Itâ€™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 are also trying to dodge the bad PR when huge bonuses are awarded … [Read more...] about Why is Citigroup still in business?
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 and … [Read more...] about 41 Charged as Mortgage Fraud Hits Condos & Suburbs
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 fact, it's in all good illusion handbooks. Misdirection, getting the audience to look in one … [Read more...] about Abracadabra Obama
â€œThis is the tale of two companies,â€ 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. â€œCountrywide portrayed itself as underwriting mainly prime quality mortgages … [Read more...] about The Tale of Two Countrywides & Maybe Bank of America
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 ripoff shops who … [Read more...] about California trys to deter loan modification and foreclosure rescue scams