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Senator Questions Goldman Execs' Testimony
By not in system - AOL NewsWASHINGTON -- The head of a Senate panel investigating the financial crisis is questioning the accuracy of testimony Goldman Sachs executives gave to Congress last year about whether the firm steered investors toward mortgage securities it knew would likely fail. Goldman Sachs and Co. agreed in July to pay $550 million to settle civil fraud charges over similar accusations. Douglas Graham, Roll Call / Getty Images Sen. Carl Levin and Sen. Tom Coburn arrive at the briefing on the Senate Homeland Security and Government Affairs Committee Permanent Investigations Subcommittee's new ...
Huge Insider Trading Case Features Multibillion-Dollar Deals, Wiretaps
By Betwa Sharma - AOL NewsNEW YORK -- The largest insider trading case to hit the U.S. in decades has all the elements of a highly charged courtroom drama involving powerful players on Wall Street, their secretly recorded phone conversations and deals worth billions of dollars. Federal prosecutors charge that Raj Rajaratnam made $45 million from trading on insider tips he received from friends working in the world's top business and financial circles. He faces 14 counts of conspiracy and securities fraud and denies wrongdoing. Rajaratnam, the 53-year-old founder of the Galleon Group hedge fund, has sat in court from ...
SEC's Porn-Watching Employees Earned Over $200,000 Per Year
By Steven Hoffer - AOL NewsIt's safe to say that spending eight hours of company time watching pornography would get most workers canned. Not so at the Securities and Exchange Commission, it seems. New documents regarding a 2005-10 investigation into the agency's porn-surfing employees reveal that several workers were "disciplined" for downloading erotica on their SEC-issued computers but never fired. A Freedom of Information Act request from Denver-based lawyer Kevin Evans asking the SEC to release details regarding the investigated employees has also shown that some of the distracted individuals were earning ...
Madoff to Magazine: 'Government Is a Ponzi Scheme'
By not in system - AOL NewsNEW YORK -- Wall Street swindler Bernard Madoff said in a magazine interview published Sunday that new regulatory reform enacted after the recent national financial crisis is laughable and that the federal government is a Ponzi scheme. "The whole new regulatory reform is a joke," Madoff said during a telephone interview with New York magazine in which he discussed his disdain for the financial industry and for its regulators. Timothy A. Clary, AFP / Getty Images Bernard Madoff says in an interview with New York magazine that new regulatory reform enacted after the recent national ...
Financial Crisis Report Spreads Blame Far and Wide for Meltdown
By Tom Kavanagh - Politics DailyThere's plenty of blame to spread around -- and the financial crisis was avoidable. In a nutshell, that's the conclusion of a report released Thursday by the Financial Crisis Inquiry Commission, a congressionally appointed body that explored reasons for the 2007-08 meltdown that led to the worst economic crisis since the Great Depression. From government regulators and policymakers to Wall Street's power players, the 633-page report cites a vast of array of contributors to the near-disaster, the effects of which still grip the nation. "A crisis of this magnitude cannot be the work of a few ...
Why We'll Never Have Real Wall Street Reform
By Joanne Bamberger - Politics DailyRemember all that talk of reining in Wall Street and giving the Securities and Exchange Commission more money to do its job? As part of the government's effort to prevent another economic crisis like the one that still has America in its grip, significant and striking regulatory changes were supposed to be on the horizon, thanks to the Dodd-Frank financial reform legislation that President Obama signed into law last summer. If you were counting on this sweeping reform to make your investments safer and your economic future a little more sound, you might want to think again. Significantly ...
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 ...
Goldman to Pay $550M to Settle Civil Fraud Charges
By not in system - AOL NewsWASHINGTON (July 15) -- Goldman Sachs & Co. has agreed to pay $550 million to settle civil fraud charges that the Wall Street giant misled buyers of mortgage-related investments. The settlement was announced Thursday by the Securities and Exchange Commission hours after Congress gave final approval to the stiffest restrictions on banks and Wall Street since the Great Depression. The deal calls for Goldman to pay a $535 million fine and $15 million in restitution of fees it collected. Of the total $550 million, $300 million will go to the government and $250 million goes to compensate two ...
Hundreds of Federal Agents Fall Victim to Ponzi Scheme
By Allan Lengel - AOL News(July 8) -- FBI agents are supposed to unearth scams, not become victims of them. This time is different. Some 300 retired and current federal agents -- representing the FBI, the Drug Enforcement Administration and Immigration and Customs Enforcement -- collectively invested tens of millions of dollars of retirement money in what turned out to be a Ponzi scheme allegedly run by a Florida man who committed suicide last month, an attorney in the case said. The FBI and the Securities and Exchange Commission are now investigating and trying to recover funds. "There are definitely [agents] who ...
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