Tag Archives: Grabfest

Currency Market Unsettled by Trader Exits on Lawsky Probe

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“The foreign-exchange trading business was in upheaval across Wall Street as senior executives resigned and others were fired amid an expanding probe of possible currency manipulation.  Benjamin Lawsky, superintendent of New York’s Department of Financial Services, asked more than a dozen firms including Deutsche Bank AG (DB),Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C) for documents on their currency-trading practices. Deutsche Bank, the top foreign-exchange trader, fired four dealers after an internal probe, people with knowledge of the move said. Goldman Sachs lost two partners while Citigroup said its foreign-exchange chief will leave in March.”

http://www.bloomberg.com/news/2014-02-05/currency-market-unsettled-by-trader-exits-as-lawsky-opens-probe.html

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HSBC paying $2 billion to avoid charges in drug cartel laundering case

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“The deferred prosecution agreement was reached in December 2012 and was approved Monday. The settlement was seen as a record amount to resolve charges that the bank failed to stop billions of dollars in drug money from flowing through the bank from Mexico.  Under the terms of the deal, the Justice Department agreed to suspend criminal charges against HSBC and its US subsidiary for five years if the bank agreed to pay the penalty. When announcing the settlement, HSBC Chief Executive Stuart Gulliver said: ‘The HSBC of today is a fundamentally different organization from the one that made those mistakes.'”

http://www.globalpost.com/dispatch/news/regions/americas/united-states/140121/hsbc-paying-2-billion-drug-money-laundering-cartel

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Wendy McElroy: Don’t Like My Article? I Will Sue!

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“Some effects of America’s hyper-litigiousness are obvious. For example, when a corporation announces a change in its customer policies as a response to a substantial payout. Or when your neighbor declares bankruptcy because he cannot afford the damages from someone slipping on his icy driveway.  Less visible effects can be ‘chilling’ as well. A chilling effect occurs when people avoid the legitimate exercise of their rights because they fear repercussions. A common political example is a journalist who avoids criticizing the government because he fears reprisals, such as being audited by the IRS. An insidious aspect of chilling is that its consequences are often invisible.”

http://dollarvigilante.com/blog/2014/1/16/dont-like-my-article-i-will-sue.html

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Wells Fargo paying $541M over bad loan claims

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“Wells Fargo will pay a net $541 million to Fannie Mae to settle claims over defective home loans, completing the government-controlled mortgage company’s efforts to have banks buy back troubled loans made before the financial crisis.  Fannie Mae said on Monday it has reached settlements worth roughly $6.5 billion over loan buybacks with eight banks, including Wells Fargo, the nation’s largest mortgage lender and fourth-largest bank by assets. The settlements include a $3.6 billion accord in January with Bank of Americaover loans from that bank and the former Countrywide Financial. Fannie Mae Chief Executive Timothy Mayopoulos was once general counsel at Bank of America.”

http://www.cnbc.com/id/101301997

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Royal Bank of Scotland Japan Unit Sentenced in Libor Probe

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“Royal Bank of Scotland Group Plc was ordered to pay $50 million by a federal judge in Connecticut over claims that it rigged the London interbank offered rate.  RBS was among six companies fined a record 1.7 billion euros ($2.3 billion) by the European Union last month for rigging interest rates linked to Libor. The combined fines for manipulating yen Libor and Euribor, the benchmark money-market rate for the euro, are the largest-ever EU cartel penalties.  Global fines for rate-rigging have reached $6 billion since June 2012 as authorities around the world probe whether traders worked together to fix Libor, meant to reflect the interest rate at which banks lend to each other, to benefit trading positions.”

http://www.bloomberg.com/news/2014-01-06/royal-bank-of-scotland-japan-unit-sentenced-in-libor-probe-1-.html

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Wall Street Predicts $50 Billion Bill to Settle U.S. Mortgage Suits

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“Wall Street could pay nearly $50 billion to buy peace from federal authorities who are taking aim at the banks over their role in the mortgage crisis, according to interviews and a confidential analysis of the industry’s potential legal exposure.  Bracing for a potential reckoning, the banks and their outside lawyers are quietly using JPMorgan Chase’s record $13 billion mortgage settlement in November to do the math and determine just how much each bank might have to pay to move beyond the torrent of government mortgage litigation that has dogged them since the financial crisis.”

http://dealbook.nytimes.com/2014/01/09/wall-street-predicts-50-billion-bill-to-settle-u-s-mortgage-suits/?hp&_r=0

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Predictable Rise of Populism

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“Both populism and corporatism are significant paradigms of control. Modern corporatism uses the building blocks of central banking, corporate personhood and ‘democracy’ to create a top-down, elite-controlled society that gradually collapses inward on itself as fewer and fewer individuals control more and more assets. Modern populism is the elite-developed antidote. This attacks central banking and corporatism by proposing that government be used to make life fairer for the ‘people.’ Of course, what is really going on is that the top elites are actually behind populism and are cleverly proposing a solution that is a Trojan Horse for further elite control.”

http://www.thedailybell.com/news-analysis/34913/Predictable-Rise-of-Populism/

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Sorry, Comrade; You Didn’t Discover Secret To Make Communism Work

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“If you’re a Millennial who loves bread lines, prison camps, forced famines, and abject human misery, then you’ll love the latest offering from Rolling Stone. Over the weekend, Jesse Myerson, a twenty-something former Occupy organizer, finally stumbled upon a foolproof recipe for success for today’s struggling Millennials. The recipe? Communism, naturally.  Myerson, whose Twitter bio includes the hashtag #FULLCOMMUNISM (for when fractional communism just can’t murder people quickly enough), listed five economic reforms that he thinks every Millennial should demand.”

http://thefederalist.com/2014/01/06/sorry-comrade-didnt-just-discover-secret-making-communism-work/

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San Francisco to charge operators of tech commuter buses

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“Employee shuttle buses for Silicon Valley technology and Peninsula biotech firms, which have become a symbol of income disparity in San Francisco, will soon be charged for using public bus stops, city officials said Monday.  The issue took on added urgency in recent weeks as tenant advocates and other protesters blocked Google buses in San Francisco and Oakland. In San Francisco’s Mission District last month, protesters blocked a bus carrying tech workers for about half an hour. Days later, demonstrators carrying a banner that read ‘F- off Google’ broke a window of a bus at the West Oakland BART Station.”

http://www.sfgate.com/bayarea/article/S-F-to-charge-operators-of-tech-commuter-buses-5118477.php

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JPMorgan Chase Nears a $2 Billion Deal in a Case Tied to Madoff

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“JPMorgan Chase is starting the new year with another steep payout to the government.  The bank plans to reach as soon as this week roughly $2 billion in criminal and civil settlements with federal authorities who suspect that it ignored signs of Bernard L. Madoff’s Ponzi scheme. All told, the bank will have paid some $20 billion to resolve government investigations over the last 12 months.  JPMorgan’s Madoff settlements would also involve a so-called deferred prosecution agreement, a criminal action that would essentially suspend an indictment as long as JPMorgan acknowledged the facts of the government’s case and changed its behavior.”

http://dealbook.nytimes.com/2014/01/05/jpmorgan-chase-nears-a-2-billion-deal-in-a-case-tied-to-madoff/?emc=eta1&_r=1&

JPMorgan Chase is starting the new year with another steep payout to the government.

The bank plans to reach as soon as this week roughly $2 billion in criminal and civil settlements with federal authorities who suspect that it ignored signs ofBernard L. Madoff’s Ponzi scheme, according to people briefed on the case.

All told, after reaching the Madoff settlements with federal prosecutors in Manhattan and regulators in Washington, the bank will have paid some $20 billion to resolve government investigations over the last 12 months.

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