• brian moynihan


    Everybody Will Always Be Suing BofA Over Mortgages

    These lawsuits against Bank of America are pretty lame, aren’t they? The SEC and Department of Justice each sued BofA yesterday for fraud in a 2008 prime jumbo mortgage securitization but it doesn’t really feel like fraud. The guns are smoke-free. The DoJ gets itself all excited because someone proposed including some bad mortgages in […]

    / Aug 7, 2013 at 9:40 AM
  • Is that image behind him a raised middle finger? That'd be an appropriate logo for SALT actually.


    SAC’s Rigorous Compliance Program Focused On Coming Up With Euphemisms For Insider Trading

    One hopes “black edge” wasn’t on the list. Anyway today’s indictment against SAC, for wire fraud and securities fraud, is a hoot: For example, on or about July 29, 2009, a recently hired SAC PM (the “New PM”) sent an instant message to [Steve Cohen] and relayed that, due to some “recent research,” the New […]

    / Jul 25, 2013 at 11:14 AM
  • I can't even any more


    Judge Doesn’t Believe S&P That No One Believed In Its Ratings

    The judge hearing the Justice Department’s CDO-rating lawsuit against S&P refused to dismiss it yesterday, rejecting S&P’s much-mocked theory that its pre-crisis claims of independence and objectivity and, like, plausible ratings were just “puffery” that no one should have taken seriously. Here is the story, and here is his opinion, and here is a rhetorical […]

    / Jul 17, 2013 at 5:06 PM


    Controversial New Theory: S&P Got A Few Ratings Wrong

    One day – one day soon – the Justice Department will sue S&P for mis-rating a bunch of CDOs, and when that happens let’s all read the complaint and then meet back here to discuss it, okay? [update!] In the meantime we have S&P’s preemptive denial: A DOJ lawsuit would be entirely without factual or […]

    / Feb 4, 2013 at 5:10 PM
  • Financial violations, hurtling.


    Sometimes UBS Traders Manipulated Libor Just To Mess With Each Other

    The last of the UBS Libor settlements to come out was the U.S. one and it has some of the best quotes. There’s the yen swaps trader who said “I live and die by these libors, even dream about them.” There’s … I mean, there is the life and career of Bart Chilton, in toto; […]

    / Dec 19, 2012 at 3:50 PM
  • John Stumpf is, like, in the stagecoach or whatever.

    Banks, News

    Wells Fargo Managed To Sell Bad Mortgages Without Sending Embarrassing Obscenity-Filled Emails About It

    Ooh so Wells Fargo screwed the government out of hundreds of millions of dollars of mortgage insurance by fraudulent underwriting, allegedly. We’ve all heard big-bank mortgage fraud stories by now and they’re usually pretty juicy and smoking-gun-tastic: “shit breathers,” etc. And the government claims that WFC submitted somewhere between 6,000 and 50,000 bad loans, while […]

    / Oct 9, 2012 at 7:19 PM

Our Sites

  • Above the Law
  • How Appealing
  • ATL Redline
  • Breaking Defense
  • Breaking Energy
  • Breaking Gov
  • Dealbreaker
  • Fashonista