Tag Archives: Grabfest

Bank of America to Pay $17 Billion in Justice Department Settlement

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“Bank of America Corp. is set to pay a record settlement of nearly $17 billion over its mortgage lending as early as Thursday, capping a legal odyssey that has dogged it since the depths of the financial crisis.  More than $1 billion of the payout from the Charlotte, N.C., bank could go to a handful of states, according to a person familiar with the deal.  The settlement amount is the largest ever reached between the U.S. and a single company, and is approximately equal to the bank’s total profit for the past three years. Bank of America has spent more than $60 billion on legal woes stemming from the financial crisis, and the latest settlement would push the tab to close to $80 billion.”

http://online.wsj.com/articles/bank-of-america-reaches-17-billion-settlement-1408560100

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Russia diverts pension savings to plug budget hole for second year

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“All obligatory pension contributions would be directed to finance the redistributive state pension system in 2015, including funds originally earmarked for private management. Russia imposed a freeze on defined pension contributions to private fund managers in 2014, diverting around 243 billion roubles ($7 billion) into state coffers.  Earlier on Tuesday Russia’s Vedomosti newspaper said President Vladimir Putin and Prime Minister Dmitry Medvedev had already agreed to extend that freeze, despite opposition from the Ministry of Finance and other economic policymakers.  The extension into 2015 would provide around 300 billion roubles for the budget next year.”

http://www.reuters.com/article/2014/08/05/russia-economy-idUSL6N0QB4IW20140805

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UK government ‘mansion tax’ proposal will include property over £2m

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“Labour is refining its plans for a mansion tax, saying, in common with the Liberal Democrats, that it would introduce new tax bands on properties above £2m.  But the shadow chancellor, Ed Balls, also promised there would be concessions to ensure the tax does not hit those who are asset-rich but cash-poor.  It is likely Labour will propose two lower bands, one between £2m and £5m, and another between £5m and £10m.  The reassurance from Balls may be designed to soothe the fears of Londoners who are seeing house prices rising much faster than ever imagined, widening the net of people likely to be affected.”

http://www.theguardian.com/politics/2014/jun/23/labour-refines-mansion-tax-new-bands-property-2m

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The Single Most Important Strategy Most Investors Ignore

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“‘If I scare you this morning, and as a result you take action, then I will have accomplished my goal.’ That’s what I told the audience at the Sprott Natural Resource Symposium.  But the reality is that I didn’t need to try to scare anyone. The evidence is overwhelming and has already alarmed most investors; our greatest risk is not a bad investment but our political exposure.  And yet most of these same investors do not see any need to stash bullion outside their home countries. They view international diversification as an extreme move. Many don’t even care if capital controls are instituted.  I’m convinced that this is the most common—and important—strategic investment error made today.”

http://www.caseyresearch.com/cdd/the-single-most-important-strategy-most-investors-ignore

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Venezuela Seeks Buyer for Citgo Petroleum Refinery Unit

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“Petroleos de Venezuela SA is seeking a buyer for Citgo Petroleum Corp., its U.S. refining and marketing company, in a deal that may be worth as much as $15 billion.  The government of President Nicolas Maduro probably is looking to sell offshore refineries to boost hydrocarbons exports to China, raise cash and reduce the risk of having assets seized as part of PDVSA lawsuits abroad, GlobalSource Partners’ Ruth de Krivoy and Tamara Herrera said today in an e-mailed report to clients.  The sale of U.S. assets ‘would put PDVSA in a better position to negotiate settlements should adverse decisions be handed down in pending international arbitration cases,’ they wrote.”

http://www.bloomberg.com/news/2014-07-31/venezuela-seeks-buyer-for-citgo-petroleum-refinery-unit.html

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Marc Faber on Commodity Cycles and the Wealth Redistribution Craze

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“We have a two-tier economy. We have an economy of well-to-do people from which I have benefited because I’m in the financial sector. My asset value has gone up, I benefit from rising asset prices because I own shares and I’m on the board of companies that own shares, fund management companies and so forth, but I’m not happy about the fact that the typical household and the working class worldwide is not doing well. And what will eventually happen and has begun to happen when you have rising wealth inequality, eventually you have politicians that will not assume personal responsibility for the rising wealth inequality that is largely fostered by monetary policies by central banks.”

http://www.thedailybell.com/exclusive-interviews/35527/Anthony-Wile-Marc-Faber-on-Commodity-Cycles-Monopoly-Central-Banking-and-the-Wealth-Redistribution-Craze/

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Hungary Bill to Require Banks to Give Loan Refunds

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“The central bank estimated that Hungarian banks will have to pay a total compensation of about $3.94 billion.  The bill will require banks to compensate borrowers who took out loans for banks’ unilateral increases in interest rates and fees over the past 10 years. It also requires banks to return to borrowers of foreign-currency loans dating back to 2004, the gains made from foreign-currency conversions, most of which were in Swiss francs, as the forint plunged against the Swiss currency at the height of the 2008 financial crisis. Hungary’s Banking Association said the legislation sets a precedent that could shake the foundation of private-law contracts and undermine their legal stability.”

http://online.wsj.com/articles/hungary-bill-to-require-banks-to-give-loan-refunds-1404504950

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FedEx Facing Criminal Charges for Shipping Internet Pharmacy Drugs

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“A federal grand jury in San Francisco has indicted FedEx, the world’s largest cargo company, on criminal charges of conspiracy to distribute controlled substances and distribution of misbranded drugs. Federal prosecutors are seeking to forfeit and seize at least $820 million in what they say are proceeds from such illegal shipments.  The move comes after FedEx rejected offers from federal prosecutors to cut a deal. FedEx’s chief competitor, UPS, settled a similar case last year by agreeing to pay $40 million after being linked to the shipment of prescription drugs by illegal online pharmacies. Both cases were brought by US Attorney for the Northern District of California Melinda Haag.”

http://stopthedrugwar.org/chronicle/2014/jul/18/fedex_indicted_criminal_charges

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Chain smoker’s widow wins $23 billion in punitive damages

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“A jury in Florida has awarded the widow of a chain smoker who died of lung cancer 18 years ago record punitive damages of more than $23bn against America’s second-biggest cigarette maker, RJ Reynolds.  The judgment, returned on Friday night, was the largest in Florida history in a wrongful death lawsuit filed by a single plaintiff.  Cynthia Robinson, of Pensacola, sued the cigarette maker in 2008 over the death of her husband, claiming the company conspired to conceal the health dangers and addictive nature of its products.  Last month the US supreme court declined to hear a series of tobacco company appeals seeking to overturn judgments totaling more than $70m.”

http://www.theguardian.com/business/2014/jul/20/chain-smokers-widow-awarded-23bn-in-punitive-damages-in-florida

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Robbing Peter

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“Spain may defend its decision by pointing out that it has one of the lowest tax takes in the European Union, which is true. However, what should be the issue here is not the amount of tax being imposed, but the principle upon which the tax is being taken. Let there be no doubt about this bail-in or any other—it is pure theft.  The measure in Spain is also an advance on the concept that, as long as an emergency is perceived to exist, confiscation is justified. In Spain, no emergency situation is being pretended; they simply want the money and have decided to take it.”

http://www.internationalman.com/articles/robbing-peter

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