Tag: Financial Crisis

These Two Law Firms Made $1 Billion From Mortgage-Crisis Litigation – Law Blog – WSJ

Newly disclosed information from a federal government agency gives an intriguing look at two law firms that scored big from the financial crisis. According to the disclosure from the National Credit Union Administration, more than $1 billion in contingency fees were paid to Washington, D.C., trial and appellate firm Kellogg, Huber, Hansen, Todd, Evans & Figel and to Chicago and…

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Senator Elizabeth Warren Requests Formal Investigation About Why The Obama Administration Did Not Prosecute Wall Street — IB Times

Massachusetts Senator Elizabeth Warren on Thursday requested a formal investigation into why the Obama administration did not bring criminal charges individuals and corporation involved in the 2007-2008 financial crisis. In a letter sent Thursday to Michael E. Horowitz, the Inspector General of the Department of Justice, Warren said her staff had found that members of the Financial Crisis Inquiry Commission…

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Coming Soon: ‘The Big Short’ Movie to be Released Dec. 2015 | Compliance Week

‘The Big Short,’ a film based on the best-selling book by Michael Lewis about traders who foresaw and profited massively on the collapse of the housing and subprime credit market in 2007-08, will open nationwide on December 23. Check out the trailer and details about the film’s star-studded cast here. via Coming Soon: ‘The Big Short’ Movie to be Released…

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William North and Kevyn Rakowski of defunct Wilmington Trust indicted; SEC also brings fraud charges – Philadelphia Business Journal

William North, 55, of Bryn Mawr, Pa., and Kevyn Rakowski, 61, of Lakewood Ranch, Fla., Wilmington Trust’s chief credit officer and controller, were charged with one count of making false statements to the Securities and Exchange Commission (SEC), and three counts of making false statements to Federal Reserve. The two executives stand accused of concealing from the market and the…

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In Corporate Crimes, Individual Accountability Is Elusive – NYTimes.com

Professor Garrett analyzed 303 nonprosecution and deferred prosecution agreements with corporations from 2001 to 2014 in which companies avoided guilty pleas by paying fines and agreeing to other measures. It would seem axiomatic that in all of those cases, individuals actually committed the crimes, since corporations are legal entities and can’t be charged unless their employees engaged in wrongdoing. Yet…

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