The Department of Justice filed a civil lawsuit against Standard and Poor's for fraud. Will the DOJ finally nail credit rating agency Standards and Poor's for slapping AAA ratings on rigged CDOs backed by mortgage toxic waste? Or will justice be just another slap on the wrist?
While the Dow hit 14,000 and Wall Street cheered, economic indicators cast a broadening dark shadow. Wall street is partying like it is March 2000. Yet Q4 GDP showed economic contraction.
This week's featured documentary is Frontline's The Untouchables. Frontline asks the fundamental question, why hasn't anyone responsible for the financial crisis gone to jail?
Will America finally get justice for crimes on Wall Street? We think not. Today, President Barack Obama named Mary Jo White to head the Securities and Exchange Commission. The White House and most of the press are touting her credentials as a former New York Southern District prosecutor. From the White House press briefing:
It is 2013, five years after the start of a recession and two and a half years after so called financial reform legislation was passed. Yet, Too Big To Fail Banks have just gotten bigger, the financial system is still at risk and most of the disaster was buried in a mountain of bail out money.
There is nothing more frightening than when those in charge of the economy miss something that was as plain as the nose on your face. Such was the situation with the Federal Reserve and the subprime mortgage crisis in 2007. The FOMC met on August 7th and claimed there was not enough evidence of a subprime problem.
When Obama nominated current White House chief of staff and former Office of Management and Budget Director Jack Lew for Treasury Secretary all the main stream press could talk about was his loopy signature.
The most incredible headline flashed across the screen, AIG is thinking of suing the Federal Government for bailing them out. This is the company at the heart of financial contagion. AIG had created derivative dominoes where if one financial institution failed, that one institutional failure would trigger credit default swaps derivatives which in turn would collapse the entire global system.
The Federal Reserve and the Office of the Comptroller of the Currency are cutting an $8.5 billion deal against ten of the largest banks for their systematic foreclosure and loan modifications abuse which resulted in millions losing their homes. From the settlement press release.
There is nothing more frightening than when those in charge of the economy miss something that was as plain as the nose on your face. Such was the situation with the Federal Reserve and the subprime mortgage crisis in 2007. The FOMC met on August 7th and claimed there was not enough evidence of a subprime problem.
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop. 
When Obama nominated current White House chief of staff and former Office of Management and Budget Director 
The most incredible headline flashed across the screen, 
The Federal Reserve and the Office of the Comptroller of the Currency are cutting an $8.5 billion deal against ten of the largest banks for their systematic foreclosure and loan modifications abuse which resulted in millions losing their homes. From the settlement
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