Wall Street Rules Applied to REMIC Classification

Bradley T. Borden & David Reiss, Reuters “They take aggressive positions, and they figure that if enough of them take an aggressive position, and there’s billions of dollars at stake, then the IRS is kind of estopped from arguing with them because so much would blow up. And that is called the Wall Street Rule. That […]

SEC Rocked By Lurid Sex-and-Corruption Lawsuit

Matt Taibbi, Rolling Stone Move over, adulterous generals. It might be time to make way for a new sexual rats’nest – at America’s top financial police agency, the SEC. In a salacious 77-page complaint that reads like Penthouse Forum meets The Insider meets the Keystone Kops, one David Weber, the former chief investigator for the SEC Inspector General’s office, accuses the SEC […]

JPMorgan & Credit Suisse Settle SEC Mortgage Inquiries

Dawn Kopecki, Tom Schoenberg and Donal Griffin, Bloomberg JPMorgan Chase & Co. (JPM) and Credit Suisse Group AG (CSGN) agreed to pay almost $417 million to settle U.S. regulatory claims they misled investors while selling billions of dollars of investments linked to home loans. JPMorgan resolved claims that it made misstatements about delinquency data for loans packaged into securities and that […]

Code Blue! Code Blue! Fed’s 2013 Stress Test Gives Citi Suits Agita

Mark Gongloff, Huffington Post This year has just been one headache after another for Citigroup, and the Federal Reserve has made it more likely that Citi kicks off 2013 with a migraine, too. The Fed on Thursday announced the rules for the next season of its low-rated reality show, Stress-Test Survivor. The rules introduced a new wrinkle […]

Bank of America Sued Over $261 Million in Mortgage Bonds

Chris Dolmetsch, Bloomberg Bank of America Corp., the second- biggest U.S. lender by assets, was sued by investors over $261.2 million worth of residential mortgage-backed securities. The case was filed yesterday in New York state Supreme Court in Manhattan by investors including Phoenix Light SF Ltd. They asked for damages of more than $122.2 million from defendants including the Charlotte, North Carolina-based […]

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