TARP is winding down...bring on the lawsuits. Within the next week, the US government is set to sue a dozen banks for billions in losses caused by those banks' misrepresenting the risks of mortgage-backed securities. This is in addition to numerous State Attorneys General suing the banks for failing to reach an agreement in foreclosure abuses. Insurance giant AIG will also be suing BofA to recoup losses over the mortgage bonds. BofA had also agreed to a settlement of $8.5 billion to cover losses from soured mortgage debt issued through Countrywide. Deutsche Bank is suing WaMu. Goldman Sachs already settled with the SEC for $500 million for their fraud and have been sued by othersseeking to recover losses. [more inside]
posted by darkstar on Sep 1, 2011 - 56 comments

One percent of Americans now "earn" 25% of the income. Many of them have grown their wealth through criminal exploitation. Roger Ebert asks the burning question: why aren't more people outraged?
posted by rhombus on May 10, 2011 - 404 comments

Couple flee after bank mistakenly gives them 10m $
posted by johannahdeschanel on May 21, 2009 - 112 comments

Another massive Ponzi scheme uncovered. Meet Sir Allen Stanford and his bank. Sir Allen stands accused of running an $8 billion fraud. Read the SEC filings here.
posted by up in the old hotel on Feb 17, 2009 - 74 comments