Troopers on food stamps, taking second jobs amid pay fight

RALEIGH, N.C. (AP) — State troopers suing North Carolina for millions of dollars in back pay say the state’s broken promises have forced them into tough spots: working second jobs, moving in with parents, even going on food stamps.

About 800 troopers — equivalent to half the force — have joined a class-action lawsuit arguing that the state promised a schedule of regular pay increases when they were hired, but reneged because of budget problems. Many took pay cuts when they were recruited from other agencies, expecting to catch up quickly because of raises traditionally given about once a year.

“I don’t think people understand the hard times we’re going through,” said Master Trooper Rick Quinones, who lives with his wife and two young daughters in a spare bedroom at his parents’ house.

His wife and children are covered by Medicaid, he said, and they use WIC government food assistance.

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Wells Fargo Moves 350 Servicing Employees Out of Charlotte

The restructuring of mortgage servicing shops continues with Wells Fargo confirming Monday that the bank is moving approximately 350 home loan servicing members out of its offices in Charlotte, North Carolina, to an existing servicing center in Fort Mill, South Carolina.

A representative for Wells Fargo confirmed the move Monday when MReport reached out for comment.

The representative said servicing team members “have been informed that their work sites are being relocated from multiple locations in Charlotte to our Fort Mill servicing center early next year.”

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Wells Fargo confuses homeowner with conflicting letters

All Jackie wanted was a helping hand from her mortgage company, Wells Fargo, when seven months ago she lost a substantial part of her income and was temporarily unable to make her full house payment. Instead, what she got was a bunch of confusing letters and a foreclosure complaint.



The letters leading up to the foreclosure together were reminiscent of the old comedy skit, “Who’s on First?” In other words, they painted a confusing portrait as to what exactly Jackie needed to do to work her way out of the dilemma and save her home.

For example, one letter from Wells Fargo lamented that it was unable to reach an agreement with Jackie as to her options while going on to state, “We have several options which may help you.”

Even more confusing was when Wells Fargo sent a letter saying Jackie may qualify for a loan modification, only to be followed two days later by another letter demanding payment of her entire $75,000 mortgage balance or foreclosure would follow.

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Barclays fined for lax crime checks in ‘deal of century’

Britain’s financial watchdog has fined Barclays 72 million pounds ($109 million) for cutting corners in vetting wealthy customers in order to win a huge transaction described by one senior manager as potentially the “deal of the century.”

Barclays arranged the 1.9 billion pound transaction in 2011 and 2012 for a number of rich clients deemed by the regulator to be politically exposed persons (PEPs), or people holding prominent positions that could be open to financial abuse.

That should require a bank to conduct more detailed checks on them, but Barclays failed to do so and in fact cut corners with its compliance procedures, Britain’s Financial Conduct Authority (FCA) said in a damning report on Thursday.

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Happy Thanksgiving!


Big banks accused of interest rate-swap fixing in U.S. class action suit

NEW YORK (IFR/Reuters) – A class action lawsuit, filed Wednesday, accuses 10 of Wall Street’s biggest banks and two trading platforms of conspiring to limit competition in the $320 trillion market for interest rate swaps.

The class action lawsuit, filed in U.S. District Court in Manhattan, accuses Goldman Sachs Group, Bank of America Merrill Lynch, JPMorgan Chase, Citigroup, Credit Suisse Group, Barclays Plc, BNP Paribas SA, UBS, Deutsche Bank AG, and the Royal Bank of Scotland of colluding to prevent the trading of interest rate swaps on electronic exchanges, like the ones on which stocks are traded.

As a result, the lawsuit alleges, banks have successfully prevented new competition from non-banks in the lucrative market for dealing interest rate swaps, the world’s most commonly traded derivative.

The banks “have been able to extract billions of dollars in monopoly rents, year after year, from the class members in this case,” the lawsuit alleged.

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The millionaires bankrolling the 2016 presidential race



More on the article in the LA Times Click here.