Daily Archives: May 4, 2014

These Are The 15 US Companies With The Most Offshore Profits

 

More from Zerohedge.

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What Have We Learned From The Banking Crisis? (video)

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JPMorgan $280M MBS Settlement Preliminarily Approved

JPMorgan $280M MBS Settlement Preliminarily Approved

Law360, Los Angeles (May 02, 2014, 9:44 PM ET) — A New York federal judge on Friday signed off on a settlement in which JPMorgan Chase & Co. affiliates will pay $280 million to end a long-running consolidated class action accusing them of misleading investors into buying $36.8 billion worth of mortgage-backed securities.

U.S. District Judge Pamela K. Chen granted preliminary approval to the deal and preliminarily certified a class believed to consist of more than 2,850 investors who bought pass-through certificates in 26 offerings issued by JPMorgan affiliate J.P. Morgan Acceptance Corp. I between May…

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Warren Buffett calls for greater punishment for Wall Street rulebreakers

Warren Buffett calls for greater punishment for Wall Street rulebreakers

Warren Buffett, the billionaire investor, has called on authorities to come down harder on Wall Street rogues, rather than gauging large fines from the companies which employ them.

The Berkshire Hathaway chief said the threat of going to jail would be more effective in stamping out illegal behavior at the major banks than any financial sanctions, which end up punishing staff and shareholders who did nothing wrong.

“The way to change behavior is to have the fear that somehow it is going to come home to them and hit them hard. If your only fear is that you are going to have to write a big check, [little will change]”, said the investor, who has stakes in companies ranging from Tesco to Coca-Cola. “I believe very much in the prosecution of individuals.”

The octogenarian investor made the remarks at the annual shareholder conference of his Berkshire Hathaway investment fund, attended by nearly 40,000 people who flocked to Omaha, Nebraska, to hear his advice.

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Deutsche Bank Asks U.S. Clients in Belgium to Close Accounts

Deutsche Bank Asks U.S. Clients in Belgium to Close Accounts

German Bank Acts to Comply with U.S. Rules to Track Down Tax Cheats

FRANKFURT— Deutsche Bank AG DBK.XE -0.49% is asking U.S. clients of its operations in Belgium to close their accounts with the German banking giant and transfer them to rivals in a move to comply with new U.S. rules.

In a letter seen by The Wall Street Journal, Germany’s largest bank asked its U.S. customers to provide an alternative bank account where Deutsche Bank could transfer their assets by June 10.

The bank said it regrets having to terminate client relationships in what it called a consequence of the U.S. Foreign Account Tax Compliance Act. The act requires businesses to report all assets held by Americans. It is aimed at tracking down tax cheats that have cost the country billions of dollars.

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OCA Plan Puts Judges on Hand in Foreclosure Conferences

OCA Plan Puts Judges on Hand in Foreclosure Conferences

As pending residential foreclosure cases pile up, state court administrators will make judges available to address issues that arise during mandatory settlement conferences.

The upcoming assignments at the four jurisdictions with the heaviest foreclosure volume—Kings, Queens, Nassau and Suffolk counties—are a response to complaints from homeowners’ attorneys that lenders are sending representatives to conferences who have no authority to make decisions.

Justice Barry Kamins, chief of policy and planning for the courts, said the court officials are responding to homeowners’ concerns expressed in meetings with their attorneys from various groups over the past month.

The legal service providers also on Wednesday released a report that found in 80 percent of 252 settlement conferences observed over a three-month period last year, attorneys appearing for the lender either lacked necessary information or appeared with out settlement authority.

Under the assignment plan, Kamins said both lenders and homeowners would have “immediate” access to judges who could resolve issues or disputes.

Kamins noted that he has reached out to representatives for both lenders and homeowners for their feedback.

The assignments will be made in cooperation with the administrative judges, who have not yet selected judges. Kamins said he hoped to have the judges in place by June.

By the end of 2013, there were 87,016 pending foreclosure cases statewide. As of March 30, there were 90,275 pending cases. Last year, there were 100,334 settlement conferences.

Report Findings

The report by JASA/Legal Services for the Elderly in Queens, Legal Services NYC and MFY Legal Services scrutinized mandatory settlement conferences, which occur once the foreclosure commences, under CPLR 3408.

The proceedings are held in the hopes that borrowers and lenders can negotiate an outcome short of foreclosure, such as a mortgage modification.

CPLR 3408 (c) says, “the plaintiff shall appear in person or by counsel, and if appearing by counsel, such counsel shall be fully authorized to dispose of the case.”

Another part of the statute, CPLR 3408(f) says both sides “shall negotiate in good faith to reach a mutually agreeable resolution, including a loan modification, if possible.”