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Posts Tagged ‘Kerry Killinger’

My Thoughts on JP Morgan’s $13 Billion Fine

Posted by Larry Doyle on October 21st, 2013 10:12 AM |

Does a $13 billion fine such as that levied against JP Morgan represent justice?

I was asked by my friends at Global Economic Intersection to weigh in on the following questions regarding this penalty seemingly so large as to be hard to fathom.

Is the reported settlement appropriate?  Sufficient?  Insufficient?
How many criminal charges would be appropriate?  None?  Operational management?  Executive management?
If you believe the action by DoJ is appropriate, has it been timely?
Should there be similar action against other banks? (more…)

“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…)

Doing Biz with Goldman Sachs = ‘Swimming with the Sharks’

Posted by Larry Doyle on April 16th, 2010 12:03 PM |

Given the breaking news of Goldman Sachs being charged with fraud, I am bumping up this story from my original posting on April 14th.

If you are swimming with sharks, you had better be careful.

I have had an extraordinary number of people visit Sense on Cents as a result of searching for information on how Goldman Sachs operates.  Although many believe Goldman’s operations to be one massive conspiracy, I would not blindly and wantonly generalize about an entire organization. By the same token, Goldman is certainly not a pack of choir boys either. (more…)

My Experience with Washington Mutual

Posted by Larry Doyle on April 13th, 2010 11:01 AM |

What really happened at Washington Mutual?

With former Washington Mutual executives facing a Senate subcommittee today, all eyes and ears in Washington are focused on the lending practices and management of this failed thrift.

Did Washington Mutual knowingly originate fraudulent loans? Did WaMu reject mandates from regulators to change lending practices? Did the regulators themselves even know what was going on at Washington Mutual? All great questions deserving full and total transparency if America is ever to fully understand what happened on Wall Street. (more…)

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