Daily Archives: December 12, 2013


Libor Traders Said to Face U.K. Fines as Soon as Next Month

Libor Traders Said to Face U.K. Fines as Soon as Next Month

U.K. regulators may issue the first penalties against individuals in their probe of Libor manipulation as soon as next month, three people with knowledge of the case said.

The Financial Conduct Authority sent notices to traders in the past two months outlining their findings, according to the people, who asked not to be named because the case is private. The FCA is in discussions with some of the traders over proposed penalties, including fines of more than 100,000 pounds ($160,000), one of the people said.

The targets have one month to respond to the claims, two of the people said. The agency plans to levy civil fines early next year, though some may be delayed if the people contest the penalties or the findings, known as preliminary investigation reports.

“Individuals may be more inclined to fight these fines if they risk losing approved-person status because of the implications on their future job prospects,” said Peter Lodder, a senior trial lawyer at 2 Bedford Row in London.


It’s ‘Really, Really Painful’ For Jamie Dimon When People Pay Attention To JPMorgan Scandals

It’s ‘Really, Really Painful’ For Jamie Dimon When People Pay Attention To JPMorgan Scandals

“You’ll be in court for two, three, four, five years, your people will be interviewed [and] your company will be demeaned in the press nonstop,” Jamie Dimon said of JPMorgan Chase’s decision not to fight the government’s charges.

It’s hard out there for a pimp.

Dec 11 (Reuters) – JPMorgan Chase & Co CEO Jamie Dimon said on Wednesday he was thankful congressional leaders had reached a budget deal and was “less worried” about the impact of an eventual scaling back of the Federal Reserve’s market-friendly stimulus measures.

The agreement on the federal budget was good for business confidence, Dimon said at an investor conference in New York, adding he would send thank-you notes to congressional leaders.

Business demand for loans should rise to more normal levels as confidence rises, and demand for investment banking services in 2014 would be stronger than many people expect, he said. Higher interest rates that would come with a Fed tapering would be good for the bank, he said.

Touching on a wide range of topics, Dimon described public attention to investigations of the bank by regulators and law enforcers as “really, really painful.”




MERS Undermines the Integrity of Public Land Records MERS’ express purpose is to “eliminate[] the need to prepare and record assignments when trading mortgage loans.” Evade county recording fees, avoid publicly recording mortgage transfers, facilitate the rapid sale and securitization of mortgages en masse and shorten foreclosure times Effectively supplanted the public recording system, undermining the integrity of centuries old system of land record-keeping WHAT DO WE NOW KNOW ABOUT MERS? A shell company with no economic interest in any mortgage loan 23 shareholders: originating and servicing (Bank of America, CitiMortgage, Inc.); GSEs (Fannie Mae and Freddie Mac); mortgage and title insurance companies (First Title Insurance Company); and the Mortgage Bankers Association Responsible for tracking approximately 70 million loans Estimated $2 billion in avoided recording fees Average mortgage transferred 2 to 3 times 70 full time employees 20,000 “certifying officers”—execute paperwork to initiate foreclosures with little to no supervision



Franklin Circuit Judge Allows Attorney General Conway’s Case Against MERS to Move Forward

Franklin Circuit Judge Allows Attorney General Conway’s Case Against MERS to Move Forward

Wednesday, 12 11, 2013

Daniel Kemp 
Deputy Communications Director
502-696-5659 (office)


Attorney General Jack Conway today announced that a Franklin Circuit Court judge has ruled that the Office of the Attorney General properly alleged violations of Kentucky’s Consumer Protection Act against MERSCORP Holdings, Inc., and its wholly-owned subsidiary Mortgage Electronic Registration Systems, Inc. (MERS).

“I appreciate the court’s careful consideration on this matter, and I am pleased with the result,” General Conway said. “This ruling paves the way to allow my office to hold MERS accountable for its deceptive conduct, and we look forward to continuing our fight for Kentucky consumers.”


RBS Fined $100m For Breaking US Sanctions

RBS Fined $100m For Breaking US Sanctions

The Royal Bank of Scotland has agreed to pay $100m (£61m) after US investigations into illegal transactions with Iran, Sudan, Burma and Cuba.

The bank has entered into agreements with the US Federal Reserve, the US Treasury Department and the New York State Department of Financial Services.

Earlier on Wednesday it emerged that Lloyds Banking Group has been fined £28m over a new mis-selling scandal.

In a statement, RBS said it “acknowledges and deeply regrets” the failings.

Criminal Action Is Expected for JPMorgan in Madoff Case

Deadly Clear


Madoff JPMorganJPMorgan Chase and federal authorities are nearing settlements over the bank’s ties to Bernard L. Madoff, striking tentative deals that would involve roughly $2 billion in penalties and a rare criminal action. The government will use a sizable portion of the money to compensate Mr. Madoff’s victims.

The settlements, which are coming together on the anniversary of Mr. Madoff’s arrest at his Manhattan penthouse five years ago on Wednesday, would fault the bank for turning a blind eye to his huge Ponzi scheme, according to people briefed on the case who were not authorized to speak publicly.

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