Daily Archives: November 26, 2012

Greek debt deal ‘not applicable’ to Ireland

Any arrangements made to ease the burden of the Greek national debt will not be applicable to Ireland, Minister for Finance Michael Noonan said today.

Arriving in Brussels this afternoon for a third round of talks in as many weeks between euro zone ministers and the International Monetary Fund, Mr Noonan said he was hopeful that a deal for Greece is imminent.

“I’d be hoping that it will conclude satisfactorily this evening but you know the way these things work, you can’t be absolutely certain. But certainly the ground has narrowed,” the Minister told reporters.

Mr Noonan said there was no plan at present for an official sector involvement arrangement the sense that it’s normally accepted” in which euro zone governments would bear losses on their holdings of Greek bonds

It is generally expected that the new package would cut to a negligible level the interest rate on the country’s loans from its euro zone partners.

The package is also expected to include money for Athens to reduce its debt burden by buying its bonds from private investors at below market costs.

Read more from the Irish Times.

Senior bankers leave BofA’s Middle East operations: sources

(Reuters) – The head of Bank of America Merrill Lynch’s (BAC.N) Middle East and North Africa unit has left following an overhaul of the U.S. lender’s regional investment banking operations, three sources said.

A spokeswoman for BofA in the Middle East confirmed the departure of Phil Southwell, hired in May 2011 to run the bank’s MENA business, and also the resignation of Ziad Awad.

Awad, a managing director with the bank for more than five years, has resigned and will leave at the end of the year, sources had also said on Monday, speaking on condition of anonymity as the matter has not been publicly disclosed.

Read on.

UBS Fined £29m Over London Rogue Trader

The City watchdog has fined the Swiss investment bank UBS £29.7m over the biggest fraud in British history.

The Financial Services Authority (FSA) fined the bank for system and control failings within its corporate structure that allowed London rogue trader Kweku Adoboli to cause £1.4bn losses through unauthorised trading.

The FSA originally fined UBS £42.4m but discounted the penalty for early settlement.

At one point, Adoboli had stood to run up losses of £7.5bn for his employer.

Read on.

Shareholders Want Wells Fargo Execs to Pay, According to Complaint

SAN FRANCISCO (CN) – Wells Fargo cost taxpayers “hundreds of millions of dollars” by misrepresenting more than 6,000 home mortgage loans, shareholders say in a derivative complaint.
Lead plaintiff Richard Gulbrandsen accuses CEO John Stumpf and 23 other top officers of unjust enrichment, waste of corporate assets and breach of duties during the nearly decade-long runup to the financial meltdown.
From May 2001 through December 2010, according to the federal complaint, “Wells Fargo improperly certified to the United States Department of Housing and Urban Development (HUD) that over 100,000 of its high-risk residential mortgage loans met HUD’s requirements for proper origination and underwriting, and therefore were eligible for the Federal Housing Administration’s (FHA) insurance. In so doing, the individual defendants shifted responsibility for these materially deficient loans to the United States government.

Read on.

UBS Leads Wall Street Bid to Halt FHFA Mortgage-Bond Suit

UBS AG (UBS) is seeking to block a U.S. lawsuit over billions of dollars in mortgage bonds in a case that may set back government efforts to recover losses Fannie Mae and Freddie Mac incurred in the housing crash.

UBS argued before the U.S. Court of Appeals in Manhattan today that the court should overturn a ruling allowing the Federal Housing Finance Agency to pursue its suit over losses on $6.4 billion in mortgage bonds sold to the two mortgage-finance companies.

Read on.

Texas Schools Teaching Boston Tea Party As “Terrorist Act”

From CBS Houston:

HOUSTON (CBS Houston) – The most historical instance of protesting against taxation without representation is now being taught in Texas schools as a terrorist act.

 

As recently as January of this year, the Texas Education Service Center Curriculum Collaborative included a lesson plan that depicted the Boston Tea Party, an event that helped ignite the American Revolution, as an act of terrorism.

 

“A local militia, believed to be a terrorist organization, attacked the property of private citizens today at our nation’s busiest port,” wrote the teachers in charge of organizing the curriculum about the Boston Tea Party. “Although no one was injured in the attack, a large quantity of merchandise, considered to be valuable to its owners and loathsome to the perpetrators, was destroyed. The terrorists, dressed in disguise and apparently intoxicated, were able to escape into the night with the help of local citizens who harbor these fugitives and conceal their identities from the authorities.

1984 has arrived folks.

Full article here.

Sounds like MERS? Meet where is Sarah Petre-Mears.

James Ball travels to the tiny Caribbean island of Nevis searching for Sarah Petre-Mears, who on paper controls more than 1,200 companies scattered around the Caribbean, the Republic of Ireland, New Zealand and the UK itself

Watch the video.