Search Results for ‘The Case For Fraud’ at The Catherine Austin Fitts Blog

Goldman is the visible target in a game of economic warfare. Who is on the other side is not clear. For want of a better term, let’s call the other party “Mr. Global.”

Mr. Global has arranged for Goldman to be “swarmed” - attacked or threatened with attack by multiple parties, including government agencies, the media and private players, including competitors. Presumably, Mr. Global has serious private and governmental intelligence capabilities and resources. However, Goldman Sachs does too.

We watched the Chairman and CEO Lloyd Blankfein yesterday confirm in testimony on the record that reform was needed, which included passing the financial services reform bill put forward in the Senate by Senator Dodd. We can presume that Mr. Global has made it clear to Goldman that unless they get on board with promoting the bill that things will not go well for them.

Continue reading ‘Goldman Whac-A-Mole’

U.S. Accuses Goldman Sachs of Fraud

Catherine and News & Commentary,

April 27, 2010 at 8:04 am

By Louise Story and Gretchen Morgenson

Goldman Sachs, which emerged relatively unscathed from the financial crisis, was accused of securities fraud in a civil suit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly devised to fail.

The move marks the first time that regulators have taken action against a Wall Street deal that helped investors capitalize on the collapse of the housing market. Goldman itself profited by betting against the very mortgage investments that it sold to its customers.

The suit also named Fabrice Tourre, a vice president at Goldman who helped create and sell the investment.

In a statement, Goldman called the S.E.C. accusations “completely unfounded in law and fact” and said the firm would “vigorously contest them and defend the firm and its reputation.”

The instrument in the S.E.C. case, called Abacus 2007-AC1, was one of 25 deals that Goldman created so the bank and select clients could bet against the housing market. Those deals, which were the subject of an article in The New York Times in December, initially protected Goldman from losses when the mortgage market disintegrated and later yielded profits for the bank.

Continue reading the article. . .

View the Complaint. . .

Catherine Austin Fitts’ Blog Commentaries

UK FSA & US FINRA Notify Goldman of Investigations 10 May 10

Thumbing Down on Blankfein 5 May 10

Feds Launch Criminal Investigation of Wall Street Giant Goldman Sachs 29 Apr 10

Goldman Whac-A-Mole 29 Apr 10

Goldman Testifies 27 Apr 10

Goldman’s CEO & Board of Directors Sued Over SEC Claims 27 Apr 10

Goldman’s E-Mails 25 Apr 10

Goldman & Mortgage Market Fraud 19 Apr 10

Jim Johnson, Goldman Sachs Director 19 Apr 10

Goldman Sachs Leaders 19 Apr 10

Goldman Director Rajat Gupta to Leave 19 Apr 10

Chart of the Day: Goldman’s $12 Billion Bloodbath 19 Apr 10

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An Updated List of Goldman Sachs Ties to the Obama Government Including Elena Kagan
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Steven G. Brant: The Death of Goldman Sachs
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Bloomberg.com (27 Apr 10)

Goldman Sachs CDO Labeled ‘Shi**y Deal’ by Montag in E-Mail
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Probe, Suit Force Goldman to Defend Actions in Crisis
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Bloomberg Businessweek (26 April 10)

Goldman Sachs complex debt products “pure intellectual masturbation”
TimesOnline (25 Apr 10)

1-Ex-VP Sues Goldman Over “Mommy Track”
Reuters (24 Mar 10)

Goldman Slapped
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UK Regulator to Investigate Goldman Sachs
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Goldman CEO to Testify Before Senate
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German Bank Severs Goldman Ties
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View the video at YouTube. . .

Goldman Earnings Beat Overshadowed By UK Probe Reuters (20 April 10)

Goldman Trader Takes Time Off; Reform Momentum Grows Reuters (20 April 10)

SEC Split on Party Lines Over Goldman Case The Wall Street Journal (20 April 10)

Senior Executives at Goldman Had a Role in Mortgage Unit The New York Times (18 April 10)

SEC Charges Against Goldman Sachs May Trigger Torrent Of Lawsuits GATA (18 April 10)

The Wells Notice in SEC and NASD Investigations SECLaw.com (April 2010)

Did Goldman And Tourre Break FINRA Regulations By Not Reporting “Fab Fabrice’s” Wells Notice Receipt? Zero Hedge (17 April 10)

For Goldman, a Bet’s Stakes Keep Growing The New York Times (17 April 10)

The Tale Of The Two Paulsons MMNews (17 April 10)

Goldman Sachs Said to Have Been Warned of SEC Suit BusinessWeek (16 April 10)

Investor Who Made Billions Is Not Target of Suit The New York Times (16 April 10)

Goldman Wins $4bn On US Sub-prime Bet TimesOnLine (14 Dec 07)

Goldman Sachs sued by SEC for Fraud Tied to CDOs Bloomberg.com (16 Apr 10)

Talk From the Pits: Goldman Sold 1,000 Large S&Ps Earlier ZeroHedge (16 Apr 10)

Goldman’s $12 Billion Bloodbath Clusterstock (16 Apr 10)

Goldman Serves One Master Better Than the Other Bloomberg (16 Apr 10)

CT Attorney General: “We are reviewing what we can do Goldman should be criminally investigated” MSNBC (16 Apr 10)

AIG: Surging on Hopes of Legal Claims Against Goldman Sachs Zero Hedge (16 Apr 10)

Sullivan & Cromwell Richard H. Klapper representing Goldman Sachs

Banks Bundled Bad Debts, Bet Against It and Won New York Times (23 Dec 09)

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Deutsche Bank, JPMorgan, UBS Are Charged With Fraud

Catherine and News & Commentary,

March 17, 2010 at 5:03 pm

By Elisa Martinuzzi and Sonia Sirletti

Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan.

Judge Simone Luerti scheduled the trial of the four firms, 11 bankers and two former city officials for May 6, Prosecutor Alfredo Robledo said after a hearing in Milan today. The banks allegedly misled the city over swaps that adjusted interest payments on 1.7 billion euros ($2.3 billion) of bonds sold in 2005.

Prosecutors across Italy are investigating banks as local and national government agencies face potential losses of 2.5 billion euros on derivatives, lawyers say. The Milan probe may also affect cases as far away as the U.S., where securities firms have faced charges for price-fixing and bid-rigging in the sale of derivatives to municipalities, though not for fraud, according to former regulator Christopher “Kit” Taylor.

Continue reading Deutsche Bank, JPMorgan, UBS Are Charged With Fraud

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Corporate Crime Data

Catherine and News & Commentary,

March 7, 2010 at 12:03 am

By Gary Null

So, here is the raw data. The next time you see the head of one of these private corporations appearing as an objective independent expert on CNBC, CNN or FOX, return to this list and see how many times his/her company has been found guilty of criminal activities. How much have they paid in fines? Then ask yourself, in good conscience: Can you believe anything someone says after having been a repeated offender of illegal activities for decades? What does it tell us about ourselves that we would trust our policy leaders and opinion makers who have been serial offenders? Finally, why, in God’s name, would we forgive corporate crime completely, only to have them commit the same act again. It is time for true reform at every level of our society.

Our data collection has found that over the past 30 years, over $430 billion has been paid to parties by Wall Street firms in over 1500 cases.

Some data highlights:

Bank of America has spent $14.9 billion to settle 15 cases alleging various charges such as securities violations and mismanagement;
Citigroup has spent over $13.9 billion to settle 12 cases alleging various charges including abusive lending practices and involvement in fraudulent activities;
Merrill Lynch has spent $12.2 billion to settle cases involving various allegations including negligence and mismanagement of funds;
Morgan Stanley has spent over $5 billion to settle 11 cases involving various allegation including failure to disclose material information to customers;
Wachovia has spent over $9.5 billion to resolve allegations including misleading investors and conflicts of interest;
UBS has spent $19.5 billion to settle 6 cases with various charges including misleading investors.