Consumer Financial Protection Bureau ordered the Too Big to Fail bank to pay $8 million for fraudulent sales of credit card debt.
In the premiere episode of Behind the Headline, Mnar Muhawesh explains NATO’s secret goals for ‘peace talks’ in Syria. Plus TPP & the U.S. pivot to Asia.
Analysts at Goldman Sachs, one of the world’s largest investment banks, questioned capitalism’s effectiveness. What did they really mean by that statement?
Welcome to the age of the social media credit check. On July 22nd, Facebook filed a new patent for a product the company could sell to creditors to analyze someone’s creditworthiness based on their social network.
Former Park Avenue Bank President Charles Antonucci has been sentenced to two and a half years in prison for his role in a scheme to defraud the Troubled Asset Relief Program (TARP). Antonucci will also pay $54.6 million in restitution and forfeit $11.2 million.
On August 17, Citigroup agreed to pay $180 million to settle charges from the SEC that two of the megabank’s hedge funds defrauded investors. According to the SEC, Citigroup’s hedge funds “made false and misleading representations to investors” about how risky investing in the funds were.
Fraudulent paperwork, cheated counterparties, robosigning — no it’s not the housing crisis again. This time the crimes are related to the Too Big To Fail/Jail banks’ conduct with credit cards. Both JPMorgan and Citigroup have now reached settlements with the government related to their criminal credit card practices.