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Found 4 results

  1. <h3 class="byline" style="margin: 0px 0px 0.583em; padding: 0px 0px 0px 8px; font-size: 1.2em; font-weight: normal; font-family: helvetica; line-height: 1.3em; color: rgb(102, 102, 102); ">By REED ALBERGOTTI and ELIZABETH RAPPAPORT</h3>After a yearlong investigation, the Justice Department said Thursday that it won't bring charges against Goldman Sachs Group Inc. or any of its employees for financial fraud related to the mortgage crisis. In a statement, the Justice Department said "the burden of proof" couldn't be met to prosecute Goldman criminally based on claims made in an extensive report prepared by a U.S. Senate panel that investigated the financial crisis. "Based on the law and evidence as they exist at this time, there is not a viable basis to bring a criminal prosecution with respect to Goldman Sachs or its employees in regard to the allegations set forth in the report," the statement read. The Justice Department reserved the right to bring charges in the future if new evidence emerges. In a statement Thursday, Goldman said: "We are pleased that this matter is behind us." In April 2011, the U.S. Senate's Permanent Subcommittee on Investigations published a scathing report on the financial crisis, highlighting Goldman as a culprit. Lawmakers accused the firm of breeding a greedy culture and running conflict-ridden businesses, and they said Goldman put its own interest ahead of clients. Sen. Carl Levin, D., Mich., chairman of the Senate's subcommittee, said Goldman executives lied to Congress about the firm's bets against the housing market. The accusation triggered a Justice Department probe of possible perjury. A spokeswoman for Mr. Levin's office didn't respond to a request for comment Thursday. The report concluded that even as securities firms flooded the market with securitized mortgages and advised clients to buy them, firms privately used words like "crap" and "flying pig" to describe the financial instruments. The department's probe was launched when Goldman's reputation already had been battered by civil-fraud charges filed against the New York company by the Securities and Exchange Commission. The SEC accused Goldman of fraud related to a mortgage-bond deal called Abacus 2007-AC1. Goldman was accused of failing to inform investors that hedge-fund firm Paulson & Co. had helped choose underlying securities in the deal and was betting against it. Goldman agreed to pay $550 million to end the SEC's civil-fraud suit. The company said marketing materials for the Abacus deal contained "incomplete information." The announcement comes amid criticism of the Justice Department from some lawmakers for what they contend are disappointing results in efforts to bring criminal cases against firms and individuals for crisis-related wrongdoing. Justice Department officials have defended the agency's track record, and some legal experts have noted the difficulty of targeting specific individuals and firms given the enormity of the financial crisis. In the statement Thursday, the Justice Department said prosecuting financial fraud and "protecting the integrity of our banking system" is and will continue to be the department's "top priority." The criminal investigation was led by the New York field office of the Federal Bureau of Investigation, according to a person familiar with the matter. The probe also included the U.S. Attorney's Office for the Southern District of New York and the Special Inspector General for the Troubled Asset Relief Program. A version of this article appeared August 9, 2012, on page C1 in the U.S. edition of The Wall Street Journal, with the headline: U.S. Not Seeking Goldman Charges.
  2. The New York Times, 2 Feb 2009, ANDREW ROSS SORKIN What if Watchdogs Got Bonuses? " Tony Tan Keng Yam, deputy chairman and executive director of the Government of Singapore Investment Corporation, suggested that one reason American regulators fell down on the job was that they were paid too little.
  3. Got this from Yahoo! http://news.yahoo.com/s/nm/20080726/ts_nm/...CYPq1RF0A0DW7oF By John Poirier Sat Jul 26, 12:08 AM ET WASHINGTON (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch. Two weeks after the Federal Deposit Insurance Corp seized IndyMac Bancorp Inc, the Office of the Comptroller of the Currency said it closed First National Bank of Nevada and First Heritage Bank NA of California ........................ Will there be another major bank in the pipe line ??
  4. need abit more privacy to discuss the following... hehehe also more for benefit of current owners... i got a call from walter who told me that he was doing a private project on the windows regulator problem. he said he found out because in jta's record, they were suppose to indent the regulator for me.... but i am also just wondering if he is hanging around in this forum and has read about my query in the open forum... hehehehe according to him, this problem was already very prominent during jta's time. he was willing to help replace my regulators at $150 (parts + labour) per piece. unfortunately, mycarforum was down on thursday when he first contacted me, so i did not manage to post this earlier to ask for some advice from some of you. then when he next contacted me on friday, my car was already in ca workshop.... just some other details i found out when talking to him. - the window regulators are not originals from vw or skoda. but has been 'redesigned' locally to address the problem that is recurring on many skodas. - he will not be able to 'extend' this offer beyong too long a period as he says that he won't be free once he starts on his new job. dunno if it the regulator is reliable or not, but the incentive is a savings of about $100 ($250->$150). so if anyone of you is having the same problem, you might wish to contact walter and see if he can help you out. unfortunately for me also, i have never really met walter before when jta was still around, so it was harder for me to decide whether to take up his offer. i guess in the end, i decided to play safe and 'waste' some money lor.... ca did gave me one year warranty on the regulators.... btw, what happened to the rest of the guys/gals from sog? forum activity seems to have died down abit... all busy watching world cup ar? heee
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