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UPDATE: Colonial BancGroup, Taylor Bean and Freddie Mac-who could have seen this coming?

August 10, 2009
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UPDATE: Colonial BancGroup, Taylor Bean and Freddie Mac-who could have seen this coming?

| Image by https://www.taylorbean.com/default.aspx Aug. 7: Colonial BancGroup announces governmental actions. Seems that on “August 6, 2009, it was informed by the U.S. Department of Justice that it is the target of a federal criminal investigation relating to the Company’s mortgage warehouse lending division and related alleged accounting irregularities.” And furthermore: On August 5,...
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AIG Makes Profit, Fannie & Freddie Lose Billions

August 7, 2009
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AIG reported a $1.8 billion quarterly profit as Maurice “Hank” Greenberg, the company’s former long-time über boss, paid $15 million to the SEC to settle (unrelated) fraud charges. Quoth the WSJ: Shares were up 18% at $26.49 around midday Friday after the New York insurer and financial services company reported a surprising $1.82 billion...
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Mortgage Fraud Pays

July 23, 2009
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The Sarasota Herald Tribune has done a story we’d like to see (or do, if we had the time and money) here in Maryland and around the country, though it’s arguably three years late. (HT CR). The series, a year in the making, analyzed 19 million transactions looking for signs of mortgage fraud. To...
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FDIC calls off PPIP’s LLP

June 4, 2009
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The Federal Deposit Insurance Corporation Wednesday postponed indefinitely its “Legacy Loan Program” to back the sale of banks’ bad assets to private investors. (This was to be a gift to private investors and banks—the banks would be able to get top dollar for toxic waste assets; the private investors would get virtually guaranteed profits—all...
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Bond Market Bingo

March 23, 2009
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Today Treasury Secretary Tim Geithner unveiled his plan to save the financial system. The response has been predictable: bankers and Wall Streeters love it, normal people don’t understand it, and a sliver of taxpayers with the fortitude to check it out are outraged. Count me among the latter. The deal breaks down like this:...
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