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 others
seeking to recover losses. [more inside]
SEC sues Goldman Sachs for fraud
. GS has already come under fire for "betting against" financial products it was marketing, a practice that apparently helped it prosper from the real estate bubble but come out relatively unscathed. The SEC now says that one such product was designed specifically so that a Goldman business partner, Paulson & Company, could take a short position on it. Investors were apparently not advised of this fact. Goldman's stock was off more than 10% in the half hour following the announcement. [more inside]
Google Alleges That Viacom ‘Secretly Uploaded Its Content to YouTube, Even While Publicly Complaining About Its Presence There’
Zahavah Levine, chief counsel for YouTube in its litigation with Viacom, explains:
For years, Viacom continuously and secretly uploaded its content to YouTube, even while publicly complaining about its presence there. […] Viacom’s efforts to disguise its promotional use of YouTube worked so well that even its own employees could not keep track of everything it was posting or leaving up on the site. As a result, on countless occasions Viacom demanded the removal of clips that it had uploaded to YouTube, only to return later to sheepishly ask for their reinstatement. In fact, some of the very clips that Viacom is suing us over were actually uploaded by Viacom itself.
California holds a "No Hearing Hearing" on Diebold certification. "In June, over 200 people traveled to Sacramento to voice their concerns at a public hearing before a panel of advisors to the Secretary of State on voting systems. Since then, every scheduled meeting of the Voting Systems Panel has been cancelled, and now the Secretary has simply disbanded the VSP without notice, without hearings, without any type of due process."
This isn't the only jurisdiction in which Diebold is attempting to circumvent legal requirements - in North Carolina they filed for and received a broad exemption from new disclosure rules
recently passed into law. The EFF are now suing to force Diebold to comply with the law
As if that wasn't enough, an official Certification Test
(PDF) for Diebold's Optical Scan voting machines confirms an earlier threat analysis test
(PDF) that the memory cards on these machines run uncertified and arbitrary executable code, a charge that Diebold has vigorously denied
Verizon sues Covad
for creating thousands of false trouble tickets. So that's
why my DSL took so long!