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Britain Slaps Goldman Sachs With $27 Million Fine
By Theunis Bates - AOL NewsLONDON (Sept. 9) -- Britain's financial watchdog this morning slapped Goldman Sachs with a $27 million fine, after the Wall Street giant failed to tell the regulator that it was under investigation for fraud in the U.S. The penalty -- the second-largest ever issued by Britain's Financial Services Authority -- is yet another blow to the bank's reputation, after Goldman agreed in July to pay a $550 million fine to settle fraud charges with the U.S. Securities and Exchange Commission. Goldman had been accused of failing to disclose "vital information" when it marketed bundled subprime mortgage ...
Goldman Sachs Fraud Case Settlement Q&A
By Theunis Bates - AOL News(July 16) -- Here's the lowdown on the biggest fine ever handed to a bank -- $550 million against Goldman Sachs -- by finance watchdog the Securities and Exchange Commission: What Did Goldman Do Wrong? In April, the SEC charged Goldman with failing to disclose "vital information" when it marketed bundled subprime mortgage investments -- packaged into a vehicle called Abacus -- in 2007. The regulator said the bank should have told buyers the securities had been handpicked by one of the world's largest hedge funds, Paulson & Co, which was betting that the value of the bundle would fall. When ...
Bernanke Demands Bank Exec Lie to His Shareholders
By Dave - Politics DailyFrom the Wall Street Journal, this morning, a shocking revelation. At least this is shocking to me, something I thought would be impossible. The setup is this, Bank of America as part of something called a "Material Adverse Clause" needed to tell their shareholders that merging with Merrill Lynch would damage Bank of America and cause a loss. Anyway this is from testimony from Bank of America CEO Ken Lewis before the New York Attorney General as part of an investigation: Mr. Lewis: I remember, for some reason, we wanted to follow up and see if any progress -- as I recall, we actually, had not ...
Public Suppot for Bailouts Nonexistent
By Dave - Politics DailyRasmussen ReportsLooking back, 59% of voters nationwide believe the federal bailouts for banks and other financial institutions were a bad idea. The latest Rasmussen Reports national telephone survey found that just 26% think they were a good idea.The numbers are similar for the bailout loans given to General Motors and Chrysler: 60% say they were a bad idea, and just 26% hold the opposite view.Public opposition to the bailouts has been strong right from the start. In September, right after Lehman Brothers collapsed, just seven percent (7%) of voters thought the federal government should use ...
Fed Resuce of Mortgage Giants Planned
By Mark Impomeni - Politics DailyThe Federal Reserve and the Treasury Department announced plans today to throw troubled mortgage giants Fannie Mae and Freddie Mac a lifeline, granting the Federal Reserve Bank of New York authority to lend money to the companies for the first time. The companies were created by the federal government to broaden access to home ownership. Both have since transitioned from government owned to privately owned companies. Together, they hold or guarantee $5.3 trillion in mortgage debt, nearly half of the outstanding mortgages in the United States. A loan backed by either Fannie or Freddie ...
Oil Price Drops on China's Subsidy Cut
By Mark Impomeni - Politics DailyThe Chinese government announced today that it is cutting subsides on gas and diesel in the world's most populous nation, raising fuel prices between 16 and 18 percent overnight. The decision by the communist regime is intended to slow China's growing demand for oil and ease economic pressure on the central government, which like other world governments, was struggling to maintain the oil subsidies in the face of record prices, record demand, and growing consumption. The world price for a barrel of crude immediately dropped $4 on news of the move.The Bush Administration had joined other ...
Fed Chief Foresees Slower Growth
By Mark Impomeni - Politics DailyFederal Reserve Chief Ben Bernacke and Treasury Secretary Henry Paulson testified before the Senate Banking Committee yesterday and told the panel that the economy is likely to continue to grow slowly through the first two quarters of the year. Bernacke told Senators that the Federal reserve was considering more interest rate reductions to try and stave off further slowing of the nation's economy; and that he was expecting the economy to rebound in the second half of the year as a result."My baseline outlook involves a period of sluggish growth, followed by a somewhat stronger pace of growth ...
Program Seeks to Delay Foreclosures
By Mark Impomeni - Politics DailyYesterday, the Bush Administration announced a new program forged in conjunction with the nation's six largest mortgage lenders that aims to prevent foreclosures by allowing homeowners and lenders 30 days to work out new contract terms or alternate financing. Dubbed "Project Lifeline," the program will be available to all homeowners, not just those who have taken out sub-prime, or adjustable rate, loans. Owners of vacation or investment homes, those who have already filed for bankruptcy, or who have been given a foreclosure date within 30 days, will not qualify for the temporary delay under ...
New Sanctions Aimed at Nuke Program
By Mark Impomeni - Politics DailyThe Bush Administration announced new targeted sanctions on elements of Iran's banking and military sectors, as well as some key individuals that the White House believes enable Iran's illicit nuclear programs. Secretary of State Condoleeza Rice and Treasury Secretary Henry Paulson announced the sanctions this morning. Rice explained,"What this means is that no U.S. citizen or private organization will be allowed to engage in financial transactions with these persons and entities. In addition, any assets that these designees have under U.S. jurisdiction will be immediately frozen."This Iranian ...
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