OBSCENITY......continues, so one wonders what is still in the pipeline with Dodd-Frank etc?
LOL....and obama and Congress is still spending $2,000,000,000. a week in Afghanistan....while Americans are losing their lives, jobs and homes in this fake economy? Obscenity!
June 21, 2011
J.P. Morgan to pay $154 mln to settle SEC charges
JPMorgan Chase has agreed to a $154 million settlement for allegedly misleading investors in mortgage-securities
"The SEC alleges that J.P. Morgan structured and marketed a synthetic collateralized debt obligation without informing investors that a hedge fund helped select the assets in the CDO portfolio and had a short position in more than half of those assets,"
The JPMorgan settlement echoes on a smaller scale the $550 million agreement Goldman Sachs Group Inc
This story is everywhere?
J.P. Morgan Chase (JPM) gaining a vault license for storing and taking delivery of gold/silver/platinum/palladium from the futures markets
seekingalpha.com
On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process. The newly licensed vault, located at 1 Chase Manhattan Plaza, NY, NY, is ready to roll as both “weighmaster” and depository, for delivery of gold, silver, platinum and palladium contracts, as of March 17, 2011,
June 3, 2010
JP Morgan in record FSA fine for risking clients' money
The Financial Services Authority (FSA) has fined JP Morgan Securities a record £33.32m ($48.2m). for failing to protect client money by segregating it appropriately. This error remained undetected for nearly seven years.
During the summer of 2008, the SEC started investigating Goldman's marketing of a certain subprime mortgage product, known as ABACUS CDO, to investors who lost over $1 billion from that transaction.
At that time, Goldman Sachs knew that the SEC was investigating its failure to disclose material information to investors in violation of SEC Rule 10b-5 in connection with that transaction. However, Goldman Sachs did not disclose the SEC's investigation in its financial reports.
SEC settlement of a lawsuit against Goldman Sachs (NYSE: GS) over a certain subprime mortgage product sold to investors misses a key issue concerning the company's duty to provide timely and transparent disclosures to its own shareholders about government subpoenas, investigations, and pending enforcement actions against the firm.
April 16, 2010, the SEC filed a surprise lawsuit against Goldman Sachs and Executive Director Fabrice Tourre alleging securities fraud in connected with the company's marketing of the ABACUS CDO to investors.
May 7, 2010
Fox Business Network reported that Goldman may enter talks with the SEC to get the regulators to back off civil fraud charges, and agree to lesser charges and a fine.
Last month, the SEC had accused Goldman of failing to tell investors the securities underlying a so-called synthetic collateralized debt obligation were chosen by a short-seller,
Goldman remains furious about being blindsided by the lawsuit filed by the SEC as the regulator did not give the firm a chance to settle,
JUNE 20, 2011, ICE Fines Goldman Sachs For Disorderly Trading In Oil Market
Jul 20, 2010
The U.S. Securities and Exchange Commission won court approval to levy a $550 million penalty against Goldman Sachs Group Inc., the largest ever against a Wall Street firm, over claims the bank misled investors in collateralized debt obligations linked to subprime mortgages.
Goldman Sachs created and sold the CDOs in 2007, as the U.S. housing market faltered
Jun 13 2011
Goldman Sachs executive Fabrice Tourre, the only individual accused in the collateralized debt obligation case that cost Goldman a $550 million settlement last year, will have to defend himself against a slimmed-down Securities and Exchange Commission lawsuit, a judge has ruled.
U.S. District Judge Barbara Jones ruled that, "by virtue of alleging Tourre was principally responsible for" ABACUS-AC-1, the $1 billion CDO at the center of the lawsuit, "and its marketing materials, the SEC sufficiently alleges that Tourre" broke the law and "knowingly, recklessly or negligently" misrepresented the CDO to clients.
May 31, 2011
The Hangover Continues: $20 Billion-Plus Robosigning Settlement?
Some government officials are pushing for a settlement of more than $20 billion. On top of that, the Justice Department is asking for another $500 million to $1 billion in penalties. Justice and the Department of Housing and Urban Development could potentially file claims for billions more. Banks had hoped to settle for $5 billion
The banks at risk of having to pay out billions to settle include the usual suspects: Bank of America (NYSE: BAC ) , JPMorgan Chase (NYSE: JPM ) , Citigroup (NYSE: C ) , and Wells Fargo (NYSE: WFC ). |
