scandals

scandals

Why is Citigroup still in business?

It’s been quite a week for Citi. Tuesday it walked into a feces storm of its own making by announcing it would raise salaries by 50% to offset cuts in bonuses. To be fair to Citi, they are taking (well-deserved) crap for the entire industry on the salary issue. BofA, Morgan Stanley, UBS and others [...]

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41 Charged as Mortgage Fraud Hits Condos & Suburbs

Federal law enforcement officials recently announced charges have brought against 41 defendants in five separate cases in Chicago. The cases involve more than $48 million in fraudulently obtained mortgages for dilapidated homes in urban areas as well as deals involving million dollar condominiums in a Chicago high-rise and sprawling homes in affluent suburbs like Wheaton [...]

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Abracadabra Obama

I remember going through a phase where I wanted to learn how to do card tricks to impress my friends and members of the fairer sex.  I read several books on the subject and the number one thing to learn is to get the observer's eyes off the deck of cards.  Create a distraction.  In [...]

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The Tale of Two Countrywides & Maybe Bank of America

“This is the tale of two companies,” Robert Khuzami, Director of the Security and Exchange Commission's (SEC) Division of Enforcement explained in a public statement announcing the filing of financial fraud charges against Countrywide Financial CEO Angelo Mozilo and two other former executives. “Countrywide portrayed itself as underwriting mainly prime quality mortgages using high underwriting [...]

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California foreclosure consultants and loan modification companies must post a $100,000 bond and register with the state to legally operate, effective July 1, 2009. This according to a news release by California Attorney General Jerry Brown. The move is aimed at bringing some transparency and accountability to a cottage industry filled with scam artists and [...]

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