Staff / TruthdigApr 16, 2010
In a move that may signal the beginning of the end of Goldman Sachs' golden era, the Securities and Exchange Commission filed a civil suit Friday against the banking behemoth, accusing the company of selling customers subprime mortgage derivatives (continued)In a move that may signal the beginning of the end of Goldman Sachs' golden era, the Securities and Exchange Commission filed a civil suit Friday against the banking behemoth. Dig deeper ( 1 Min. Read )
Staff / TruthdigSep 3, 2009
It was a sad case of too little, too late when it came to the Securities and Exchange Commission's readings of Bernie Madoff's now-collapsed house of cards. On Wednesday, the SEC released a report about Madoff's massive financial boondoggle, detailing the many moments in which chances were missed to stop the damage from spreading as far as it did. Dig deeper ( 1 Min. Read )
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Robert Scheer / TruthdigAug 12, 2009
“Was there some sort of ghost that performed these actions?” New York federal Judge Jed S. Rakoff demanded to know Monday in rejecting a deal that would let Bank of America off the hook in yet another banker bonus scandal.The average American is paying for the banking debacle not only in taxes for the bailout but with lost jobs and homes. Dig deeper ( 4 Min. Read )
Staff / TruthdigAug 4, 2009
It's baffling how $33 million can seem like a relatively small sum lately, but given that it's all that Bank of America will have to pay the SEC for failing to inform investors about the billions in bonuses the bank paid Merrill Lynch executives during B of A's acquisition of Merrill last year, it seems more like a light knuckle-rap than a full-on spanking. Dig deeper ( 1 Min. Read )
Marie Cocco / TruthdigJun 9, 2009
The public face of Congress is angry and outraged at all the bad behavior by banks, but in the other Washington, the financial industry continues to have its way. Dig deeper ( 3 Min. Read )
Staff / TruthdigMar 22, 2009
Some of them have only their homes, while others have no remaining assets and no means to earn income, but all of the former clients of Bernard Madoff (above) whose statements were made public by the government on Friday described in nightmarish terms their experiences since Madoff's fraudulent investment empire crumbled. Dig deeper ( 2 Min. Read )
Staff / TruthdigMar 14, 2009
So, CNBC hyperpundit Jim Cramer was the very picture of contrition during his cringe-tastic appearance on Thursday night's "Daily Show." But let's revisit this moment from 2006 -- when Cramer brought a much haughtier version of himself to TheStreet.com TV to discuss, among other delightful topics, how to "create a new truth to develop a fiction" whilst in "hedge-fund mode" -- shall we? Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 20, 2008
Turns out that certain employees at the Securities and Exchange Commission weren't just asleep at the wheel, as it were, when they should have been paying more attention to Bernard Madoff's worrisome investment activities. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 19, 2008
On Thursday, President-elect Barack Obama introduced three top financial appointees who will help him with the unenviable task of revamping the government's economic regulatory system and "crack[ing] down on this culture of greed and scheming that has led us to this day of reckoning,” as Obama put it. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 14, 2008
Although the full extent of the damage from broker Bernard Madoff's alleged super-swindle has yet to be determined, it's clear by now that the collapse of his vast pyramid scheme may spell utter disaster for several of his top investors -- some of whom might not know yet that they're broke. Dig deeper ( 1 Min. Read )
Staff / TruthdigDec 13, 2008
Here's yet another candidate for the expanding collection of Tales from the Dark Side of Wall Street (is there any other side?): The Wall Street Journal reported Friday that Bernard L. Madoff, a top trader for nearly five decades who has served as chairman of the Nasdaq Stock Market, was arrested this week after his sons turned him in for engineering an elaborate "Ponzi scheme." Dig deeper ( 1 Min. Read )
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