JPMorgan Chase : Sankaty to buy JPMorgan debt portfolio for $1 billion – FT

(Reuters) – Bain Capital’s credit arm, Sankaty Advisors, is buying the debt portfolio of JPMorgan’s principal investment group for more than $1 billion (589 million pounds), the Financial Times reported.

Sankaty won an auction for JPMorgan Chase & Co’s Global Special Opportunities Group portfolio, which contains junior loans in North America and Europe as well as securities in Asia and Australia, the newspaper said. (http://on.ft.com/1AnRNHZ)

The deal is set to be announced on Monday, FT said.

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JPMorgan Chase : JP Morgan questioned on private bank impropriety: WSJ

(Reuters) – JPMorgan Chase & Co executives have faced regulators’ questions on whether private bank advisors guide clients to buy the firm’s own financial products, according to a report in the Wall Street Journal.

As a result of the questioning regarding potential conflicts of interest, the New York-based bank has sharpened its disclosures to clients, the newspaper said, citing sources.

The Office of the Comptroller of the Currency, one of JP Morgan’s regulators, has been in discussions with the bank regarding the potential conflicts of interest in recent months, according to the report. The matter may still be open, the report said.

“Being transparent is part of our normal course of business and it’s what drives our client communications,” Darin Oduyoye, a spokesman for JP Morgan’s asset-management unit, told Reuters on Sunday.

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30,000 account holders hidden abroad have emerged in taxes

The government is almost certain to reach its goal of pulling about 1.8 billion euros in 2014 regularization of hidden bank accounts abroad. The Minister of FinanceMichel Sapin, said in an interview with Journal du Dimanche published on July 27:

“The arrival rate of applications remains very strong. The amounts collected in taxes and penalties amounted to € 1.336 billion today, against € 1 billion in mid-June. So we are pretty sure to reach the goal of $ 1.8 billion in late 2014 and have

yet to revenue in 2015. “

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VICTORY! MAYOR CALLS OFF VET’S EVICTION

Originally posted on LIBERTY ROAD MEDIA:

Bartons win

Great news, and I can’t put it any better than SAFE activist Josh Farris:

“We punched capitalism in the nuts and we won a battle.”

So what exactly happened?  The Stranger reports:

“A group of activists from Standing Against Foreclosure and Eviction (SAFE) sat outside Mayor Ed Murray’s office for four hours today, asking that he intervene to prevent the eviction of veteran and his wife from their West Seattle home, until the mayor and his chief of staff came out and met with them this afternoon.

According to SAFE organizer Josh Farris, Murray told them “the SPD is not coming” to evict Byron and Jean Barton, and that he’d let the activists know if anything changes.

As I reported on Friday, SAFE—joined by members of Socialist Alternative, including state house candidate Jess Spear—surrounded the Bartons’ West Seattle bungalow when King County Sheriff deputies arrived that morning to…

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Bank outlets shutter as mobile services grow

Bank branches are falling like tree limbs in a storm and emptying Manhattan’s corner retail spaces.

America’s profit-hungry banks are dismantling more of their brick-and-mortar outposts with lower-cost, increasingly popular tech and mobile services — and the accelerating trend will force more widespread closures and layoffs, analysts say.

US banks shuttered a net 1,487 branches nationwide last year, an-all-time record, according to SNL Financial. Bank of America accounted for 189 of that total.

Until late 2012, Bank of America hadn’t seen the impact of smartphones and tablet computers that allow customers to snap and deposit checks. Today, that accounts for some 10 percent of BofA’s check deposits.

Bank of America CEO Brian Moynihan told analysts earlier this year that branch closures were part of the company’s continuing cost-cutting campaign. He noted how many customers were now, in effect, carrying “a branch in their pocket.”

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House Panel Won’t Budge In Face Of SEC Subpoena

Law360, New York (July 27, 2014, 12:02 PM ET) — A U.S. House of Representatives committee in New York federal court Friday stood its ground against a U.S. Securities and Exchange Commission subpoena for documents in connection with a health care insider trading probe, calling it a “fool’s errand” with no legal backing.

In a second memorandum supporting its motion to dismiss the SEC’s request for documents, House attorneys reiterated that the Ways and Means Committee and aide Brian Sutter are protected from the subpoena by sovereign immunity, especially since the SEC has no allegations against…

Source: Law360

Statement by USA Discounters in Response to ProPublica Article

An article published by ProPublica, an online news service, about USA Discounters inaccurately portrays the practices and policies of our company and our dealings with military customers.

USA Discounters is proud of our long and important relationship with the military community. The company has always held that the men and women who serve and sacrifice for our country should be treated with the honor and respect they deserve. And we consistently work to meet that standard.

ProPublica reported on claims being made by a handful of military customers who defaulted on their payments for items they purchased from USA Discounters. Prior to publication, we pointed out to the reporter that it is against the law for USA Discounters to discuss the cases of individuals who purchased items from us on credit and defaulted on their payments. The company asked ProPublica to obtain permission from these customers for us to release those details – which would have told a very different story than the one they reported. ProPublica was unable to obtain that permission, which left us unable to provide the accurate details. We believe it is irresponsible for the media to report on allegations of this nature, knowing that there is another side to the story and knowing that the subject of the allegations is legally barred from telling it.

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