Tag Archives: Grabfest

Swiss bank UBS pays $50 million to settle SEC charges from 2007 financial meltdown

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“UBS agreed to pay nearly $50 million to settle charges over its disclosures related to a money-losing 2007 investment vehicle linked to sub-prime loans, a US agency announced Tuesday. UBS presented inaccurate or incomplete information about upfront payments in marketing literature to investors and in submissions to the CDO’s directors, the SEC said. When the CDO was liquidated in 2007, outside investors lost approximately $130 million in the CDO, according to an SEC administrative order. In the settlement, UBS agreed to pay about $50 million in disgorgement, interest and penalties. The bank did not admit or deny the SEC’s findings.”

http://www.rawstory.com/rs/2013/08/06/swiss-bank-pays-50-million-to-settle-sec-charges-from-2007-financial-meltdown/

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JPMorgan’s Latest Guilt-Free Payoff

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“There was that awful phrase again, in JPMorgan Chase & Co.’s settlement with U.S. energy regulators: The company ‘neither admits nor denies the violations.’ The $410 million pact between JPMorgan and the Federal Energy Regulatory Commission doesn’t do much good for the rest of us. For years the Securities and Exchange Commission has been the agency that gets the most criticism for these sorts of ‘no-admit’ settlements. The SEC has long defended their use by pointing, in part, to the many federal agencies that routinely do the same thing. The energy regulators just gave the SEC a new high-profile example.”

http://www.bloomberg.com/news/2013-07-30/jpmorgan-s-latest-guilt-free-payoff.html

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JPMorgan: $7 Billion In “Fines” In Just The Past Two Years

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“While JPM’s precarious balance sheet was no surprise to anyone (holding over $50 trillion in gross notional derivatives will make fragile fools of the best of us), what has become a bigger problem for Dimon is that slowly but surely JPM has not only become a bigger litigation magnet than Bank of America, but questions are now emerging if all of the firm’s recent success wasn’t merely due to crime. Crime of the kind that ‘nobody accept or denies guilt’ of course – i.e., completely victimless. Except for all the fines and settlements. Here is a summary of JPM’s recent exorbitant and seemingly endless fines.”

http://www.zerohedge.com/news/2013-07-30/jpmorgan-7-billion-fines-just-past-two-years

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Judge: Merchants owed millions in credit card fees ‘inappropriately’ inflated by Fed

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“The 2010 Dodd-Frank law called for the Fed to cap such fees, which banks charge to retailers when their customers use debit cards to make purchases. Judge Richard Leon of the U.S. District Court for the District of Columbia sided with retailers, who argued the Fed’s 21 cent cap was higher than Congress intended. The so-called Durbin amendment to Dodd-Frank, named for its sponsor, Democratic Senator Richard Durbin of Illinois, was intended to reduce burdens on retailers and hopefully trickle down to consumers in the form of lower prices.”

http://www.rawstory.com/rs/2013/07/31/judge-rejects-limit-on-debit-card-swipe-fees-passed-in-dodd-frank-legislation/

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8 arrested in Huntington Beach as surfing crowd trashes porta-potties after event

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“Eight people were arrested Sunday night in Huntington Beach, California after a rash of mob violence following the conclusion of a surfing competition, KABC-TV reported. Local police told KABC the unrest began around 7:15 p.m. local time, about two hours after the end of the annual U.S. Open of Surfing event, when large fights broke out among the crowd of spectators, with the disturbances moving into the city’s downtown area as police moved in to disperse the revelers. Departments from nearby cities were called in for assistance, forcing streets to be closed down until the crowd was cleared out around 10 p.m.”

http://www.rawstory.com/rs/2013/07/29/8-arrested-as-surfing-crowd-trashes-porta-potties-after-event/

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Hundreds of fast food workers strike in New York for a ‘living wage’

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“Hundreds of workers at McDonald’s and other fast food outlets across New York went on strike Monday for higher wages in a movement organizers hope will spread nationwide. Sporadic walkouts left managers to serve customers at flagship McDonald’s outlets on Times Square and 5th Avenue in Manhattan. Organizers said the strike had hit around 60 restaurants operated by McDonald’s, Wendy’s, KFC and Burger King across the New York area. The striking workers are demanding the introduction of a standard wage of $15/hour, more than twice the $7.25 minimum wage that many fast food employees earn here.”

http://www.rawstory.com/rs/2013/07/29/hundreds-of-fast-food-workers-strike-in-new-york-for-a-living-wage/

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Bankruptcy Litigation Does Not Generate New Wealth

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CHS9a1

“The only viable long-term strategy for claimants is to focus on doing whatever it takes to help the city/county start generating new wealth. But this is far more difficult than hoping to win some court ruling, and it also requires sacrificing the dearly held belief that fantasy entitlements should be made real by somebody, somewhere. Which brings us to the ultimate make-us-whole fantasy, the Federal bailout of every bankrupt city, county and state in the nation. Every constituency is of course first in line in terms of being deserving of ‘what’s owed to me.’ Unfortunately for those counting on the Grand Federal Bailout, the queue at the Federal bailout window is already long.”

http://charleshughsmith.blogspot.com/2013/07/bankruptcy-litigation-does-not-generate.html

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Zimmerman protesters raid LA store, stop freeway

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“More than 300 officers were called to the scene and were at first slow to directly engage protesters in an attempt to allow a peaceful end to the demonstration. A smaller group of between 100 and 150 people splintered off and began blocking traffic on nearby Crenshaw Boulevard, some of them jumping on cars and breaking windows at liquor stores and fast food outlets.  Several protesters ran into a Wal-Mart store, where they knocked down displays before store security chased them out, and police began guarding the door.  TV news helicopters showed some people kicking and punching others along the street, including two people sitting on a bus bench.”

http://news.yahoo.com/zimmerman-protesters-raid-la-store-075210080.html

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Families occupy unfinished homes in Spain

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“On the edge of a green field where horses graze, Juana and her neighbours found this mini estate of more than 70 elegantly painted three-bedroom houses, empty and partly plundered. She says about 70 families have moved into the estate in the past three weeks, into houses that are all but finished but lack water and electricity.  Like countless projects across Spain, the site was abandoned by property developers when the bank loans dried up in the 2008 financial crisis. Local authorities have remained silent on the status of the site. Unlike many of Spain’s so-called ‘ghost towns’, life has returned to this one, in the form of local families ruined by the crisis.”

http://www.rawstory.com/rs/2013/06/18/families-occupy-unfinished-homes-in-spain/

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Boston University sues Apple claiming it stole professor’s 1997 idea

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“Theodore Moustakas, a professor of electrical and computer engineering at Boston University, published a patent for ‘highly insulating monocrystalline gallium nitride thin films’ in November 1997  The patent is set to expire in 2015. Boston University has not made a comment as to why the university chose this time to file on Mr. Moustakas’ behalf.  BU has asked Apple to halt the sales of the iPhone 5, iPad, and MacBook Air, and has asked for damages. Apple has sold more than 100 million iPads and 55 million copies of the iPhone 5.”

http://www.csmonitor.com/Innovation/2013/0705/Boston-University-claims-Apple-stole-professor-s-idea

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