In a case that should resonate with the protesters down in Zuccotti Park, three San Francisco bank officials have been charged with fraud after receiving nearly $300 million in federal bail out money during the Bush era financial crisis. United Commercial Bank CEO Thomas Wu, along with vice ... More >>
News item: "U.S. Government Unveils New Design for the $100 Note." The U.S. Treasury announced today a redesigned $100 bill, aimed at stopping counterfeiters. We have our own suggested redesign, replacing Ben Franklin with Goldman Sachs CEO Lloyd Blankfein.
State attorney general Andrew Cuomo this morning reached to take the first post-TARP scalp, accusing former Bank of America CEO Ken Lewis of pulling a massive fraud on both taxpayers and shareholders. "Egregious and reprehensible" were two of the kinder words Cuomo used in unveiling a civil lawsuit ... More >>
Suits on Wall Street can use a little pillow love
The financial crisis has nearly exhausted our sense of outrage. When we first heard about the ridiculous bonuses Merrill Lynch paid out just before it collapsed into the arms of Bank of America -- which, as BoA is TARP-funded, amounted to a bailout -- we were shocked and angry, but now we just go ... More >>
The saga of the $4 billion in bonuses paid to collapsed Merrill Lynch just got funnier for everyone except the people who received the money. Having subpoenaed ousted Merrill Lynch CEO John Thain (and the head of Bank of America, which took the firm over) about the bonuses, AG Andrew Cuomo is said t ... More >>
The FDIC's work on IndyMac, which it seized in July, has not been in vain! Today it announced that it will sell the troubled lender to IMB HoldCo LLC, a consortium including honchos of Paulson & Co, Dune Capital, and other financial companies, and buyout specialist J. Christopher Flowers. Former Mer ... More >>