Did you know that Federal regulators recently filed a lawsuit against banks for their role in the financial crisis. This motion graphic done, with What’s Trending, breaks down the story so you can understand the facts behind the case.
Source: www.ColumnFiveMedia.com
Conclusion
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Filed under: Financial Planning, Funding Basics, Industry Indignation Index, Videos Tagged: | bank lawsuits, Fannie Mae, financial crisis, Freddie Mac, mortgage meltdown, sub-prime mortgages, Vidoe on Why The Federal Government Is Suing The Banks
On Government Sonsored Enterprises
GSEs, like Freddie Mac and Fannie Mae, must go.
Pat
Across the Pond
News reports say that some executives of Lloyds Banking Group will have some of their past bonuses taken away because the bank needs to make up for big losses incurred on payment protection insurance.
http://www.msnbc.msn.com/id/46452047
Fitting, hey!
Jerome
Are Banks Colluding with Insurers to Rip Off Homeowners as Lawsuit Alleges?
A class action lawsuit against Wells Fargo and QBE Insurance sheds light on how homeowners may have been forced to buy more than $50 million in insurance premiums.
http://www.propublica.org/article/banks-colluding-with-insurers-to-rip-off-homeowners-lawsuit-alleges
So, it’s not just the government!
Denice
Fed Shrugged Off Warnings, Let Banks Pay Shareholders Billions
According to Jesse Eisinger, in late 2010, a major regulator warned the Federal Reserve that Banks were not healthy enough to increase dividends, and the economy could implode again.
But, in its biggest decision since the financial crisis, the Fed overrode that advice and let banks return more than $30 billion to shareholders.
Here’s the inside story from ProPubica.
http://www.propublica.org/article/fed-shrugged-off-warning-let-banks-pay-shareholders-billions
Cleveland
Feds promise tough oversight in mortgage deal
[But, banks will not be forced to admit to the accusations laid out in the complaint]
The government just released the fine print of its landmark $25 billion mortgage settlement, and promised to closely police the banks’ pledges to bring widespread housing relief, even while letting them dodge admission of wrongdoing.
Any comments?
Wesley
What Did JPMorgan Execs Know and When Did They Know It?
When banks are in trouble, they often mislead the world about their financials.
http://www.propublica.org/thetrade/item/what-did-jpmorgan-execs-know-and-when-did-they-know-it
Maybe JPMorgan disclosed everything properly about its $2 billion loss, but that’s what we need to determine.
Kirk
JPMorgan Shareholders Sue Dimon Over $2 Billion Trading Loss
JPMorgan Chase & Co. shareholders just sued the bank and Chief Executive Officer Jamie Dimon in two separate cases over the company’s $2 billion trading loss.
http://www.fa-mag.com/fa-news/10995-jpmorgan-shareholders-sue-dimon-over-2-billion-trading-loss.html
Kirk – The estimated losses are now reported at three billion dollars. So, is Jamie about to go?
Charles