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Keyword: financialcrimes

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  • Looting Main Street

    04/02/2010 1:51:49 PM PDT · by Lorianne · 19 replies · 1,238+ views
    Rolling Stone ^ | 31 March 2010 | Matt Taibbi
    In 1996, the average monthly sewer bill for a family of four in Birmingham was only $14.71 — but that was before the county decided to build an elaborate new sewer system with the help of out-of-state financial wizards with names like Bear Stearns, Lehman Brothers, Goldman Sachs and JP Morgan Chase. The result was a monstrous pile of borrowed money that the county used to build, in essence, the world's grandest toilet — "the Taj Mahal of sewer-treatment plants" is how one county worker put it. What happened here in Jefferson County would turn out to be the perfect...
  • Crimes suspected in 20 bailout cases -- for starters

    04/21/2009 2:57:16 AM PDT · by CutePuppy · 18 replies · 971+ views
    LATimes ^ | April 21, 2009 | Ralph Vartabedian and Tom Hamburger
    Washington and Los Angeles -- In the first major disclosure of corruption in the $750-billion financial bailout program, federal investigators said Monday they have opened 20 criminal probes into possible securities fraud, tax violations, insider trading and other crimes. The cases represent only the first wave of investigations, and the total fraud could ultimately reach into the tens of billions of dollars, according to Neil Barofsky, the special inspector general overseeing the bailout program. ..... The report said little about who is under investigation and how the fraudulent schemes work, but investigators are already on alert for a long list...
  • Fed, US Treasury Mull Expanding Bank Recordkeeping Rules

    06/17/2006 1:15:47 PM PDT · by HAL9000 · 16 replies · 743+ views
    Dow Jones News Service (excerpt) ^ | June 16, 2006 | Campion Walsh
    Excerpt - WASHINGTON -(Dow Jones)- The Federal Reserve and the U.S. Treasury Department are considering a major expansion of rules that financial-services providers keep detailed records of financial transactions and confirm customer identities. The Fed and Treasury's Financial Crimes Enforcement Network, known as FinCEN, gave advance notice Friday that they are considering lowering - or eliminating altogether - the current $3,000 threshold below which banks and other financial- services providers don't have to keep special records on transactions. In a public notice, the federal agencies said this change could help with " combating terrorism, money laundering and other illicit activity."...