Continue reading Criminal Investigation Launched over BP Oil Spill

Criminal Investigation Launched over BP Oil Spill originally appeared on BloggingStocks on Tue, 01 Jun 2010 18:30:00 EST. Please see our terms for use of feeds.

Continue reading Toyota Accused of Withholding Test Data

Toyota Accused of Withholding Test Data originally appeared on BloggingStocks on Fri, 26 Feb 2010 18:30:00 EST. Please see our terms for use of feeds.

Across the country, college classes are starting. In each of these classrooms, students are struggling with calculus, trudging through Candide, and wondering just what the hell they're going to do with their degrees upon graduation. The last of these is characteristic of every college student, especially those of us, with the foresight fortitude recklessness zeal to major in liberal arts fields (in my case, Philosophy).

The anxiety is a bit higher this year, given a high rate of unemployment, the likelihood of a "jobless recovery" and the fact that it could take years for destroyed value to be recovered.

Continue reading 2.9 million college kids unsure of career plans

2.9 million college kids unsure of career plans originally appeared on BloggingStocks on Mon, 31 Aug 2009 14:20:00 EST. Please see our terms for use of feeds.

So, here's one for you -- according to Joseph Cotchett (a lawyer for some of Bernie Madoff's victims), Bernie Madoff is surprised that his Ponzi scheme lasted as long as it did. The revelation came during a 4.5 hour interview, wherein Madoff revealed how the scheme worked and how securities regulators didn't catch him. Madoff did apologize, repeatedly, for the harm he caused victims.

The most interesting part of the interview is when Madoff described meetings with the Securities and Exchange Commission (SEC) while he was committing the fraud and how the SEC was unable to catch him, which didn't surprise him. These comments lead Cotchett to theorize that "many people" were negligent, including the government watchdog agencies. Let's not forget that the SEC has seen no evidence of wrongdoing by its staff as far as the Madoff situation is concerned. Nevertheless, the SEC has undergone many changes in order to continue to protect investors and the market.

Continue reading Bernie Madoff expresses surprise at how long his scheme lasted

Bernie Madoff expresses surprise at how long his scheme lasted originally appeared on BloggingStocks on Wed, 29 Jul 2009 11:30:00 EST. Please see our terms for use of feeds.

Continue reading Madoff arrives in North Carolina to begin life in prison

Madoff arrives in North Carolina to begin life in prison originally appeared on BloggingStocks on Tue, 14 Jul 2009 18:30:00 EST. Please see our terms for use of feeds.

According to a report released yesterday, U.S. mortgage fraud reports increased 36% last year. According to the FBI, suspicious activity reports increased to 63,713 during fiscal 2008 from 46,717 a year ago.

California and Florida had the highest number of suspicious reports, which some attribute to the fact that the housing market has dropped and credit has dried up in those regions.

According to the agency, reports filed through March put fraud reports on track to top 70,000 during the current fiscal year ... not a good sign.

Continue reading Mortgage fraud rampant -- who will clean up this mess?

Mortgage fraud rampant -- who will clean up this mess? originally appeared on BloggingStocks on Wed, 08 Jul 2009 13:50:00 EST. Please see our terms for use of feeds.

Exxon Mobil Corporation

Continue reading Exxon Mobil will not challenge Valdez judgement

Exxon Mobil will not challenge Valdez judgement originally appeared on BloggingStocks on Tue, 30 Jun 2009 18:00:00 EST. Please see our terms for use of feeds.

Continue reading Madoff receives a sentence of 150 years

Madoff receives a sentence of 150 years originally appeared on BloggingStocks on Mon, 29 Jun 2009 15:30:00 EST. Please see our terms for use of feeds.

Texas billionaire R. Allen Stanford pleaded 'not guilty' today in a federal court arraignment to charges that he ran a $7 billion Ponzi scheme. Not only is Stanford being charged with running the Ponzi scheme, there are also allegations that he paid $100,000 to Leroy King, the former chief executive officer of Antigua's Financial Services Regulatory Commission.

This day has been coming for a while. It seems as though the government has been looking into Stanford's investment company since 2005, but it was only this past February that they shut down the Houston office of his investment company, Stanford Financial Group.

Continue reading Stanford pleads not guilty to fraud charges

Stanford pleads not guilty to fraud charges originally appeared on BloggingStocks on Thu, 25 Jun 2009 17:10:00 EST. Please see our terms for use of feeds.

It doesn't take much imagination to see that banking could be a bit of a scam on the public. But to keep that scam going it takes big buildings, plush offices, corporate jets, complex product names . . . and a veil of secrecy. Secrecy is important because without it, the mystique is lost. And by mystique, we're sometimes talking about illegal money-making schemes.

That's what Switzerland's premier bank, UBS AG (NYSE: UBS) got caught running. And after forking over $780 million to U.S. authorities, it will have made only a small down payment on paying its penalties to society. How so? UBS is going to turn over the names of its clients to the U.S., which marks the end of a centuries-old franchise for Switzerland -- the inviolate secrecy of the Swiss bank account.

Continue reading Is Swiss banking a criminal enterprise?

Is Swiss banking a criminal enterprise? originally appeared on BloggingStocks on Thu, 19 Feb 2009 09:00:00 EST. Please see our terms for use of feeds.

Continue reading Altria (MO) falls on new legal precedent

Altria (MO) falls on new legal precedent originally appeared on BloggingStocks on Fri, 13 Feb 2009 13:20:00 EST. Please see our terms for use of feeds.

Continue reading Lawyers going through tough times now, but they'll get rich from this

Lawyers going through tough times now, but they'll get rich from this originally appeared on BloggingStocks on Mon, 26 Jan 2009 16:30:00 EST. Please see our terms for use of feeds.

Enron's Jeff Skilling will be resentenced after conviction is upheld originally appeared on BloggingStocks on Wed, 07 Jan 2009 10:55:00 EST. Please see our terms for use of feeds.

Securities fraud lawsuits on the rise originally appeared on BloggingStocks on Tue, 06 Jan 2009 15:30:00 EST. Please see our terms for use of feeds.

Investors with Bernard Madoff who withdrew their money before the world's largest investment fraud should not celebrate their good fortune. According to Bloomberg News' Ann Woolner, these people may be sucked into the scandal even if they had no intention of ripping anyone off.

"Investors who benefit from fraud, even if they knew nothing of any misdeeds, can be called on to return the fictitious earnings from their investments, even their principal if they redeemed it before the fraud was exposed," Woolner writes. "That money would be added to Madoff assets, to be divvied up among creditors, including the very same investors who had been forced to contribute to the pool."

Remember, the Madoff investors who did not get wiped out benefited (unknowingly) from the proceeds of a fraud. They did not earn legitimate profits.

The question is what should happen next. Should the lucky Madoff investors be able to keep their gains even if technically they don't deserve them? I don't know. I am not a lawyer nor am I a clergyman. These are going to be tough, heart-breaking decisions.

But it seems to me that the Madoff "haves" are going to be called to help the "have-nots." Remember, Madoff's victims will be lucky if a fraction of their money is recovered. They still have not recouped all of money that people lost in Sam Israel's Bayou Fund.

The pain for Madoff's investors will last years.

Even Madoff investors who got out before the collapse could face trouble originally appeared on BloggingStocks on Fri, 02 Jan 2009 19:30:00 EST. Please see our terms for use of feeds.

Continue reading Coke settles 'channel stuffing' lawsuit for $137.5 million

Coke settles 'channel stuffing' lawsuit for $137.5 million originally appeared on BloggingStocks on Mon, 07 Jul 2008 16:04:00 EST. Please see our terms for use of feeds.

Continue reading Oil execs at Congress today: Defending tax breaks, explaining oil prices

Oil execs at Congress today: Defending tax breaks, explaining oil prices originally appeared on BloggingStocks on Tue, 01 Apr 2008 10:22:00 EST. Please see our terms for use of feeds.

After hitting a one-year low of $45.41 in April, the stock hit a one-year high of $58.38 in November. BRL opened this morning at $49.07. So far today the stock has hit a low of $48.45 and a high of $49.99. As of 12:30, BRL is trading at $49.75, up $4.08 (8.9%). The chart for BRL looks neutral and steady while S&P gives BRL a positive 4 STARS (out of 5) buy rating.

Continue reading Barr Pharma rises with favorable court ruling

Barr Pharma rises with favorable court ruling originally appeared on BloggingStocks on Tue, 04 Mar 2008 14:02:00 EST. Please see our terms for use of feeds.

Recoup your losses from your employer originally appeared on BloggingStocks on Thu, 21 Feb 2008 08:50:00 EST. Please see our terms for use of feeds.

Disgruntled former Enron shareholders looking to recoup some of their losses have been dealt a major blow by the Supreme Court, which declined to review their lawsuit against the investment banks that helped Enron CFO Andrew Fastow enter into sham transactions designed to hide debt and inflate the company's profits.

The Supreme Court's decision not to hear the case is, frankly, insane. Major investment banks entered into deals with Enron that clearly served no economic purpose other than to inflate the company's financial statements.

For instance, some of the transactions involved things like selling a barge to a consortium of investors and then buying it back for more money during the next quarter. What could these sophisticated investment bankers possibly have thought was going on?

In effect, the investment banks served as maitre d's renting out hotel rooms in 15-minute slots to leggy blondes who signed with names like "Crystal Divinity" and men who signed "John Doe." And now they're trying to claim that they didn't know there was any kind of scheme.

These investment banks willingly helped Enron conspire to defraud investors, and now they're being shielded from civil liability for the scheme that they were an integral part of. That's wrong.

Supreme Court gives securities fraudsters a helping hand originally appeared on BloggingStocks on Wed, 23 Jan 2008 16:20:00 EST. Please see our terms for use of feeds.