Daily Archives: August 3, 2014

Obama to CEO’s: Stop complaining about regulations, show greater social responsibility

WASHINGTON (Reuters) – President Barack Obama said corporate America has done well under his economic policies, telling the Economist magazine that chief executive officers should stop complaining about regulations and show greater social responsibility.

“If you look at what’s happened over the last four or five years, the folks who don’t have a right to complain are the folks at the top,” Obama said in an interview conducted last week and posted on the magazine’s website late on Saturday.

Republicans have sought to portray Obama as anti-business, and businesses have complained that Obama’s signature healthcare law and the Dodd-Frank financial reforms have raised costs.

Business groups are lobbying against his new plan to curb climate-changing carbon emissions from power plants.

“I would take the complaints of the corporate community with a grain of salt,” Obama said, arguing that his policies have been friendly to business. “They always complain about regulation. That’s their job.”

Obama has increasingly promoted populist economic measures such as raising the minimum wage to motivate Democratic voters ahead of critical November congressional elections, in which his Democrats face the prospect of losing control of the Senate.

“Oftentimes, you’ll hear some hedge-fund manager say, ‘Oh, he’s just trying to stir class resentment’. No. Feel free to keep your house in the Hamptons and your corporate jet, etcetera. I’m not concerned about how you’re living,” Obama said.

“I am concerned about making sure that we have a system in which the ordinary person who is working hard and is being responsible can get ahead,” he said.

Read on.

Andrew Cuomo’s $35M campaign account will pay criminal lawyer representing office during Moreland commission investigation

ALBANY – In an unusual move, Gov. Cuomo’s $35 million campaign account, not taxpayers, will pay for a lawyer to represent his office as the feds investigate the shutdown of his anti-corruption commission.

Prominent white-collar criminal attorney Elkan Abramowitz, a longtime Cuomo pal, has been advising Cuomo and his office since May, but his hiring was not revealed until Thursday, by the Daily News.

Neither Abramowitz nor Cuomo aides initially would detail the lawyer’s fees, and Abramowitz acknowledged there was no formal contract.

But late Friday Cuomo budget spokesman Morris Peters said the governor’s campaign account would pick up the tab “to avoid any cost to taxpayers.”

While the use of campaign funds to pay an office-holder’s legal fees is now routine in scandal-scarred Albany — $7.5 million has been spent on such fees since 2004 — no one could remember a campaign footing the legal bill for an entire office.

“It’s a strange use of campaign contributions, even by New York standards,” said Blair Horner, of the New York Public Interest Research Group.

Read more: http://www.nydailynews.com/new-york/cuomo-35m-campaign-account-pay-criminal-lawyer-moreland-investigation-article-1.1889191#ixzz39Mtx9RO2

Deutsche Bank : German regulator Bafin intensifies Libor probe at Deutsche Bank -Spiegel

German regulators have intensified investigations into Deutsche Bank in an effort to resolve a long-running, industry-wide investigation into possible efforts to manipulate benchmark interest rates, magazine Der Spiegel said on Sunday.

The latest initiative aims to determine when co-Chief Executive Anshu Jain first learned of possible attempts to manipulate benchmark rates such as Libor at Deutsche Bank and in the industry in general, the magazine reported.

Investigators recently discovered that critical electronic records were destroyed in early 2012, including telephone conversations that took place around the time that Lehman Bros. collapsed in 2008, the magazine said.

German regulator Bafin, which has hired auditors Ernst & Young to pursue new lines of query, declined to comment.

Read on.

Stafne Trumbull Crush NWTS, RCO, MERS, MERSCORP in King County Superior Court Motion Hearing: Civil Conspiracy Moves to Discovery

Deadly Clear

Washington state Pardo v. NWTSKingCast Mortgage Movies  

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State AG Eric Schneiderman says his office is cooperating with US Attorney’s Office in Moreland Commission probe

YONKERS – The state attorney general finally broke his silence on the high-profile federal probe into the now-defunct Moreland Commission, but he did not say much.

As News 12 has reported, Gov. Andrew Cuomo’s office is under investigation for allegations that it interfered with the anti-corruption commission’s work, after Cuomo created the commission to tackle state corruption then abruptly shut it down. Since Attorney General Eric Schneiderman’s office played a key role in the Moreland Commission’s creation last year, questions have swirled around what, if anything, the attorney general knows.

“As you know, it has been highly publicized that there is a federal investigation underway,” Schneiderman said. “I can’t, I don’t comment on ongoing investigations. The U.S. attorney has the full cooperation of our office.”

Read on.