Tag Archives: Matt Taibbi

RollingStone – Matt Taibbi – DOJ Compounds Stat Screwup by Whitewashing Old Eric Holder Speech – 17 August 2013

154px-Matt_TaibbiCourtesy of old friend Paul Thacker, former Hill staffer and currently a fellow at Harvard’s Edmond J. Safra Center for Ethics, here’s an interesting addendum to Bloomberg’s highly embarrassing Eric-Holder-Caught-Juking-the-Stats story that came out this Sunday.

It turns out that Barack Obama’s Justice Department, in the person of Attorney General Holder, didn’t just grossly overstate the success of its Mortgage Fraud Task Force. In what at best is a bonehead mistake, the Department channeled 1984 and whitewashed a web page, re-transcribing an old speech of Holder’s to better reflect the “updated” version of the mortgage facts.

Matt Taibbi – New Bank Investigations: Real Action, Or More Of The Same? – 9 August 2013

154px-Matt_TaibbiA lot of interesting things happening on the white-collar enforcement front. Evil hedge fund SAC Capital and its villainous ruler Stevie Cohen were run through the gauntlet, Goldman Sachs patsy Fabulous Fab took a beating in civil court (I love the detail that emerged, that Goldman executives now call him “the poor kid“), and now, apparently, a pair of high-profile investigations have been launched against Bank of America and J.P. Morgan Chase for subprime mortgage fraud. The latter investigations seem to be designed to answer criticisms that nobody is going after the real doers of evil systemic crimes. Continue reading

Matt Taibbi – Chase, Once Considered “The Good Bank,” Is About to Pay Another Massive Settlement – 19 July 2013

matttaibbiDuring the financial crisis, while Dr. Evil-ish Wall Street villains like Goldman and Lehman Brothers were getting all the bad press, pundits continually referred to J.P. Morgan Chase as the “good bank.” The myth of Chase as the finance sector’s one upstanding rock of rectitude reached its zenith in July of 2009 with an embarrassingly hagiographic piece in the New York Times entitled, “In Washington, One Bank Chief Still Holds Sway.” In that one, the paper breathlessly praised Jamie Dimon for emerging from “the disgrace of his industry” to become Barack Obama’s “favorite banker.”

Matt Taibbi – Chase Made Errors In Nine Percent Of Credit-Card Collection Lawsuits, Internal Survey Finds – 13 July 2013

J.P. Morgan Chase CEO Jamie Dimon

J.P. Morgan Chase CEO Jamie Dimon.
Chris Ratcliffe/Bloomberg via Getty Images
A piece in The Wall Street Journal dug up yet another damning fact about Jamie Dimon’s J.P. Morgan Chase. This time, reporters got hold of an internal bank survey of its credit-card collections suits. It turns out that Chase’s own survey found that huge numbers of lawsuits filed by the bank contained errors.

Matt Taibbi – Wall Street Rips Off ‘The Sting’ – 10 July 2013

New York Attorney General Eric Schneiderman

New York Attorney General Eric Schneiderman
Brendan Bannon/Bloomberg via Getty Images

Hilarious corruption story hit the news wires this week. It’s actually a two-part joke.

Part one is that Thomson Reuters got slapped in the face by New York State Attorney General Eric Schneiderman for its absurd practice of selling early access to the results of the consumer confidence survey it conducts each month in conjunction with the University of Michigan. Continue reading

Matt Taibbi – ‘You F–ked Up, You Trusted Us’: Talking Ratings Agencies With Chris Hayes – 25 June 2013

The Standard & Poor's logo at the company's headquarters in New YorkThe Standard & Poor’s logo at the company’s headquarters in New York.

Scott Eells/Bloomberg via Getty Images

“Standard & Poor’s has long had strict policies to reinforce the independence of our analytical processes. . . . We make our methodology transparent to the market.” Continue reading

Matt Taibbi – Everything is Rigged, Vol. 9,713: This Time, It’s Currencies – 14 June 2013

A foreign exchange banker stands behind US dollar bank notesA foreign exchange banker.  (Chung Sung-Jun/Getty Images)

I’ll get into this in more detail later (I’m on deadline for a magazine feature), but this story just landed. Given the LIBOR story, the Interest Rate Swap manipulation story, the Euro gas price manipulation story, the U.S. energy price manipulation story, and (by now) countless others of the “Everything is Rigged” variety, this screams out for immediate notice. Via Bloomberg: Continue reading

RollingStone – Matt Taibbi – Why Didn’t The SEC Catch Madoff? It Might Have Been Policy Not To – 1 June 2013

Bernie Madoff

Bernie Madoff

Hiroko Masuike/Getty Images

More and more embarrassing stories of keep leaking out the SEC, which is beginning to look somehow worse than corrupt – it’s hard to find the right language exactly, but “aggressively clueless” comes pretty close to summing up the atmosphere that seems to be ruling the country’s top financial gendarmes.   Continue reading

Matt Taibbi – Deja Vu on the Hill: Wall Street Lobbyists Roll Back Finance Reform, Again – 22 May 2013

U.S. Capitol building in Washington, DC.

Lobbyists are trying once more to weaken the already-thin financial regulations put in place by Congress.

 

Douglas Graham/ CQ Roll Call

It’s becoming an annual tradition: Spring rolls around, and while nobody is looking, Wall Street quietly lays siege to Washington and reaches a hand out to yank the last remaining teeth out of the government’s financial regulatory head. Continue reading

MattTaibbi – Everything Is Rigged: The Biggest Price-Fixing Scandal Ever – 26 April 2013

matttaibbiThe Illuminati were amateurs. The second huge financial scandal of the year reveals the real international conspiracy: There’s no price the big banks can’t fix

April 25, 2013 1:00 PM ET Continue reading