Looks Like SEC DESTROYED Goldman and Madoff Records

19 08 2011

WASHINGTON (MarketWatch) — The Securities and Exchange Commission may have destroyed documents and compromised enforcement cases involving activity at large banks and hedge funds during the height of the financial crisis in 2008, according to allegations made by a lawmaker on Wednesday. 

“From what I’ve seen, it looks as if the SEC might have sanctioned some level of case-related document destruction,” said Sen. Chuck Grassley, Republican of Iowa, in a letter to the agency’s chairman, Mary Schapiro.

“It doesn’t make sense that an agency responsible for investigations would want to get rid of potential evidence. If these charges are true, the agency needs to explain why it destroyed documents, how many documents it destroyed over what timeframe, and to what extent its actions were consistent with the law.”

Agency staff “destroyed over 9,000 files” [!!!]  related to preliminary agency investigations, according to a letter sent in July to Grassley, the top Republican on the Senate Judiciary Committee, and obtained by MarketWatch. . .  (more)

http://www.marketwatch.com/story/sec-may-have-destroyed-documents-senator-says-2011-08-17

dum-dee-dum-dum ….





Goldman subpoenaed by Manhattan DA [!!!!]

2 06 2011

By Alistair Barr

SAN FRANCISCO (MarketWatch) — Goldman Sachs Group received a subpoena from the Manhattan District Attorney seeking information about the investment bank’s activities heading into the global financial crisis, according to a published report Thursday. . . .

[cut to the chase:] . . . .  The information request from the office of Manhattan District Attorney Cyrus Vance Jr. relates to the U.S. Senate’s Permanent Subcommittee on Investigations report on Wall Street’s role in the housing market collapse, which accused Goldman of misleading buyers of mortgage-related securities known as collateralized debt obligations, or CDOs, Bloomberg reported Thursday. . .  (more)

http://www.marketwatch.com/story/goldman-subpoenaed-by-manhattan-da-report-2011-06-02-12040

 

SEE ALSO:  Goldman Is Now A Bigger Credit Risk Than Citigroup

and read the Wall Street tell-all by Catherine Austin Fitts -

Dillon Read Co. Inc & the Aristocracy of Stock Profits.




Greece to probe U.S. banks

19 05 2010

Well, hell — at least someone is doing it! – F.C.

(Reuters) – Greece may investigate U.S. investment banks and their role in the run-up to the Greek debt crisis which has shaken faith in euro zone economies, Prime Minister George Papandreou said in comments broadcast on Sunday.

Wall Street and major banks around the world are attracting scrutiny from regulators who are looking at transactions that occurred in the run-up to the subprime mortgage meltdown and financial crisis….(more)

http://www.reuters.com/article/idUSTRE64F0Y020100516





“Wall Streets is headed toward international pariah status”

11 03 2010

Michael Collins writes -

 Wall Streets is headed toward international pariah status thanks to two recent actions by the European Union (EU).

On Tuesday, the EU announced that it was banning Wall Street banks from the lucrative government bond business in Europe. They didn’t express official concern or fire off a warning shot. They simply banned Wall Street from financing government bond deals like the one Goldman Sachs sold to Greece. The Guardian pointed out that Wall Street bond business from European governments has gone down over the last two years. Now the business is gone period. In effect, the EU has labeled Wall Streets business tactics as too dangerous for their governments to handle.

Then on Wednesday, the President of the European Commission said that the EU was considering a ban on government debt speculation through Credit Default Swaps (CDS) President José Manuel Barroso announced that, “the Commission will examine closely the relevance of banning purely speculative naked sales on Credit Default Swaps of sovereign debt.” While not an outright ban, the threat of banning CDS on national debt would be a major loss for the world’s financial speculators, particularly those in the United States and Great Britain….(more)

http://www.thepeoplesvoice.org/TPV3/Voices.php/2010/03/10/economicwarfare





Obama’s Big Sellout

19 12 2009
The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway

by MATT TAIBBI, Rolling Stone Dec 09, 2009

Barack Obama ran for president as a man of the people, standing up to Wall Street as the global economy melted down in that fateful fall of 2008. He pushed a tax plan to soak the rich, ripped NAFTA for hurting the middle class and tore into John McCain for supporting a bankruptcy bill that sided with wealthy bankers “at the expense of hardworking Americans.” Obama may not have run to the left of Samuel Gompers or Cesar Chavez, but it’s not like you saw him on the campaign trail flanked by bankers from Citigroup and Goldman Sachs. What inspired supporters who pushed him to his historic win was the sense that a genuine outsider was finally breaking into an exclusive club, that walls were being torn down, that things were, for lack of a better or more specific term, changing.

Then he got elected. .  . .

. . . . . . . It started just moments after the election — and almost nobody noticed.

“Just look at the timeline of the Citigroup deal,” says one leading Democratic consultant. “Just look at it. It’s fucking amazing. Amazing! And nobody said a thing about it.”

Barack Obama was still just the president-elect when it happened, but the revolting and inexcusable $306 billion bailout that Citigroup received was the first major act of his presidency. In order to grasp the full horror of what took place, however, one needs to go back a few weeks before the actual bailout — to November 5th, 2008, the day after Obama’s election. . . .   (more)

http://www.rollingstone.com/politics/story/31234647/obamas_big_sellout/2

[ Emphasis ours. F.C. says "Econ sellout, war sellout, Copenhagen sellout, jobs sellout... we're tired o' sellouts!" Fish gotta swim!" ]