Items Tagged with 'Financial crisis'

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Department of Justice names new head of financial crisis investigations

Bill Baer taking over for departing Stuart Delery
As expected, the Department of Justice named Bill Baer as the replacement for the departing Stuart Delery. As Acting Associate Attorney General, Baer will be the third in command at the Department of Justice and leader of the DOJ’s investigations into the conduct of banks during the financial crisis.
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Leader of Justice Department's financial crisis investigations stepping down

Acting Associate Attorney General Stuart Delery leaving for private sector
Stuart Delery, the third in command at the Department of Justice and leader of the DOJ’s investigations into the conduct of banks during the financial crisis, is stepping down. In his time as the lead of the DOJ’s Civil Division, Delery oversaw massive settlements with several financial institutions for their business practices during the financial crisis, including a $601 million settlement with HSBC.
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Fed's Kashkari: Time to end 'too big to fail'

Former overseer of TARP bailout suggests breaking up big banks
The fundamental shifts in the country’s economic policy in the wake of the economic crisis were not enough to prevent another catastrophic meltdown and more needs to be done to ensure that a future economic downturn doesn’t turn into another crisis, Neel Kashkari, the newly minted President of the Federal Reserve Bank of Minneapolis, said Tuesday.
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Morgan Stanley settles for $3.2 billion over 'deceptive' mortgage bond practices

Internal e-mail: We are running under the radar and do not want to document this
Morgan Stanley will hand out hundreds of millions of dollars in consumer relief and fork over hundreds of millions more to state governments as part of $3.2 billion settlement over its “deceptive” mortgage bond practices in the run-up to the financial crisis, the New York Attorney General’s Office said Thursday.
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Is settlement looming between U.S. and RBS over pre-crisis mortgage bonds?

On to the next one…
Now that the U.S. government secured another massive settlement over pre-crisis mortgage bond practices, this time with Goldman Sachs to the tune of $5 billion, only one major investigation remains outstanding – Royal Bank of Scotland. And according to a report from Reuters, settlement between RBS and the feds could be coming in the next few weeks.
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Goldman Sachs reaches $5 billion settlement over toxic mortgage bond claims

Settlement reached with federal RMBS task force
Goldman Sachs said Thursday that it reached a $5 billion settlement over claims related to toxic mortgage bonds sold to investors in the run up to the financial crisis. The agreement, which would still need to be finalized, would resolve actual and potential civil claims brought by the U.S. Department of Justice and other parties, relating to the firm’s securitization, underwriting and sale of residential mortgage-backed securities from 2005 to 2007.
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Bernie Sanders unveils foundation-shattering Wall Street reform plans

Vows to break up Wall Street’s biggest banks; sweeping reform of credit ratings agencies
It’s not exactly a stretch to say that Sen. Bernie Sanders is not the biggest fan of Wall Street. In a wide-ranging speech on Wall Street and the economy given Tuesday, Sanders detailed just how different life would be for the “too big to fail” banks under a Sanders administration. In fact, there would be no life for the “too big to fail” banks if Sanders is elected president, only death.
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