financial crisis

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JPMorgan Covered Up Bad Loans, Emails Show

Lawsuit alleges that firms smoothed over analysis to boost profit

(Newser) - JPMorgan Chase papered over or ignored analysis showing that the loans it was pumping into the financial system were "defective," according to emails and other documents filed as part of a lawsuit against the company. In September 2006, an outside assessment found that "nearly half the sample...

Why Aren't We Prosecuting Singing S&P Fraudsters?

William Greider wonders if this is Obama's Watergate

(Newser) - The Justice Department's lawsuit against Standard and Poor's looks pretty damning. According to the suit, S&P knew its ratings on mortgage bonds were too loose, proposed upgrading them in 2004—and then decided not to because it would hurt the bottom line, Fortune explains. The suit makes...

Pope: It's Time to Fix the Wealth Gap

Also calls for end to Syria violence in New Year's address

(Newser) - Pope Benedict XVI used his New Year's speech today to urge world leaders to address the growing wealth gap between rich and poor, the AP reports. And he got quite technical in his calling for that. As reported by Bloomberg :
  • "If the differential index between financial rates represents
...

Feds Sue JPMorgan Over Bear Stearns Shenanigans

Meanwhile, Morgan Stanley fined for Facebook IPO irregularities

(Newser) - JPMorgan is staring down a lawsuit over Bear Stearns' alleged mortgage-backed securities misconduct. The National Credit Union Administration, the federal regulator that oversees credit unions, has sued the big bank, alleging that Bear Stearns misled the credit unions it sold $3.6 billion in securities to, causing many to collapse,...

Educated Americans Have Most Debt
 Educated Americans 
 Have More Debt 
 Woes 
studies say

Educated Americans Have More Debt Woes

They 'thought they were immune' to the financial crisis

(Newser) - Think highly educated Americans came out better in the 2008 financial crash? According to two new studies , those with college degrees actually took on more unmanageable debt than other Americans, reports Time . "People with college educations may have thought they were immune to any economic problems," says Sherman...

Despite Rising Dow, People Still Scared of Stocks

'I think we've lost another generation'

(Newser) - Stocks have reached new heights lately, but it's been a lonely climb. A host of investors have soured on the market, pulling a net $138 billion out of it since March 2009, the Wall Street Journal reports. That makes it the first time since 1981 that stock investment has...

Banker Busted for Role in Financial Crisis

Ex-Credit Suisse exec faces extradition to US

(Newser) - A former Credit Suisse banker accused of contributing to the 2008 financial crisis in an effort to boost his bonus has been arrested in Britain and faces extradition to the US. Kareem Serageldin, who was arrested outside the US Embassy in London, allegedly inflated the values of mortgage-backed securities as...

Goldman Mortgage Class-Action Suit Revived

Ruling a victory for investors who say they were misled

(Newser) - Goldman Sachs won't be charged for its role in the financial crisis , but it still faces plenty of lawsuits from clients it's accused of criminally misleading —and the list just got longer. A federal appeals court has decided to revive a class-action suit over mortgage-backed securities, and...

Let&#39;s Grade Obama&#39;s First Term

 Let's Grade 
 Obama's 
 First Term 
Nicholas Kristof

Let's Grade Obama's First Term

Nicholas Kristof rates most of his policies a 'B', but an 'F' in explaining them

(Newser) - Democrats are currently busy praising President Obama to the heavens, while Republicans are heaping scorn upon him. Nicholas Kristof thinks both sides are being over the top, and in today's New York Times , he grades the president thusly:
  • The economyB. When Obama took office, the US economy was
...

Goldman Won't Be Charged Over Financial Crisis

Not enough evidence to pursue fraud cases, feds decide

(Newser) - Looks like Goldman Sachs is off the hook for its role in the financial crisis. The Justice Department and Securities Exchange Commission have ended two investigations into the bank's role in the crisis, concluding that "there is not a viable basis to bring a criminal prosecution with respect...

Greece Caves, Agrees to Full Austerity

Under creditor threats, Athens to find $1.8B more in cuts

(Newser) - Greece blinked today: In a showdown with creditors, the crisis-wracked country agreed to find the final $1.85 billion needed to reach the $14.2 billion in cuts required to get desperately needed aid money in September, reports Reuters . Greece had been asking for more time, but fed-up German and...

Spain: Yep, We Need a Bailout

Eurozone minsters offer up to $125B for 'bailout lite'

(Newser) - Spain made it official today: The nation's beleaguered banking system needs a cash infusion from the European Union, the Wall Street Journal reports. Finance Minister Luis de Guindos named no price, saying two independent firms will dig through the country's banks and formulate a number. But in a...

Fed Will Help If Economy Craters: Bernanke

But it's unclear what action it would take

(Newser) - The Federal Reserve is prepared to take further steps to lift the economy if it weakens, Ben Bernanke said today—but he didn't signal any imminent action in testimony before a congressional panel. Bernanke said the European debt crisis poses significant risks to US financial markets. He noted that...

BofA Hid Merrill Losses Before Purchase

3 years after meltdown, shareholder lawsuit pries out info

(Newser) - More than three years after Bank of America's $50 billion takeover of Merrill Lynch went horribly awry , leading to a second mammoth taxpayer bailout of $20 billion, a shareholder lawsuit against the bank is finally producing details about who knew what and when, reports the New York Times . BofA...

JPMorgan CEO Dimon: We Were &#39;Dead Wrong&#39;
 JPMorgan 
 CEO Dimon: 
 We Were 
 'Dead Wrong' 

SUNDAY TALK SHOWS

JPMorgan CEO Dimon: We Were 'Dead Wrong'

Jamie Dimon apologizes for bank's 'stupid' behavior in $2B loss

(Newser) - Remember that endless line of Wall Street's elite giving their mea culpas over the financial crisis? Neither do we. But JPMorgan CEO Jamie Dimon today got on national television to apologize in no uncertain terms for his company's "egregious mistake" in losing $2 billion in six weeks...

Watchdog: TARP Profit Is &#39;Misconception&#39;
 Watchdog: 
 TARP Profit Is 
 'Misconception' 
SMALL BANKS STILL STRUGGLE

Watchdog: TARP Profit Is 'Misconception'

Hundreds of small banks struggling to repay loans

(Newser) - The Treasury Department tends to give glowing reviews to the TARP bailout, but the program's inspector general has a distinctly different view. "It is a widely held misconception that TARP will make a profit," writes Christy Romero in a new report to Congress, according to the Huffington...

Iceland's Ex-PM Guilty on 1 Count in Banking Crisis

Geir Haarde cleared on four other charges

(Newser) - A special court today found a former Iceland prime minister guilty of one charge related to the nation's banking crisis but cleared him of four other charges. Geir Haarde will face no punishment, and the state will pay his expenses in defending the case. Haarde, who led the government...

JPMorgan Pays $20M Slap on Wrist Over Lehman

Regulators fine it $20M for improper lending

(Newser) - Federal regulators have filed their first action related to the momentous, crisis-sparking collapse of Lehman Brothers, but it won't amount to much. The Commodity Futures Trading Commission today filed a civil case against JPMorgan Chase, accusing it of overextending credit to Lehman, the New York Times reports. But JPMorgan...

EU Signs New Fiscal Treaty
EU Signs New Fiscal Treaty 

EU Signs New Fiscal Treaty

It's an attempt to prevent euro countries from running up huge debts

(Newser) - The leaders of 25 European states today signed a new treaty designed to prevent the 17 euro countries from living beyond their means and prevent a repeat of the currency union's crippling debt crisis. The leaders hope the accord, known as the fiscal compact, will also lead the way...

Eurozone Economy Shrinks
 Eurozone Economy Shrinks 

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just...

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