What’s Wrong With The U.S. Housing Market – The Panama Connection

It’s always entertaining to see a crony capitalist tool for our too-big-to-fail banking system get schooled by someone who knows where the bodies are buried. Intelligent people like Professor William K. Black and Senator Elizabeth Warren might not be the most uplifting guests at your next dinner party, but they do know a thing or two about how our current …

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What Happened To The U.S. Housing Market? It All Boils Down To Fraud

The stagflation of the U.S. housing market has been fascinating to watch. All across the country middle class families have been priced out of the market as hot money has continued to flow in from equity markets both here and abroad. We have been fortunate here in Houston Texas that things aren’t nearly as crazy as the bubbles you’ll see …

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The Ghost Of Liar Loans Past Comes Back To U.S. Housing Market

This weekend I was reading a fascinating account of Bank of Internet USA on the NY Times. It’s a great read about Gregory Garrabants and the impressive growth the company has been able to achieve issuing mortgages to high-income clients who may not meet traditional underwriting guidelines for a home loan. According to the NY Times piece, BofI’s loans have …

Houston Town Meeting With Bernie Sanders Changes Venues Due To Higher-Than-Anticipated Interest

Democratic presidential candidate Bernie Sanders is coming to Houston Sunday evening. The Town Meeting with Senator Bernie Sanders is scheduled for 7pm at the Hofheinz Pavilion on 3875 Holman St. The meeting with Sanders was moved to Hofheinz Pavilion after higher-than-expected RSVPs exceeded capacity for the Cullen Performance Hall. Unlike his bought-and-paid-for counterpart, Hillary Clinton, Sanders supports re-instating Glass Steagall …

The Difference Between Teachers And Wall Street Bankers

I’m going to miss Jon Stewart, the comedic genius reporting news disguised as comedy at the Daily Show. When he leaves the program later this summer, all we’ll have left to cover the daily news is well…evening newscasts. I guess that means we’ll be left to sort things out for ourselves. Considering some of the largest crimes in human history, …

Elizabeth Warren Schools ABA Chairman-Elect On Community Banking

America’s modern banking sector is anything but reformed. The only real lesson we have from the last financial crisis is that “the victims of systemic bank fraud, and widespread cheating and manipulation of markets and laws” continue to pay the price for a lack of real reform. We now know that the bailouts were all about letting the banks and …

SEC Opens Inquiry Into American Realty Capital Properties

American Realty Capital Properties, one of the nation’s largest REIT’s, saw their stock plummet almost 20 percent yesterday on revelations of accounting woes. The company’s CFO and chief accounting officers were asked to resign after it was revealed the company overstated first-quarter income and then apparently covered it up. Now the SEC has opened up an inquiry into American Realty’s …

Bill Black: Too Big To Jail – Washington, Wall Street And A Culture Of Corruption

Bill Moyers interviews Bill Black, white collar criminologist and former federal regulator. Professor Black explains how corrupt the relationship between Washington and Wall Street has become. Black is also quick to explain how many of the control frauds which have taken place during the last few years are not perfectly legal activities. ¬†Quite the contrary. As a former federal regulator, …

William Black: A Look At Holder’s Record On Bank Prosecutions

Now that we have the official announcement of Holder’s resignation, it’s worth looking at just what kind of record the soon-to-be-former attorney general compiled during his tenure. As William Black explains, even he was not cynical enough regarding his expectations of Obama’s chief law enforcement officer. Towing the line for bankers and private equity alike, the lack of prosecutions of …