Archive
Governments Increasingly Ask Google for User Data in Criminal Matters
Google has disclosed statistics on government requests for data and for content removal. Next to Brazil, the United States put in the most requests for user data in criminal matters -- 3,580 in the last half of 2009.
Merrill Lynch Did a Deal ‘Precisely’ Like Goldman's, Suit Asserts
Merrill Lynch and the Dutch bank Rabobank, which has sued Merrill over a failed CDO deal, have been sending dueling letters to a judge about whether Merrill's actions were similar to the ones that led to fraud charges against Goldman Sachs.
As Gitmo Detainees’ Legal Victories Mount, Obama Administration Resists Orders to Release
The government is failing in many cases to prove that the men it has imprisoned at Guantanamo belong there. But in spite of court findings that the prisoners are being held unlawfully, the administration insists it is not obligated to free them.
SEC Rebuked for Regulatory Failure With Lehman Brothers
The examiner who studied the Lehman collapse tells a congressional panel that regulators failed to protect investors. The examiner, Anton Valukas, says the SEC was clueless about Lehman's use of the accounting manipulations known as Repo 105.
Louisiana Well Blowout Forces Hundreds From Homes
Trouble at a natural gas well contaminates an aquifer near Shreveport, and nearby residents are evacuated after the drilling company says it can't contain well pressure underground. It's unclear what contaminants are involved.
Charges Aside, What About Goldman's Nondisclosure of a Potential Lawsuit?
Goldman Sachs says it was surprised by the SEC's lawsuit against it, but regulators had given the firm notice of that potential last July. Goldman did not pass that information along to investors, though.
Union Pressure Exacts a Toll on California Bill to Overhaul Health Care Oversight
A bill to overhaul the disciplinary process for California’s nearly 1 million health professionals has run into strong opposition from labor unions. A Senate committee has postponed a vote on the legislation, and the bill's author has agreed to drop some provisions.
Magnetar Letter to Investors About Our Story -- And Our Response
Responding to reporting by ProPublica, the Chicago hedge fund Magnetar sends a letter to investors criticizing the news coverage. It does not deny that it bet against CDOs that it bought, but emphasizes that its practices were not illegal.
Revised Tax-Cut Figure Pushes Stimulus Spending Higher
Over 47 percent of the roughly $800 billion federal stimulus package is now out the door, according to government figures. With a recent adjustment in the government's tax-cut numbers, a total of $378 billion of the stimulus money has now moved into the economy.
Loose Legal Concept Gives Goldman Sachs Grounds to Argue
Financial firms like Goldman Sachs must disclose material information to investors, but what's "material" is an unclear standard that even experts don't agree on. The SEC's suit against Goldman could set a legal precedent.
Top Washington Lawyer, Holder Friend to Be Next Deputy Attorney General
James Cole, who served in the Clinton administration, will be nominated for the No. 2 spot in the Justice Department. Currently a white-collar criminal defense lawyer, Cole may be best known for his investigation of former House Speaker Newt Gingrich in 1996.
Goldman Sachs Points to Magnetar Trades in Its Defense
In documents submitted to the SEC last September, Goldman Sachs argued that other banks also hadn’t fully disclosed hedge funds' roles in CDOs. It maintains that not disclosing hedge fund bets against CDOs was “normal business practice.”
SEC Seeks Records of GE’s Disclosures in Financial Crisis
The SEC wants to know whether GE was sending conflicting signals about its financial situation in 2008. Investors got no indication of trouble, but Hank Paulson says he was alarmed by information he got from Jeff Immelt, the company's CEO.
Update: Reporting Matchmaker a Success
The millions of struggling homeowners seeking mortgage modifications commonly encounter confusion, errors and months of delay. ProPublica has now matched 140 journalists nationwide with some of those homeowners to help tell their stories.
Other Major Banks Did Deals Similar to Goldman’s
The SEC's suit against Goldman Sachs faults the firm for failing to tell investors about a hedge fund's role in creating an investment deal. Several other investment banks were doing the same thing in deals they created with the hedge fund Magnetar.
