The New York-based lender and its subsidiaries are embroiled in more than 10,000 legal proceedings that could reach beyond what the bank has already set aside in reserves
See the rest here:
JPMorgan faces up to $4.5bn costs
Citigroup has come under attack for failing to disclose regulatory criticism of the bank’s valuation of troubled securities during the financial crisis
The rest is here:
Citi under fire over disclosure
Four of the bank’s leading executives will receive the cash if core operations earn $12bn over the next two years, in a profit-sharing scheme that has raised eyebrows
The rest is here:
Top Citi staff in line to share $12m
Reform of the US tri-party repurchase market this year should substantially reduce a repeat of the bank runs that severely impaired Bear Stearns and Lehman Brothers during the financial crisis, said Moody’s in a report
Read the rest here:
Moody’s says tri-party repo reform to reduce bank runs
Bank 'refund' scam targets elderly Bundaberg NewsMail “It could have been quite nasty – the fact they could have sent someone around to the home .” A spokesman for the Commonwealth Bank said the bank would never call customers and ask them to provide personal details or make them do the ground work to …
View post:
Bank ‘refund’ scam targets elderly – Bundaberg NewsMail
The two shocks of an unexpected contraction in output and surprisingly high inflation spell misery for families and trouble for the Bank of England
Read the original:
Debate rages within MPC
Online job scams dash your hopes, steal your cash Kansas City Star Then she received two $850 money orders, mailed to her home with instructions to cash them at her bank, keep $500 for her salary and send the rest on to a …
Excerpt from:
Online job scams dash your hopes, steal your cash – Kansas City Star
Telegraph.co.uk Did JPMorgan Ignore Madoff's Ponzi Scheme? Forbes (blog) Wall Street's favorite banker, Jamie Dimon, is going to feel the heat of some nasty allegations connecting his bank to the Madoff scheme. … JP Morgan Chase suspected Bernie Madoff 18 months before his scam was revealed … Daily Mail all 299 news articles
Goldman Sachs awarded its chief executive, Lloyd Blankfein, $12.6m in restricted stock and more than trebled his annual salary, in a sign the public backlash against the bank’s pay practices may have waned
Goldman Sachs appointed Michael Evans, its Asia chairman, to a broader role as head of emerging markets, a move that could soothe internal tensions within the bank’s senior ranks
See the article here:
Evans named Goldman emerging markets head
In a few weeks’ time the bank’s chief executive will set out his own stall with a plan designed to rebalance the group’s businesses and map out a clearer path toward boosting returns
See the original post here:
Diamond needs to clarify strategy at Barclays
The UK government’s ownership of Northern Rock looks to be entering its final phase as it started talks with potential advisers to prepare the ground for the bank’s sale
Read more here:
Advisers sought for Northern Rock sale
A prominent Chinese client’s tirade against the bank on the country’s largest microblogging service has gone viral
View original post here:
Tirade against M Stanley goes viral in China
Fannie and Freddie, which are wards of the government, accepted pennies on the dollar to settle a dispute over billions of faulty mortgages the bank sold to the pair during the housing bubble. …
Excerpt from:
The Home Equity Theft Reporter Cases & Articles: BofA's "Pennies …
Citigroup is seeking buyers for CitiFinancial, the largest consumer finance company in the US, in a deal that could raise hundreds of millions of dollars and mark a milestone in the bank’s efforts to break with its troubled past
See the original post:
Citigroup seeks buyers for CitiFinancial
Bond insurer ACA Financial Guaranty sued Goldman Sachs for $112m alleging the bank deceived it into investing in a ‘worthless’ mortgage-related product
Read the original post:
Bond insurer sues Goldman for $120m
James Gorman, the chief executive of Morgan Stanley, continued to reshape the bank’s upper echelons with the shuffling of top executives
See the original post here:
Morgan Stanley reshuffles top executives
http://www.scribd.com/doc/45875075/COLONIAL-BANK-FRAUDULENT-WAREHOUSE-LINES- SCAM -Taylor-Bean-and-Colonial-Bank-Warehouse-Agreement-Fraud-Complaint-Www-sec-Gov-litigation-complaints-20. HIGHLIGHTS FOR SIMPLICITY, THEN READ THE DEUTSCHE …
Read more:
David Stern Was Known to Fannie and Freddie as a Bad Actor 11 …
The global financial crisis is over (so most seem to think), but some of the WikiLeaks cables at the height of the crisis regarding the Bank of England are quite interesting. For example the Guardian reports US embassy cables: Mervyn King says in March 2008 bailout fund neededMonday, 17 March 2008, 18:27 C O N F I D E N T I A L LONDON 000797 SUBJECT: BANKING CRISIS NOW ONE OF SOLVENCY NOT LIQUIDITY King said there are two imperatives. First to find ways for banks to avoid the stigma of …
Read the original post:
Interesting WikiLeaks Regarding Mervyn King and Bank of England at Height of Crisis; Global Banking System Insolvent Then, Still Insolvent Now
Goldman Sachs is seeking an executive to run its day-to-day operations in Asia even as the bank struggles to find a new role in its New York headquarters for the region’s chairman, Michael Evans
Hype regarding silver continues to go viral, and the Financial Times unexpectedly adds to that hype. The Financial Times reports JPMorgan cuts back on US silver futuresJPMorgan has quietly reduced a large position in the US silver futures market which had been at the centre of a controversy about its impact on global prices for the precious metal. The decision by JPMorgan was an attempt to deflect public criticism of the bank’s dealings in silver, a person familiar with the matter said. The …
See the article here:
Still More Hype Regarding Silver; Just the Math Maam
Bank of America has filed a lawsuit accusing four former employees of ‘brazen misappropriation’ of confidential client information in what the bank claimed was a ‘co-ordinated attack’ on its wealth management business
View post:
BofA sues ex-employees over ‘trade secrets’
Here are the Emails I sent to House Speaker John Boehner. The first is in regards to Ron Paul and the chairmanship of the Monetary Policy subcommittee. Dear Mr. Speaker As Speaker of the House, you have a duty to watch out for all citizens of the United States, not just your own Ohio constituency or the bank lobby. As such I kindly ask you honor the will of the people and appoint Ron Paul as chairman of the Monetary Policy subcommittee. Thank you. Mike “Mish” …
Go here to read the rest:
Dr. Mr. Speaker
Goldman Sachs is considering a sale of its Litton Loan mortgage-servicing division, a move that would potentially end the bank’s foray into the business of collecting home loans and foreclosing
View original post here:
Goldman considers selling mortgage servicer
Sergey Aleynikov, who is accused of stealing Goldman Sachs’ source code, argued that he was standing up to the bank’s proprietary claims on open-source code
The rest is here:
Goldman challenged on trading code
International news is flying this evening. With most eyes focused on Ireland and the Euro, let’s take a quick look at other news stories of merit. China Approves Gold Fund of Funds MarketWatch reports China Approves Gold Fund of Funds China’s securities regulators have given the go ahead for a mutual fund to invest in foreign exchange-traded gold funds, potentially tapping interest among mainland China investors who face negative real interest rates on their bank deposits and want to …
Go here to see the original:
China Approves Gold Fund; India Inflation Hits 8.5%; Universal Dumping of Spain; Lobster Smuggling Hits Australia; Asia Slowdown led by Japan, Korea
Jonathan Burton at MarketWatch attempts to present a case Why gold is a bad investment.Gold isn’t like a stock or a bond. It offers no income, no dividend, no earnings. It is considered a store of value, an alternative currency that’s safe beyond reproach, but it is not cash in the bank, or even the mattress. Gold has no untapped intrinsic value; it is worth only what people are willing to pay for it. And lately, many people have been only too willing. “Gold is going up because people are …
Read the rest here:
"Midas Crush" – MarketWatch Attempts to Explain "Why Gold is a Bad Investment"
Sudden question could form part of a Citigroup appeal to claim a mistrial, should the jury find against the bank
Here is the original post:
Juror removed in plot twist in EMI case
Private equity group Blackstone, Barclays and at least one other bank have emerged as among the groups interested in a possible purchase of the online lender being sold by Citigroup
See more here:
Few parties interested in Egg auction
Bank has been ordered by US regulators to overhaul its internal controls in the US after a probe found the bank’s ineffective compliance programmes created ‘a significant potential for unreported money laundering or terrorist financing’
See the original post here:
HSBC in N America ordered to fix controls
Once a DU or LP approval was received, any bank would buy the loan because the DU or LP approval was a guarantee that Fannie or Freddie would buy the loan from the bank – who 68% of the time received it from the mortgage broker or …
Here is the original post:
Bank Fraud FINALLY In the Limelight « The Foreclosure Detonator
In response to $30 Billion Offer No One Wants – Small Businesses Hit by Deflation I received this email from a director of a small bank.Hello Mish, I sit on the board of a small community bank and I can attest to the fact that our loan portfolio is in excellent shape even when taking into consideration today’s dismal economy. That is not to say a loan is good when made can go bad but if that happens, our bank has sufficient collateral pledged against the loan to cover such short falls. We …
Read more here:
Community Bank Director Chimes In Regarding Small Business Lending
Vikram Pandit, Citigroup chief executive, will start drawing a pay cheque again next year, following two years of working for $1 while the bank recovered from the huge losses during the financial crisis
Original post:
Citi chief to draw full pay again in 2011
Jim O’Neill, the Goldman Sachs chief economist, has been named chairman of the bank’s asset management division, a role where he will help oversee its $802bn of assets
Read this article:
O’Neill to chair Goldman’s asset management arm
Blow to Goldman’s efforts to put the high-profile fraud case behind it following the bank’s settlement with the US Securities and Exchange Commission probe in July for $550m
The rest is here:
Goldman now faces large fine in UK
(NO, not as some scam where I secretly am part of the deal except for the right to continue my tenancy at fair rent)… I’m just not sure how it’s in the bank’s interest to forcibly evict me, my tenants and her 12 year-old daughter (and …
See more here:
Fannie to Crack Down on Foreclosure Delays « naked capitalism
ABC News Afghan bank's bosses ousted to avert meltdown AFP The central bank's action was “good for the bank and good for business in Afghanistan”, Mahmood Karzai told the Wall Street Journal. … Afghan government backs biggest bank over corruption allegations RFI all 263 news articles
JPMorgan Chase is to close the commodity unit that trades with the bank’s own money as Wall Street moves to comply with new US financial services rules banning proprietary trading
See original here:
JPMorgan to close ‘prop’ trading division
Hard times lead to home foreclosure Petaluma Argus Courier It turned out to be a scam . “Joe” then sought a loan modification from his bank, Chase, which asked him to fax 300 pages of financial documents. … and more
Goldman Sachs’ largest investor slashed its stake by more than half in the last quarter as the bank contended with civil fraud charges by US securities regulators and brutal market conditions that crimped its results
See the original post here:
Axa reduces stake in Goldman
Legal Briefing: Let's Call a Fraud a Fraud in Citigroup Settlement DailyFinance The Wall Street Journal reports that investors are wondering if the Citi settlement will help their fraud cases against the bank, and suggests that perhaps … and more
The bank’s quarterly profits plunged from a year ago as revenue slumped and the bank set aside more than $1bn for the UK bonus tax and its historic settlement with US securities regulators
View original post here:
Goldman profits plummet by 83%
With Goldman Sachs’ skirmish with the US Securities and Exchange Commission now behind it and a clearer roadmap to regulatory reform before it, investors can now shift their focus back to the bank’s business
Read the original here:
Goldman finds itself at crossroads
Employment Scams Proliferate in Shaky Economy PRLog.Org (press release) As with many work -at- home scams , the checks bounce and the wired money disappears, leaving the victim to pay the bank money that otherwise could have been … and more
Citigroup is selling most of its interests in its private equity fund of funds and other investments to Lexington Partners in a deal affecting about $5bn in assets, as part of Vikram Pandit’s plan to streamline the bank
Not All Tennessee Flood Victims Are in Nashville Insurance Journal Someone claiming to be from FEMA told him he had to use the money to pay off his home loan and he gave the bank $8000 before he realized that was a scam , …
Read the original:
Not All Tennessee Flood Victims Are in Nashville – Insurance Journal
Hickman's flood victims far from the spotlight Knoxville News Sentinel Someone claiming to be from FEMA told him he had to use the money to pay off his home loan and he gave the bank $8000 before he realized that was a scam , … and more
Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis www.youtube.com EVIDENCE FOUND!!! Clinton administration’s “BANK AFFIRMATIVE ACTION” They forced banks to …
Link:
Barney Frank & Chris Dodd Complicit With Failure Of Fanni Mae …
Goldman executives responded to allegations that the bank was overly aggressive in calling collateral from AIG, noting the insurer had refused to share its own marks on the debt securities at the heart of the dispute
See more here:
AIG and Goldman trade blame for crisis
Securities industry regulators order Goldman Sachs to pay $21m to settle claims that the bank should have known that Bayou Management was defrauding investors through an alleged Ponzi scheme
Visit link:
Goldman told to pay $21m over Bayou collapse