Daily Archives: January 12, 2014

Sen. Warren on Big Banks: Political Capital (01/10)

Jan. 10 (Bloomberg) –- This week on “Political Capital,” Senator Elizabeth Warren tells Host Al Hunt why “Too Big to Fail” must go.

See video: http://bloom.bg/KRgvvi


Kentucky woman who had $200,000 in cash filed bankruptcy, federal indictment says

Kentucky woman who had $200,000 in cash filed bankruptcy, federal indictment says

A Jessamine County woman who listed only $1,500 and a used Chevrolet pickup truck as assets when she filed bankruptcy actually had more than $200,000 at her house, authorities said in court documents.

Sheryl A. Bruner also allegedly received disability payments after claiming she couldn’t work, when in fact she operated a business for several years, according to an indictment.

A federal grand jury indicted Bruner on Thursday on charges of stealing disability funds, concealing assets from the Social Security Administration, lying to the agency and making false statements in her bankruptcy case.

The indictment said Bruner started getting Supplemental Security Income benefits in 2002, claiming a disability kept her from working.

In 2003, however, she started a business called Support Source, which provided services to people with disabilities, and received “substantial compensation” through 2012, the indictment alleged.

Bruner started work in 2012 for another business that received Medicaid payments to serve people with disabilities, the indictment said.

When she filed bankruptcy in May 2013, Bruner listed her annual income at more than $100,000.

She had told the Social Security Administration several times through the years that she couldn’t work and had little property or income, however.

Her bankruptcy petition said she had no cash on hand, $1,500 in a checking account and a 2001 Chevy pickup with 111,000 miles on it, worth $1,500.

The indictment charged that she actually had a large amount of cash, as well as money in bank and trust accounts and several vehicles.


German watchdog criticizes Deutsche Bank’s bonus policy: report

German watchdog criticizes Deutsche Bank’s bonus policy: report

(Reuters) – German financial watchdog Bafin has spoken out against Deutsche Bank’s (DBKGn.DE) bonus policy and urged the country’s flagship lender to abide by new remuneration rules, a German magazine reported.

In Bafin’s view, bonus payments for the bank’s top managers are still too high and incentivize investment bankers to engage in risky trades, WirtschaftsWoche reported in a pre-release of its Monday edition, quoting Deutsche Bank sources.

Bafin, which is set to publish the results of its latest study on bankers’ pay on Monday, was not available for comment on Saturday. Deutsche Bank also declined to comment.


Target Corporation : Neiman Marcus says hackers may have stolen payment card data

Target Corporation : Neiman Marcus says hackers may have stolen payment card data

(Reuters) – Luxury department store chain Neiman Marcus said on Friday that hackers may have stolen customers’ credit and debit card information, the second cyber attack on a retailer in recent weeks.

The data breach comes after Target Corp on Friday said an investigation found a cyber attack compromised the information of at least 70 million customers, in the second-biggest retail cyber attack on record.

Neiman Marcus does not know the number of customers affected by the intrusion, company spokesperson Ginger Reeder said.

Neiman Marcus said its credit card processor alerted the retailer in December about potential unauthorized payment card activities and the U.S. Secret Service is investigating.

A third-party forensics firm confirmed the cyber-security intrusion on January 1, the company said.


Exclusive: More well-known U.S. retailers victims of cyber attacks – sources

Exclusive: More well-known U.S. retailers victims of cyber attacks – sources

Target Corp and Neiman Marcus are not the only U.S. retailers whose networks were breached over the holiday shopping season last year, according to sources familiar with attacks on other merchants that have yet to be publicly disclosed.

Smaller breaches on at least three other well-known U.S. retailers took place and were conducted using similar techniques as the one on Target, according to the people familiar with the attacks. Those breaches have yet to come to light. Also, similar breaches may have occurred earlier last year.

The sources said that they involved retailers with outlets in malls, but declined to elaborate. They also said that while they suspect the perpetrators may be the same as those who launched the Target attack, they cannot be sure because they are still trying to find the culprits behind all of the security breaches.

Law enforcement sources have said they suspect the ring leaders are from Eastern Europe, which is where most big cyber crime cases have been hatched over the past decade.

Only one well-known retailer, Neiman Marcus, has said that they too have been victim of a cyber attack since Target’s December 19 disclosure that some 40 million payment card numbers had been stolen in a cyber attack. On Friday, Target said the data breach was worse than initially thought.