Wells Fargo, Goldman Sachs, JP Morgan Chase, Citigroup, UBS Securities, Bank of America, Moody’s Investment Services, and Fitch Ratings are Among Defendants Sued On Behalf of Wells Fargo Certificate Investors for Alleged Securities Fraud Violations

March 5, 2009
Wells Fargo, Goldman Sachs, JP Morgan Chase, Citigroup, UBS Securities, Bank of America, Moody’s Investment Services, and Fitch Ratings are Among Defendants Sued On Behalf of Wells Fargo Certificate Investors for Alleged Securities Fraud Violations

The Boilermaker-Blacksmith National Pension Trust is suing a number of investment banks, credit rating agencies, and underwriters, including Wells Fargo, WFASC, Morgan Stanley & Co., Credit Suisse Securities (USA) LLC, Barclays Capital Inc., Bear Stearns & Co., Countrywide Securities Corp., Deutsche Bank Securities Inc., JPMorgan Chase Inc., Bank of America Corp., Citigroup Global Markets Inc., McGraw-Hill Cos., Moody’s Investor Services Inc., and Fitch Ratings Inc., over allegations that they made false statements in the prospectus and registration statement for certificates that were collateralized by Wells Fargo Bank, NA. The lawsuit, filed on behalf of thousands of investors that bought the certificates from Wells Fargo Asset Securities Corp., accuses the defendants of violating the 1933 Securities Act by engaging in these alleged actions.

According to the securities fraud lawsuit, the defendants concealed from investors that Wells Fargo revised its underwriting practices in 2005 and became involved in high risk subprime mortgage lending. The complaint contends that WFASC and a number of defendants submitted to the Securities and Exchange Commision prospectus and registration statements representing that the mortgages were backed by certificates that were subject to specific underwriting guidelines for evaluating a borrower’s creditworthiness. The plaintiffs contend that these prospectuses and registration statements were false because they neglected to reveal that the Wells Fargo-originated certificates were not in accordance with the credit, underwriting, and appraisal standards that Wells Fargo, per the companies, had supposedly used to approve mortgages.

The lawsuit also claims that because Wells Fargo decided to enter the subprime mortgage mortgage market in 2005, the investment bank had to take significant write-downs in 2008 because of its massive exposure to the subprime market and the WFASC certificates that these mortgages backed dropped significantly in value. The Boiler-Blaksmith fund reports that it lost about $5 million, which is more than half of what it invested.

Related Web Resources:
Read the Complaint

The Boilermakers National Funds

Continue reading “Wells Fargo, Goldman Sachs, JP Morgan Chase, Citigroup, UBS Securities, Bank of America, Moody’s Investment Services, and Fitch Ratings are Among Defendants Sued On Behalf of Wells Fargo Certificate Investors for Alleged Securities Fraud Violations” »

Goldman Sachs

 

I am hearing that goldman are the masters of the universe, but I know this to be totally incorrect.I think or believe they are masters of delusion and some very sick people that want so much money so fast.Think Greed

 

This website has NOT been approved by Goldman Sachs, nor does this website have any affiliation with Goldman Sachs.

This website was designed to provide information about Goldman Sachs direct from the public, and NOT from Goldman Sachs’s marketing and public relations departments. You may find the official Goldman Sachs website at http://www.goldmansachs.com/

 

 

 

Blood on the Hands of Those at the Top

by Mike Morgan | 3:33 PM in A1 – Must Reads | comments (0)

I don’t want anyone to think that I am blaming Goldman Sachs or any of the executives directly for what you’re about to read, but companies like Goldman Sachs and the executives had an obligation to act responsibly and think about others, instead of how to line their own pockets at the expense of others . . . because now there is blood on the hands of those responsible for the worst financial crisis in the history of the United States.

We’ve seen more families being murdered by father’s than we have in my 53 year memory bank. This week two father’s in Maryland killed their families. I remember hearing the Breaking News about Christopher Wood killing his wife and three children while they slept in their beds.

The news said he had psychiatric problems. I thought . . . yeah, when you can’t feed your family, that will drive you nuts.

Now the press is quiety telling us the real story. The Woods were having financial difficulties from an overextended mortgage and credit cards. They also owned a home in Florida that they were not able to sell. And I’m not trying to make excuses for this guy or his financial situation.

BUT . . . Big BUT here. He is not alone. And unless Obama goes after the people that created the toxic derivatives and funny-money loans that were bundled up and shipped off to pension funds and other fiduciary money, the violence will get worse. Moreover, as we approach the 40th anniversary of the violence we saw in 1969, the violence this summer could make that ugly blemish on our dignity look like pre-school.

Let’s face it. Hank Paulson was the top dog when it came to companies that created, packaged, and sold toxic assets. So if Obama wants to show us CHANGE, start with the guy that was more responsible for our financial crisis than any other single person on the planet. And then he can walk down the street and yank Chris Dodd and Barney Frank out of their offices and into jail.

For those of you that still want to believe the crap Obama and his team of elves are dishing out, read about Christopher Wood and his family – Click Here

And while you’re at it, read about William Parente who just killed his family – Click Here

I hope everyone takes a few seconds out of their busy day and prays for the Woods family, the Parentes family and millions of other families that are also desperate.