August 2007: "Gretchen Morgenson is assistant business and financial editor and a columnist at the New York Times. She has covered the world financial markets for the Times since May 1998 and won the Pulitzer Prize in 2002 for her "trenchant and incisive" coverage of Wall Street.
Ms. Morgenson joined The Times as assistant business and financial editor in May 1998. Previously, she was assistant managing editor at Forbes magazine since rejoining the magazine in March 1996. Before that, she was the press secretary for the Forbes for President campaign from September 1995 to March 1996.
From August 1993 to August 1995, Ms. Morgenson was the executive editor at Worth magazine. As the number two editor, she oversaw all financial coverage. She also wrote an investigative "Full Disclosure" column monthly.
From November 1986 to August 1993, she was an investigative business writer and editor at Forbes magazine. She broke the story of anti-investor practices on the Nasdaq stock market that was followed by Justice Department and SEC investigations. Earlier, she oversaw several Forbes investing sections and their Washington bureau.
From January 1984 to November 1986, she was a staff writer at Money magazine.
Ms. Morgenson was a stockbroker for Dean Witter Reynolds in New York from September 1981 to January 1984.
She began her career at Vogue magazine as an assistant editor in August 1976. By the time she left the magazine in July 1981, she was a writer and financial columnist.
Born in State College, Penn., on January 2, 1956, Ms. Morgenson received a B.A. degree in English and history from Saint Olaf College, Northfield Minn., in 1976.
She is the author of "Forbes Great Minds Of Business," published by John Wiley & Co., in 1997 and co-author of "The Woman's Guide to the Stock Market," published by Harmony Books in 1981.
She is married, has a son and lives in New York City."www.nytimes.com/ref/business/bio-morgenson.html
<p>June 2011: 'The Fannie Mae scandal has gotten relatively little media attention because many of the participants are still powerful, admired and well connected. But Gretchen Morgenson, a Times colleague, and the financial analyst Joshua Rosner have rectified that, writing “Reckless Endangerment,” a brave book that exposes the affair in clear and gripping form.'</p>
<p>August 2003: Journalist.</p>
Role Name Type Last Updated Employee/Contractor/Fellow/Freelancer (past or present) CNN/Money Magazine Source Aug 14, 2007 Employee/Contractor/Fellow/Freelancer (past or present) Dean Witter Reynolds Organization Aug 14, 2007 Organization Executive (past or present) Forbes Source Aug 14, 2007 Employee/Contractor/Fellow/Freelancer (past or present) New York Times Source Aug 21, 2016 Student/Trainee (past or present) St. Olaf College Organization Aug 14, 2007 Employee/Contractor/Fellow/Freelancer (past or present) Vogue Source Aug 14, 2007 Subordinate of (past or present) Steve Forbes Person Aug 14, 2007 Cooperation (past or present) Joshua "Josh" Rosner Person Jun 17, 2011
Articles and Resources
Date Fairness.com Resource Read it at: Aug 21, 2016 To Crack Down on Securities Fraud, States Reward Whistle-Blowers
QUOTE: In the aftermath of the financial crisis, a growing army of confidential informants — better known as whistle-blowers — has helped federal securities regulators identify and prosecute wrongdoers. Now the same thing is happening at the state level...
New York Times Jan 08, 2016 Ratings Agencies Still Coming Up Short, Years After Crisis (Fair Game)
QUOTE: The credit ratings agencies played an enormous role in generating billions of dollars in losses during the debacle. Internal emails that emerged in congressional investigations were especially revealing of the problems at these companies... like many of those responsible for the mess, credit raters largely escaped accountability. They were allowed to maintain their conflicted business models, in which issuers pay the agencies to rate their securities.
New York Times May 16, 2015 Shareholders' Votes Have Done Little to Curb Lavish Executive Pay (FAIR GAME)
QUOTE: It’s been five years since the Dodd-Frank law required that companies let investors vote on their executive pay practices. The idea, lawmakers said, was to give shareholders a chance to sound off when compensation plans are not in their best interests. But has putting these matters to a vote done anything to rein in executive pay? Not a chance. Since these votes started being tallied, C.E.O. pay has risen on average 12 percent annually.
New York Times Dec 07, 2013 Playing Pension Games (Fair Game)
QUOTE: Securities laws require issuers of municipal debt to provide the information investors need to make informed decisions when buying or selling these instruments. But lax disclosure practices remain, making it hard to spot signs of problems...
New York Times Nov 16, 2013 Who Has Your Back? Hard to Tell
QUOTE: what’s really on trial here is the role played in the settlement by Bank of New York Mellon, the trustee charged with protecting all investors in these securities. Trustees for asset-backed securities have a duty to ensure that the companies administering them, known as servicers, do right by the investors who own them. But testimony in the case, known as an Article 77 proceeding, indicates that during months of settlement talks, Bank of New York Mellon did not do all it could to ensure that all investors holding the Countrywide securities got the best deal possible from Bank of America.
New York Times Nov 03, 2012 One Safety Net That Needs to Shrink (Fair Game)
QUOTE: ...Dodd-Frank actually widened the federal safety net for big institutions. Under that law, eight more giants were granted the right to tap the Federal Reserve for funding when the next crisis hits. At the same time, those eight may avoid Dodd-Frank measures that govern how we’re supposed to wind down institutions that get into trouble.
New York Times Jul 21, 2012 Into the Bailout Buzz Saw (Fair Game)
QUOTE: Thus the collision course was set between Mr. Barofsky and a crew of complacent, bank-friendly Treasury officials. He soon discovered that the department’s natural stance of marching in lock step with the banks meant that he had to question its policies and programs repeatedly to ensure that taxpayers weren’t at risk for fraud and abuse.
New York Times Jun 21, 2011 Oversight Group Did Not Refer Housing Complaints
QUOTE: The federal agency overseeing Fannie Mae and Freddie Mac, the taxpayer-owned mortgage finance giants, failed to refer to criminal investigators and other authorities almost 100 complaints about possible foreclosure abuse and mortgage fraud at the companies over a recent two-year period, according to a report issued late Tuesday by the inspector general of the Federal Housing Finance Agency.
New York Times Jun 16, 2011 Who Is James Johnson?
QUOTE: Morgenson and Rosner write with barely suppressed rage, as if great crimes are being committed. But there are no crimes. This is how Washington works. Only two of the characters in this tale come off as egregiously immoral. Johnson made $100 million while supposedly helping the poor.
New York Times May 31, 2011 S.E.C. Case Stands Out Because It Stands Alone
QUOTE: How Mr. Tourre alone came to be the face of mortgage-securities fraud has raised questions among former prosecutors and Congressional officials about how aggressive and thorough the government’s investigations have been into Wall Street’s role in the mortgage crisis.
New York Times Apr 23, 2011 A Crack in Wall Street’s Defenses
QUOTE: “Citigroup mismarketed this product to high-net-worth investors as an alternative to municipal bonds with a slightly higher return… Our clients never knowingly agreed to risk a significant loss of principal for a few extra points of interest.”
New York Times Apr 08, 2011 New York Subpoenas 2 Foreclosure-Related Firms
QUOTE: “We’re seeing a disproportionate number of cases in the foreclosure context where questionable filings have been made. I think it’s easy to say this is the largest and most wide-ranging fraud against the courts in the United States. Lawyers have to have a good-faith basis for the factual assertions they make to the court; they are responsible if they file pleadings that are baseless.”
New York Times Mar 31, 2011 Report Criticizes High Pay at Fannie and Freddie
QUOTE: When the government stepped in to support some of the nation’s biggest financial institutions in 2008, compensation became an issue of concern to taxpayers... The executives at Fannie and Freddie received far more than their counterparts at other federal housing agencies.
New York Times Jun 29, 2010 In U.S. Bailout of A.I.G., Forgiveness for Big Banks
QUOTE: When the government began rescuing it from collapse in the fall of 2008 with what has become a $182 billion lifeline, A.I.G. was required to forfeit its right to sue several banks — including Goldman, Société Générale, Deutsche Bank and Merrill Lynch — over any irregularities with most of the mortgage securities it insured in the precrisis years.
New York Times May 18, 2010 Clients Worried About Goldman’s Dueling Goals
QUOTE: Goldman’s bets against WaMu, wagers that took place even as it helped WaMu feed a housing frenzy that Goldman had already lost faith in, are examples of conflicting roles that trouble its critics and some former clients. While Goldman has legions of satisfied customers and maintains that it puts its clients first, it also sometimes appears to work against the interests of those same clients when opportunities to make trading profits off their financial troubles arise.
New York Times Apr 23, 2010 Rating Agency Data Aided Wall Street in Mortgage Deals
QUOTE: One of the mysteries of the financial crisis is how mortgage investments that turned out to be so bad earned credit ratings that made them look so good. One answer is that Wall Street was given access to the formulas behind those magic ratings — and hired away some of the very people who had devised them.
New York Times Apr 16, 2010 S.E.C. Accuses Goldman of Fraud in Housing Deal
QUOTE: Goldman Sachs, the Wall Street powerhouse, was accused of securities fraud in a civil lawsuit filed Friday by the Securities and Exchange Commission, which claims the bank created and sold a mortgage investment that was secretly intended to fail.
New York Times Aug 08, 2009 Paulson’s Calls to Goldman Tested Ethics During Crisis
QUOTE: Henry M. Paulson Jr. agreed to hold himself to a higher ethical standard than his predecessors. He not only sold all his holdings in Goldman Sachs, the investment bank he had run, but also specifically said that he would avoid any substantive interaction with Goldman executives for his entire term unless he first obtained an ethics waiver from the government....And government ethics specialists say that the timing of Mr. Paulson’s waivers, and the circumstances surrounding it, are troubling.
New York Times Jul 04, 2009 Fair Game: So Many Foreclosures, So Little Logic
QUOTE: A glimpse of second-quarter mortgage data, however, indicates that the progress Mr. Dugan and his colleagues in Washington are hoping for may take longer to emerge — raising questions about whether policymakers and banks are moving quickly or intelligently enough on the foreclosure problem. Foreclosures remain one of the great financial ills for the economy. The Bush administration largely overlooked foreclosures affecting average homeowners, focusing instead on propping up elite, troubled financial institutions with taxpayer funds.
New York Times Jun 06, 2009 Fair Game: It May Be ‘Bon Voyage’ for a Travel Site’s Fee
QUOTE: a Washington State court ruled in a consumer class-action case filed against Expedia that the company’s fee disclosures breached its contract with customers. Monica J. Benton ordered Expedia to pay $184.5 million in damages for misleading customers about fees they paid for hotel rooms between February 2003 and December 2006.
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