Daily Archives: March 25, 2013

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British regulator details new Libor rules

British regulator details new Libor rules

Britain’s Financial Services Authority announced Monday detailed proposals on how to overhaul Libor following the scandal over fixing the key global interest rate.

The FSA announced final proposals for new regulations on how financial market benchmarks are calculated, tightening requirements that information is more transparent.

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Lawmakers will meet with Fed, OCC on alleged foreclosure abuses

Lawmakers will meet with Fed, OCC on alleged foreclosure abuses

Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-MD, will meet with Federal Reserve Chairman Ben Bernanke and Comptroller Thomas Curry to discuss documents relating to alleged mortgage servicer abuses identified as part of the now defunct Independent Foreclosure Review. 

“Criminal activity should not be shielded by regulators as if it constitutes proprietary information or trade secrets,” wrote Warren and Cummings.

They added, “We continue to believe transparency is critical around the operations of the review and settlement processes, including the method by which borrower files were reviewed, the violations the servicers are found to have committed, and the scale of those violations.” 

H. Elizabeth Harris the original defense attorney who recommended wrongly convicted and now exonerated Brian Banks’ plea deal is a judge now

If you didn’t watch 60Minutes on Sunday about the story of  Brian Banks who was wrongly accused of rape and spent five years in prison and another five years with an monitored ankle bracelet, I encourage you to do so. Here is the transcript of Brian Banks story on 60Minutes. Click here. I often wonder what happen to Banks’ original attorney , H. Elizabeth Harris, who advise Banks who was 17 years old, a minor, to take a plea deal for a crime that he didn’t commit and when DNA samples came back negative. Well, here is the answer.Ms. Harris is now a judge. From Black Sports Online:

In 2004 she got a promotion.

Veteran criminal defense lawyer H. Elizabeth Harris has been elected a Los Angeles Superior Court commissioner by the court’s judges, a court spokesperson said Friday.

Harris, 61, was the top-ranked candidate among 35 nominated by a panel of judges, and was the only one named on a majority of the ballots in voting for two positions.

Harris is now one of the Commissioners of the court, you can verify it  here.

Wall Street and the Housing Bubble – Cheng, Raina and Xiong

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Deutsche Bank Makes Risk Provisions for Iran, Libor Cases -Report

Deutsche Bank Makes Risk Provisions for Iran, Libor Cases -Report

Deutsche Bank AG (DB), Germany’s biggest bank by market value, has made more than 800 million euros ($1.04 billion) in risk provisions for expected fines related to possible violations of sanctions against Iran as well as alleged manipulation of Libor interbank offered rates, weekly magazine Der Spiegel reports Sunday without identifying its sources.

Deutsche Bank has made more than EUR300 million in litigation provisions related to the allegedly violated Iran sanctions and around EUR500 million for the Libor rates manipulation, according to the report.

Der Spiegel also reports that Deutsche Bank hasn’t yet made provisions for possible damage claims related to the Libor case.

Read more:

Deutsche Bank AG (DB), Germany’s biggest bank by market value, has made more than 800 million euros ($1.04 billion) in risk provisions for expected fines related to possible violations of sanctions against Iran as well as alleged manipulation of Libor interbank offered rates, weekly magazine Der Spiegel reports Sunday without identifying its sources.

Deutsche Bank has made more than EUR300 million in litigation provisions related to the allegedly violated Iran sanctions and around EUR500 million for the Libor rates manipulation, according to the report.

Der Spiegel also reports that Deutsche Bank hasn’t yet made provisions for possible damage claims related to the Libor case.

Read more: http://www.foxbusiness.com/news/2013/03/24/deutsche-bank-makes-risk-provisions-for-iran-libor-cases-report/#ixzz2OWLkm09I

Read more: http://www.foxbusiness.com/news/2013/03/24/deutsche-bank-makes-risk-provisions-for-iran-libor-cases-report/#ixzz2OWKvFR2A

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Homeowner takes bank to trial to avoid foreclosure over mortgage he didn’t sign

Homeowner takes bank to trial to avoid foreclosure over mortgage he didn’t sign

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Sheila Bair: “Regulators tend to view the world through the eyes of the banks”

Sheila Bair: “Regulators tend to view the world through the eyes of the banks”

This week, Sheila Bair, the longtime Republican who served as chair of the Federal Deposit Insurance Corporation (FDIC) during the fiscal meltdown five years ago, joins Bill to talk about American banks’ continuing risky and manipulative practices, their seeming immunity from prosecution, and growing anger from Congress and the public.