JP Morgan, Not Satisfied with Profitable WaMu Acquisition, Sues FDIC to Extract More
If you are Jamie Dimon, a good deal is apparently never good enough.
Read more...Category Archives: Legal
Law And Disorder In Spain
As in so many Western countries these days, the social, political and economic landscapes in Spain are shifting at a startling rate. In the last two weeks alone the Rajoy government has announced one draft law and passed another that threaten to radically redraw the country’s system of law and order.
Read more...401(k) Plan Abuses Finally Coming to Light
I doubt that I’m unusual in being a finance type who has heard about 401 (k) abuses and bad practices for a very long time. So it’s gratifying to see the Financial Times that something is finally being done to try to curb this behavior. But that is hardly the full extent of what is rotten in retirement fund land.
Read more...“Can Societies Be Commodities All the Way Down?”
Get a cup of coffee while you settle down to watch this video of Nancy Fraser discussing the crisis as a joint problem of ecological, financial, and social systems.
Read more...Whistleblower Describes How Private Equity Firms Flagrantly Violate SEC Broker-Dealer Requirements
Last week, Crain’s Business Daily and Fortune reported that whistleblower has provided the SEC with evidence of massive, ongoing violations of securities laws, specifically, the Securities Exchange Act of 1934, by several unnamed private equity firms.
Read more...John Coffee on the SEC’s Bogus Enforcement Math
Coffee, a highly respected securities law professor as well as a frequent critic of regulators., he takes a hard look at the SEC’s claims that its performance has improved and finds them wanting.
Read more...How Wall Street Has Turned Housing Into a Dangerous Get-Rich-Quick Scheme — Again
Over the last year and a half, Wall Street hedge funds and private equity firms have quietly amassed an unprecedented rental empire, snapping up Queen Anne Victorians in Atlanta, brick-faced bungalows in Chicago, Spanish revivals in Phoenix
Read more...Bob Goodwin: Why Code is Law
Several bellwether software initiatives have gone off the rails over the last five years. I am going to focus on one, because I learned about it on Naked Capitalism, and is where I first saw the expression “Code is Law”. I hope when history is written, this example will stand out on how the anarchist nerds that we call software engineers inadvertently started to hijack public institutions.
Read more...The Skunk Party Manifesto
The best political system that money can buy is doing a great job for its customers and a lousy job for the rest of us.
Read more...Bill Black:The Department of Justice’s Willful Blindness to the Willful Blindness of CEOs (Steve Cohen Edition)
Yves here. I’ve been loath to write about the prosecution of SAC Capital because I’ve viewed it as a misuse of scarce SEC and DoJ resources. We had a global financial crisis and they make their top priorities two hedgie insider traders, Raj Rajaratnam and Steve Cohen?
Read more...Judge Rakoff Blasts Breuer, Prosecution of Companies Rather than Individuals in Bar Speech
Absent sitting on the Supreme Court, it is difficult for a single judge to effect much change. Yet Jed Rakoff, in sending the SEC back to the woodshed in two separate cases over its failure to get factual admissions, meaning admissions of misconduct, on civil settlements of SEC cases, singlehandedly embarrassed the SEC and the Department of Justice into seeking these statements (for instance, numerous media reports indicate that the Administration wants that sort of confession as part of its pending settlement with JP Morgan).
Rakoff threw down another gauntlet in a New York Bar Association speech on Tuesday.
Read more...House Pushing Back on Trade Deal; More Detail on How Secret Arbitration Panels Undermine Laws and Regulations
Wow, this is amazing. Word has apparently gotten out even to Congressmen who can normally be lulled to sleep with the invocation of the magic phrase “free trade” that the pending Trans Pacific Partnership is toxic. But this isn’t over until the fat lady sings. So this is the time when it is REALLY important to call or e-mail your Representative and let him or her know how terrible this deal is and how firmly opposed to it you are.
Read more...Paul Seakens of Gemmax Solutions Limited Takes an Idiotic Pop at “Naked Capitalism” and “redd-monitor”
Paul Seakens of Gemmax Solutions Limited Takes an Idiotic Pop at “Naked Capitalism” and “redd-monitor”
Read more...Your Humble Blogger Discusses the Pending Trade Deals and JP Morgan on Le Show!
I really enjoy speaking with Harry Shearer, both for his engaging manner and his thorough preparation. I also hope you’ll see fit to circulate this interview, since the more attention we can bring to this plan to legalize corporate pillage, the better.
Read more...Bill Black: The U.S. Attorney Who Prosecutes JP Morgan Will Be Its First Witness
The lead investigator in the Federal prosecution against JP Morgan has said he doesn’t think it makes sense for banks to have made bad loans.
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