Daily Archives: January 9, 2014


Deutsche Bank Said Set to Weigh Punishing Staff on Libor

Deutsche Bank Said Set to Weigh Punishing Staff on Libor

Deutsche Bank AG (DBK)Europe’s biggest investment bank by revenue, will review whether to punish senior employees including Alan Cloete for their roles in the interest-rate rigging scandal, according to a person with knowledge of the matter.

Deutsche Bank’s supervisory board will discuss punishments early in the week of Jan. 27, said the person, who asked not to be named as the meeting isn’t public. These include firing or disciplining Cloete — who oversaw traders alleged to have sought to rig benchmark rates — and employees responsible for how the bank dealt with the scandal, the person sai


$288 in unpaid fees, homeowner association took her home

$288 in unpaid fees, homeowner association took her home

Foreclosure by homeowner associations over missed fees becoming more common since recession has emptied neighborhoods.

For six years, Ingrid Boak, who travels a lot for work as a racehorse trainer, ignored mail from her homeowner association.

Boak, of Lexington, Kentucky, says the letters were requests for $48 in annual fees for upkeep of the tidy neighborhood of one-story brick homes. Because she didn’t use the clubhouse or pool, or participate in social activities sponsored by the association, she didn’t think she needed to pay. Last September, while she was away, a neighbor called to tell her about a handwritten sign tacked to her front door. It said her house had been sold.

Masterson Station Neighborhood Association had foreclosed on her $120,000 home because she had $288 in unpaid dues, according to the association’s lawyer, Nathan Billings. Boak was sent nearly 30 notices before her property was foreclosed on, he said; the dues were mandatory association fees.

Boak says she does not remember seeing a foreclosure notice, and no one served her papers in person. She likens the experience to her father’s in East Germany, where the communist state took away property rights. “Now I’m 75, and the same thing is happening to me, in America,” she says. With her once-good credit damaged, she is unable to buy another house, and now rents her old one from the new owner for $900 a month.

Bank of America employs 20 full-time social media spies, watches anarchists and occupy protesters

Bank of America works with fusion centers, the FBI, state and local police, and campus security to monitor public protest in the United States, newly disclosed documents confirm.

A Washington state public records request has unearthed an email chain which includes a message from a Vice President of Global Corporate Security for Bank of America, describing efforts to combat economic justice organizing. The official explains that the powerful financial institution employs a staff of 20 full-time social media spies, and references public-private surveillance efforts directed at activists who aim to hold banks accountable for social crises like the foreclosure disaster.

The bank official, Kimberly Triplett-Kolerich, says she is a former Washington State Patrol officer with 25 years of experience in law enforcement. On September 23, 2013, Triplett-Kolerich wrote:

I am [now] the Operational Criminal Intel Analyst for Bank of America for the 14 western states and also am the NW Executive Protection Market Manager. From time to time I will see items that I believe will be of use to my friends at WSP–especially during session. May Day I will pick your brain for intel and I will give you a lot also–the Public-Private Partnership worked great last year and hopefully being ahead of the Anarchists will protect all of you from protests/arrests/injury.

If you find any intel on Anarchists or Occupy Protesters please let me know–I will most likely find it first as Social Media trolling is not what the WSP does best–Bank of America has a team of 20 people and that’s all they do all day and then pass it to us around the country!!

Read on.


Sen. Warren, Coburn Introduce Bill to Force Settlement Disclosures

Sen. Warren, Coburn Introduce Bill to Force Settlement Disclosures

Sens. Elizabeth Warren, D-Mass., and Tom Coburn, R-Okla., introduced legislation Wednesday that aims to provide the public with more accurate and detailed information about settlements between companies and federal agencies.

The Truth in Settlements Act would require public announcements that cite settlement amounts to explain whether the penalty is tax-deductible or will be partially offset by credits, according to a Wednesday press release from the senators’ offices.


Whistleblower Complaint Leads to $320M Settlement

Whistleblower Complaint Leads to $320M Settlement

Taylor Bean & Whitaker Mortgage Corp. and Home America Mortgage will pay more than $320 million to resolve allegations that they falsified loan applications, created false documentation, and misrepresented qualifications of applicants in order to secure federally funded insurance for home loans that ultimately defaulted.

Two whistleblowers filed a False Claims Act complaint in 2006 in the U.S. District Court for the Northern District of Georgia claiming the businesses engaged in a pattern of fraudulent activity that resulted in false applications for mortgage guarantees to be presented to the Department of Housing and Urban Development.


JPMorgan Fails to Dismiss California Debt Collection Case

JPMorgan Fails to Dismiss California Debt Collection Case

JPMorgan Chase & Co. (JPM) lost a bid to throw out a lawsuit by the California attorney general alleging that the largest U.S. bank by assets illegally tried to collect debt from about 100,000 credit-card borrowers.

California Superior Court Judge Jane L. Johnson in Los Angeles yesterday rejected the bank’s argument that the attorney general’s unfair competition claims were precluded by California legal authority.

“I can’t find any case that is just slam-dunk there for you,” Johnson told JPMorgan’s lawyer, David Schrader.


Regulators probe post-crisis RMBS pricing

Regulators probe post-crisis RMBS pricing

When it comes to residential mortgage-backed securities litigation, much of it relates to plaintiffs who experienced losses on mortgages sold off before the financial meltdown.

But the Wall Street Journal has uncovered a new potential leg of the crisis.

The paper says regulators are investigating several big banks to discover if traders may have exploited ‘murky pricing’ on RMBS from the time period stretching from 2009 to 2011.