Daily Archives: March 5, 2014


UK prosecutor says has “vast amounts” of documents in Libor case

UK prosecutor says has “vast amounts” of documents in Libor case

(Reuters) – British fraud prosecutors have sifted through “vast amounts” of documents in their case against three former Barclays traders alleged to have rigged crucial Libor benchmark interest rates over a two year period, a London court heard on Tuesday.

James Hines, a senior lawyer for Britain’s Serious Fraud Office (SFO), told a short hearing at Southwark Crown Court that much of the evidence against Peter Johnson, 59, Jonathan Mathew, 33, and Stylianos Contogoulas, 42, was in email form.

The three men, who are next expected to appear in court towards the end of July, bring to 13 the number facing criminal charges in Britain and the U.S. over allegations that they attempted to manipulate the London Interbank Offered Rate (Libor), a central cog in global financial markets against which about $450 trillion of financial products are pegged, from home loans to derivatives.

But they are the first to face charges focusing on the alleged manipulation of the U.S. dollar-denominated Libor rate.


BofA, Wells Fargo draw most complaints from Floridians

BofA, Wells Fargo draw most complaints from Floridians

Bank of America and Wells Fargo Bankdrew the most fire from Floridians who complained to financial regulators in 2013, according to a study by Miami-based bank analysis firm K.H. Thomas Associates.

Kenneth H. Thomas looked at the two main agencies Florida financial consumers voice their gripes to: the Florida Division of Financial Institutions (DIF) and theConsumer Financial Protection Bureau(CFPB), a new federal agency. While Bank of America and Wells Fargo ranked first and second, respectively, in complaints to both agencies, Thomas said that’s not surprising given that they are the largest banks in the state.


A Standoff of Lawyers Veils Madoff’s Ties to JPMorgan Chase

A Standoff of Lawyers Veils Madoff’s Ties to JPMorgan Chase

It remains one of Wall Street’s most puzzling mysteries: What exactly did JPMorgan Chase bankers know about Bernard L. Madoff’s Ponzi scheme?

A newly obtained government document explains why — five years after Mr. Madoff’s arrest spotlighted his ties to JPMorgan and later led the bank to reach a $2 billion settlement with federal authorities — the picture is still so clouded.

The document, obtained through a Freedom of Information Act request, reveals a behind-the-scenes dispute that tested the limits of JPMorgan’s legal rights and raised alarming yet unsubstantiated accusations of perjury at the bank. More broadly, the document highlights the legal hurdles federal authorities can face when investigating a Wall Street giant.


Thanks a Lot, Congress

Thanks a Lot, Congress

MILWAUKEE – The Milwaukee Housing Authority illegally terminated a family’s Section 8 benefits because the mother couldn’t get copies of her children’s Social Security cards during the 2013 government shutdown, the mom claims in Federal Court.