Former back office employees from Bear Stearns are coming out of the woodwork to explain how Tom Marano’s mortgage group cheated their own clients out of billions. This week I reported at The Distressed Debt Report, EMC insiders say they were told to make up the classification for whole loans, packaged into mortgage securities, to […]
Continue10 Aug
UPDATE: JP Morgan is afraid of the RMBS Fraud Suits
JP Morgan is showing signs of fear. Yesterday, I updated Keiser Report viewers on the dirty tricks the bank’s lawyers and former Bear Stearns mortgage traders are pulling in an atempt to stop the truth coming out in the Bear Stearns/EMC fraud suit. A story I first began reporting a year ago at The Atlantic […]
Continue4 Aug
Now Playing in New Canaan: Hairy Penis
Elm Street in New Canaan, CT has been pranked this morning. In a location packed daily with wealthy housewives and their well dress kids in tow, now sits a movie sign inviting people to come see films with names like ‘Hairy Penis’. (You know instead of Harry Potter) It looks like some creative senior high […]
Continue26 Jul
FDIC Report Blames Fred DeCaro Jr. For USA Bank Failure
The watchdog that inspects what went wrong after the FDIC seizes a bank has found USA Bank failed because of its Chairman’s actions. Today I report at The Distressed Debt Report , Fred DeCaro Jr was named as violating multiple banking and lending laws that lead to last summer’s seizure of USA Bank. DeCaro and […]
Continue22 Jun
Will PWC kick Corey Ribotsky out of NIR Group master fund?
N.I.R. Group investors scored a big win in the Cayman Island’s civil court this month. Corey Ribotsky will now have to answer to a court appointed independent liquidator for the Master fund who says the first order of business is an investigation into how Ribotsky has been managing cash flow and investment valuations since the […]
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