The Big Short Delivers

The movie version of the Big Short exceeded my expectations.  It made mortgage-backed-securities not only interesting, but funny.  Steve Carell’s acting was genius, as was Christian Bale’s—go see it.  It’s based on Michael Lewis’s (Liar’s Poker) biopic of the people who saw the housing bubble, and shorted the market.  It nails the revolving door relationship […]

Prudential v Goldman Sachs Raises Chain-of-Title in Securitization of Mortgage Notes

Several Prudential Insurance companies filed a lawsuit against Goldman Sachs related to a series of mortgage-backed-securities deals, particularly a lot of the GSAMP deals.  Prudential v Goldman here.  It contains some interesting allegations based upon Prudential’s systematic review of the collateral files: Evidence That Goldman’s Representations Concerning the Mortgage Loans’ Chain of Title Were Systemically […]

Ex SEC Attorney Blows Whistle on Wall Street Crime Cover-Up

Matt Taibbi has a new article in Rolling Stone detailing the claims of an ex-SEC lawyer who is now blowing the whistle.  Full article here.  Excerpt: As a federally protected whistle-blower, Flynn is not permitted to speak to the press. But in evidence he presented to the SEC’s inspector general and three congressional committees earlier […]

Ritzholtz on Media (Mis)Treatment of SEC v Goldman

Here’s an interview of Ritzholtz on the crap level of the entirety of media commentary surrounding the SEC and Goldman case– “Last week Barry Ritholtz had an excellent post 10 Things You Don’t Know (or were misinformed) About the GS Case in which Barry noted that 99% of the mainstream media commentary regarding the strength of […]

Criminal Charges

It does seem like more people are waking to the very real possibility of criminal charges (and I’m not talking about the diabolical PR campaign to blame the homeowners and modification shops for “fraud” –a drop in the bucket to the major accounting control fraud propogated by our “esteemed” financial institutions), what with the WaMu/Long […]

Goldman Hearings: “I Wouldn’t Trust You.”

Seriously, my ears are bleeding from listening to these hearings all day.  I was working at the same time, I swear.  I’m going to have nightmares about “shitty deals” and lemonade.  NY Times Live Blog here.  Gawker has tips for surviving a grilling Blankfein style (expressive!) Jon Stewart’s take on the political theater is here. […]

Bill Moyers

Bill is retiring the Journal.  Only one more show to go.  Here’s another quality piece on financial reform, Goldman Sachs, Lehman, and featuring Bill Black.  William K. Black William Black’s testimony before the House Financial Services Committee Testimony before the House Financial Services Committee hearing on the collapse of Lehman Brothers. You can watch the […]

In the Wake of SEC v Goldman

Michael Lewis, most recently author of the best-selling “The Big Short,” wrote a column for Bloomberg News on how the bond market has changed forever: “Just as there was a time when people could smoke on airplanes, or drive drunk without guilt, there was a time when a Wall Street bond trader could work with […]