Posts Tagged ‘ corporate corruption ’

Busted

FBI Investigating [Bush Junta] And Massey Energy Over Possibly Bribery:

NPR News reports that the FBI is investigating the possible bribery of federal officials overseeing mining industry regulation by Massey Energy, the owner of the Upper Big Branch mine that exploded three weeks ago, killing 29 miners.

“The Mine Safety and Health Administration is the target of a federal criminal investigation,” NPR notes, and “FBI agents are also exploring potential criminal negligence on the part of Massey Energy.”

The nation’s top mine safety official told lawmakers earlier this week that the government will start going directly to federal court to shut down mines that make a habit of ignoring safety.

“Goldman Sachs Emails: Firm Had ‘The Big Short’ As Economy Fell”

Goldman should change its name to “Sociopaths ‘R Us:”

As early as May 2007, as homeowners were being crushed under the weight of subprime mortgages, the most profitable firm on Wall Street had long taken out a form of insurance on those delinquencies.

[Goldman Sachs] made money on the upside — originating, securitizing and selling subprime mortgage-based securities to investors — and on the downside, thanks to the insurance…

“Investment banks such as Goldman Sachs were not simply market-makers, they were self-interested promoters of risky and complicated financial schemes that helped trigger the crisis,” Levin said. “They bundled toxic mortgages into complex financial instruments, got the credit rating agencies to label them as AAA securities, and sold them to investors, magnifying and spreading risk throughout the financial system, and all too often betting against the instruments they sold and profiting at the expense of their clients.”