Source: https://stopforeclosurefraud.wordpress.com/tag/s-e-c/
Timestamp: 2020-02-24 19:28:13
Document Index: 161957624

Matched Legal Cases: ['§77', '§78', '§240', '§77', '§78', '§240', '§77', '§78', '§240']

S.E.C. | FORECLOSURE FRAUD | by DinSFLA
By James Kwak Today is the day of the New Hampshire primary, and, perhaps more importantly, lots of people in California are getting their ballots around now. Before you cast your vote in the Democratic presidential primary, I wish you … Continue reading →
By James Kwak I’ve never wanted to write a book as much as I wanted to write Take Back Our Party. And I’ve never wanted people to read one of my books as much as this one—in particular, before the 2020 … Continue reading →
By James Kwak David Brancaccio of Marketplace has started a new radio project called Econ Extra Credit: reading a first-year economics textbook, one chapter per week, along with his listeners. Luckily, he chose one of the textbooks produced by the CORE project, a … Continue reading →
Close watch on the US…UK regulator begins Goldman Sachs probe
I think it is donzo for GS. They might try to get away with it here but UK…is another story. There is no White House.
Jane Wardell, AP Business Writer, On Tuesday April 20, 2010, 6:40 am EDT
LONDON (AP) — Britain’s financial regulator launched a full-blown investigation into Goldman Sachs International on Tuesday after U.S. authorities filed civil fraud charges against its parent bank.
The announcement from the Financial Services Authority follows pressure for the probe from Prime Minister Gordon Brown, who expressed shock over the weekend at Goldman’s “moral bankruptcy.”
The British regulator said it would liaise closely with the U.S. Securities and Exchange Commission, which alleges that the bank sold risky mortgage-based investments without telling buyers that the securities were crafted in part by a billionaire hedge fund manager who was betting on them to fail.
The London-headquartered Goldman Sachs International, a principal subsidiary of Goldman Sachs Group Inc., said that “the SEC’s charges are completely unfounded in law and fact.” It said it looks “forward to cooperating with the FSA.”
British interest in the case is likely to focus on the Royal Bank of Scotland, which paid $841 million to Goldman Sachs in 2007 to unwind its position in a fund acquired in the takeover of Dutch Bank ABN Amro, according to the complaint filed in the United States.
The possibility that RBS might be able to recoup some money from Goldman Sachs helped boost the government-controlled bank’s shares, which were up 2.8 percent at midday.
The government holds an 84 percent stake in the bank, which nearly collapsed in large part because of its leadership of the consortium which took over the Dutch bank.
Fabrice Tourre, the Goldman Sachs executive named in the SEC lawsuit filed on Friday was moved to the bank’s London office at the end of 2008.
Analysts warn that damage from the case could hit other big banks as well, as the Goldman lawsuit puts the spotlight on the sector’s activities in the wake of the financial crisis.
Brown’s anger was fueled by reports over the weekend that Goldman Sachs still intended to pay out 3.5 billion pounds ($5.4 billion) in bonuses.
The British leader, who is facing a tough general election on May 6, said that the activities of banks “are still an issue.”
“They are a risk to the economy,” he said. “We have got to make sure they behave in a proper way.”
The opposition Conservative and Liberal Democrat parties, meanwhile, called on Brown to suspend Goldman from government work until the investigations are completed.
AP reporter Robert Barr in London contributed to this statement.
Filed under: concealment, conspiracy, corruption, goldman sachs | Tagged: 15 U.S.C. §77q(a), 15 U.S.C. §78j(b) and Exchange Act Rule 10b-5, 17 C.F.R. §240.10b-5, 360, ABACUS 2007-AC1, ACA, ACA Management LLC ("ACA"), anderson cooper, britain, CDO, cnn, concealment, conspiracy, corruption, dinsfla, dinsfls, discovery, Exchange Act Rule 10b-5, Fabrice Tourre, flip book, fraud, fraud digest, goldman sachs, goldman sachs | Tagged: 10b-5, GSI, HERS, investment banks, Lynn Szymoniak ESQ, marketing material, material misstatements and omissions, matt taibbi, obama, offering memorandum, Paulson & Co. Inc. ("Paulson"), politico, portfolio, Prime minister gordon brown, resecuritized CDO market, residential mortgage-backed securities ("RMBS"), RMBS, rolling stone, S.E.C., sec, Section 10(b) of the Securities Exchange Act of 1934, Section 17(a) of the Securities Act of 1933, subprime, term sheet, the white house, Tourre |	1 Comment »
Goldman Sachs taps ex-W.H. counsel: SCAM THICKENS!
Posted on April 19, 2010 by dinsfla
By EAMON JAVERS & MIKE ALLEN | 4/19/10 8:14 PM EDT
Updated: 4/19/10 10:03 PM by POLITICO
“A former White House employee cannot appear before any unit of the Executive Office of the President on behalf of any client for 2 years—one year under federal law and another year under the pledge pursuant to the January 2009 ethics E0,” said a White House official.
The official also said that the White House had no contact with the SEC on the Goldman Sachs case. “The SEC by law is an independent agency that does not coordinate with the White House any part of their enforcement actions.”
Whatever the reason for his hiring, Craig will presumably be a key player in the intricate counterattack Goldman Sachs officials in Washington and Manhattan improvised during the weekend — a plan that took clearer shape Monday as Britain and Germany announced that they might conduct their own investigations of the firm.
For three weeks, Goldman had planned to hold a conference call Tuesday to unveil its first-quarter earnings for shareholders. Shifting into campaign mode after the SEC’s surprise fraud filing, Goldman has moved the call up from 11 a.m. to 8 a.m. to try to get ahead of the day’s buzz. In an unusual addition, the firm’s chief counsel will be on the line to answer questions about the case, and Goldman is inviting policymakers and clients to listen to the earnings call themselves rather than rely on news reports.
Industry officials said the conference call — which will include, as originally planned, Chief Financial Officer David Viniar — will amount to a public unveiling of Goldman’s crisis strategy.
But the linchpin of that plan is already clear: An attempt to discredit the Securities and Exchange Commission by painting the case as tainted by politics because it was announced just as President Barack Obama was ramping up his push for financial regulatory reform, including a planned trip to New York on Thursday.
“The charges were brought in a manner calculated to achieve maximum impact at point of penetration,” a Goldman executive said.
Among the points Greg Palm, co-general counsel, plans to emphasize on the call is “how out of the ordinary the process was with the SEC,” the executive said. The SEC usually gives firms a chance to settle such charges before they are made public. Goldman executives say they had no such chance,and learned about the filing while watching CNBC.
With a monstrous problem and mammoth resources, the iconic firm is paying for advice from a huge array of outside consultants, including such top Washington advisers as Ken Duberstein and Jack Martin, founder of Public Strategies.
The basic plan: Make a tough, factual case without coming off as arrogant or combative and without souring the firm’s image even further.
Partly because of the firm’s belief that it has become an easy target, no Goldman officials have appeared on television since the SEC announced its case.
The firm thinks it can be more effective if others make its case. On CNBC’s “Squawk Box” on Monday, Andrew Ross Sorkin of The New York Times, who gets special attention from Goldman spinners, raised questions about the substance of the SEC’s case. Shortly thereafter, Sen. Judd Gregg of New Hampshire, the top Republican on the Senate Budget Committee, said he is “a little interested in the timing” of the case.
Reflecting a high-stakes balance for the unpopular investment bank, Goldman plans to stop short of a frontal attack. Instead, it is raising questions and feeding ammunition to allies.
“We don’t want to come across as being arrogant and above it all,” said a Goldman executive who insisted on anonymity. “The SEC is the major regulator of several of our businesses. Being at war with them is not the goal.”
Therefore, an official said, a key Goldman message in the days ahead will be, “We’re not against regulation. We’re for regulation. We partner with regulators.”
Goldman said its most important audience is its client base, from CEOs all over the world to pension-fund managers to entrepreneurs who use the firm’s private wealth-management services. The firm sent its staff two pages of talking points giving basic facts — and the official line — about the SEC case: “Goldman Sachs Lost Money on the Transaction … Objective Disclosure Was Provided.”
The less official message, according to one executive: “Don’t believe everything you read in the complaint. Don’t believe everything you read in the press.”
The official said clients have been sympathetic.
Other audiences include the news media and governments around the world, with Goldman reaching out Tuesday to politicians in Europe, Japan, the U.S. and everywhere in between.
Goldman pays extraordinary attention to its alumni network because so many of its former officials are in visible, powerful positions. An official said the firm tries “to empower them with information,” so that when they’re put on the spot about the Goldman case, they can say, “I’m not there, but let me tell you a few things I’ve been told.”
Filed under: foreclosure fraud | Tagged: 15 U.S.C. §77q(a), 15 U.S.C. §78j(b) and Exchange Act Rule 10b-5, 17 C.F.R. §240.10b-5, 360, ABACUS 2007-AC1, ACA, ACA Management LLC ("ACA"), anderson cooper, CDO, cnn, concealment, conspiracy, corruption, dinsfla, dinsfls, discovery, Exchange Act Rule 10b-5, Fabrice Tourre, flip book, fraud, fraud digest, goldman sachs, goldman sachs | Tagged: 10b-5, HERS, investment banks, Lynn Szymoniak ESQ, marketing material, material misstatements and omissions, matt taibbi, obama, offering memorandum, Paulson & Co. Inc. ("Paulson"), politico, portfolio, resecuritized CDO market, residential mortgage-backed securities ("RMBS"), RMBS, rolling stone, S.E.C., sec, Section 10(b) of the Securities Exchange Act of 1934, Section 17(a) of the Securities Act of 1933, subprime, term sheet, the white house, Tourre |	Leave a comment »
Dylan Ratigan does a great job explaining the con: GOLDMAN SACHS
The SEC’s complaint charges Goldman Sachs and Tourre with violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act Rule 10b-5. The Commission seeks injunctive relief, disgorgement of profits, prejudgment interest, and financial penalties.
Many recall this post below:
Move over GOLDMAN SACHS…WE have a New Player to this Housing “Betting” Crisis…NASDAQ Presenting the Law Offices of David J. Stern, P.A. (“DJS”)
Filed under: AIG FRAUD, concealment, conspiracy, corruption, geithner, goldman sachs, hank paulson, john paulson, S.E.C., scam | Tagged: 15 U.S.C. §77q(a), 15 U.S.C. §78j(b) and Exchange Act Rule 10b-5, 17 C.F.R. §240.10b-5, ABACUS 2007-AC1, ACA, ACA Management LLC ("ACA"), CDO, concealment, conspiracy, corruption, dinsfla, discovery, Exchange Act Rule 10b-5, Fabrice Tourre, flip book, fraud, goldman sachs, hank paulson, HERS, investment banks, john paulson, livinglies, marketing material, material misstatements and omissions, neil garfield, offering memorandum, onewest, Paulson & Co. Inc. ("Paulson"), portfolio, resecuritized CDO market, residential mortgage-backed securities ("RMBS"), RMBS, S.E.C., scam | Tagged: 10b-5, sec, Section 10(b) of the Securities Exchange Act of 1934, Section 17(a) of the Securities Act of 1933, subprime, term sheet, Tourre |	Leave a comment »
The obvious import of these memos is that Deutsche wants to be able to claim plausible deniability. But secondarily it places responsibility on servicers to have knowledge that they often disclaim in court. Without that knowledge and the testimony about securitization, there is a lack of foundation that should be the subject of an objection […]