced extensive fraud in the mortgage origination industry in the first decade of this century. That fraud was then conveyed throughout our markets and economy via the securitization process on Wall Street. Many people, divisions, departments and firms profited along the way while regulators were negligent, incompetent, or both.
While only a select few individuals in the mortgage origination industry have paid any type of price for engaging and promoting this fraud, our nation as a whole has paid a very heavy and steep price. I find this reality to be reprehensible and hold our nation’s banking regulators in contempt for allowing this gross injustice to transpire. Even to this day the banks and mortgage servicers involved in the initial fraud and having engaged in ongoing abusive business practices are poised to get a slap on the wrist and little more for their practices. (more…)
Tags: bank settlements, Barry Kaplan and Kerry Killinger, FDIC and WAMU, Kerry Killinger, loan fraud, mortgage fraud, mortgage servicers, Office of Thrift Supervision, OTS negligence with WAMU, Wall Street racketeering, Wall Street securitization process, WAMU Hawaii Trips Drove Risk as Regulator Failed, WAMU loan fraud, Washington Mutual mortgage fraud
Posted in General | 8 Comments »
