Daily Archives: August 5, 2012

Serious Fraud Office to be paid ‘by results’ for Libor probe

The fraud-busting outfit has begun a criminal investigation into the interest rate rigging scandal that has rocked the banking industry. But the Treasury, rather than giving it a fixed budget, has said it will make money available in instalments based on how the investigation is going.

The SFO will have to make regular reports to the Treasury on its progress and on likely future cash needs. There is no blank cheque and, in contrast to previous big cases, money will not be made available in one go.

‘We have said the SFO should have as much financing as it needs,’ said a Treasury source. ‘It will be made available as needed, and in return we will be kept abreast of developments.’

Read more: http://www.thisismoney.co.uk/money/news/article-2183691/Fraud-Office-paid-results-Libor-probe.html#ixzz22eO2cavF

Biloxi Buzz for Sunday

Jared Lee Loughner To Plead Guilty: Report


Climate Change To Blame For Recent Droughts, Heat Waves: Study


GOP Money Man’s Casino Company Under Investigation

NY, Connecticut Attorneys General Demand Libor Information from Citi

NY, Connecticut Attorneys General Demand Libor Information from Citi.

Citigroup Inc. (C) disclosed law-enforcement agencies are demanding more information about the bank’s involvement in setting Libor interest rates.

The bank said in its quarterly earnings filing 10-Q with the Securities & Exchange Commission Friday it received requests for information and documents from various U.S. and non-U.S. governmental agencies, including the offices of the New York and Connecticut attorneys general, tied to investigations into how banks set various interbank offered rates.

Two years after foreclosure probe launched, FL AG investigation winds down

Two years after foreclosure probe launched, investigation….

The news conference was called. A five-paragraph statement issued.

It was Aug. 10, 2010, and then Florida Attorney General Bill McCollum, a candidate for governor, was making his move against three of the state’s largest and most feared foreclosure law firms — ones he suspected of illegally speeding cases through the courts with forged and fraudulent documents.

Thousands of final judgments of foreclosure may have been the result of illegal activities, the news release said.

Two years later, one firm has inked a $2 million settlement with the state.

The other law firm investigations, which came to total six by last summer, are “winding down,”Attorney General Pam Bondi’s office said Friday.

Read the rest here…