{"id":10314,"date":"2009-10-21T02:27:50","date_gmt":"2009-10-21T02:27:50","guid":{"rendered":""},"modified":"2009-10-21T03:02:50","modified_gmt":"2009-10-21T03:02:50","slug":"jerry-brown-files-lawsuit-against-state-street-bank-doesnt-like-cnbc","status":"publish","type":"post","link":"https:\/\/calitics.com\/index.php\/2009\/10\/21\/jerry-brown-files-lawsuit-against-state-street-bank-doesnt-like-cnbc\/","title":{"rendered":"Jerry Brown Files Lawsuit Against State Street Bank, Doesn’t Like CNBC"},"content":{"rendered":"

<\/object>Attorney General Jerry Brown  announced that he was suing State Street Bank today.<\/p>\n

California sued State Street Bank and Trust today for allegedly committing “unconscionable fraud” against the state’s two largest public pension funds, and seeks more than $200 million in overcharges and penalties.<\/p>\n

Atty. Gen. Jerry Brown contends that the Boston investment banking firm overcharged the California Public Employees Retirement System and the California State Teachers Retirement System by about $50 million for the costs of carrying out foreign currency trades since 2001. (LA Times 10\/20\/09<\/a>)<\/p><\/blockquote>\n

See, the thing is here that the Big Banks have been putting their fingers in the taxpayer pocket, and now they are getting called out on it.  This case was presented to the AG’s office from a whistle blower, so it will be interesting to see the case when it becomes more clear and to see if there are any ramifications beyond just the money. <\/p>\n

Now this CNBC interview is something to behold really. It was going smoothly, until AG Brown was asked about what whether he is pursuing the case against State Street for political reasons.  The question was well, typical CNBC, cynical and meant to protect their own, the big financial companies.  That being said, Brown’s response was, well, very Jerry Brown. Nobody will mistake him for Arnold Schwarzeneggers’ on-screen presence.  The whole interview is worth a watch, but the fireworks start around 3:25.<\/p>\n","protected":false},"excerpt":{"rendered":"

<\/object>Attorney General Jerry Brown  announced that he was suing State Street Bank today.<\/p>\n

California sued State Street Bank and Trust today for allegedly committing “unconscionable fraud” against the state’s two largest public pension funds, and seeks more than $200 million in overcharges and penalties.<\/p>\n

Atty. Gen. Jerry Brown contends that the Boston investment banking firm overcharged the California Public Employees Retirement System and the California State Teachers Retirement System by about $50 million for the costs of carrying out foreign currency trades since 2001. (LA Times 10\/20\/09<\/a>)<\/p><\/blockquote>\n

See, the thing is here that the Big Banks have been putting their fingers in the taxpayer pocket, and now they are getting called out on it.  This case was presented to the AG’s office from a whistle blower, so it will be interesting to see the case when it becomes more clear and to see if there are any ramifications beyond just the money. <\/p>\n

Now this CNBC interview is something to behold really. It was going smoothly, until AG Brown was asked about what whether he is pursuing the case against State Street for political reasons.  The question was well, typical CNBC, cynical and meant to protect their own, the big financial companies.  That being said, Brown’s response was, well, very Jerry Brown. Nobody will mistake him for Arnold Schwarzeneggers’ on-screen presence.  The whole interview is worth a watch, but the fireworks start around 3:25.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[204],"tags":[415],"class_list":["post-10314","post","type-post","status-publish","format-standard","hentry","category-204","tag-415"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_shortlink":"https:\/\/wp.me\/p6Pvhz-2Gm","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/posts\/10314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/comments?post=10314"}],"version-history":[{"count":0,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/posts\/10314\/revisions"}],"wp:attachment":[{"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/media?parent=10314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/categories?post=10314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/calitics.com\/index.php\/wp-json\/wp\/v2\/tags?post=10314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}