Daily Archives: August 19, 2014

Federal autopsy on Michael Brown’s body also shows 6 gunshot wounds

LA Times:

A group of African American attorneys called Tuesday for St. Louis County Prosecutor Robert McCulloch to remove himself from the investigation of the shooting death of Michael Brown and let the U.S. Department of Justice take over the case.

Separately, federal law enforcement officials said a U.S. military medical examiner has concluded a federal autopsy of Brown and it will show six gunshot wounds, according to a government source who asked not to be identified.

The federal autopsy was the third postmortem to be performed on the body of the 18-year-old African American, who was unarmed when a white police officer in Ferguson, Mo., fatally shot him Aug. 9. A private autopsy commissioned by the Brown family also showed six gunshot wounds.


CFPB Issues Bulletin to Prevent Runarounds in Mortgage Servicing Transfers

Bureau Highlights Risks in Transferring Loans Under Loss Mitigation Review

Washington, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) is releasing a bulletin outlining expectations for mortgage servicers that transfer loans. The bulletin includes information on how mortgage servicers should pay special attention to new rules protecting consumers applying for loss mitigation help or trial modifications.

“At every step of the process to transfer the servicing of mortgage loans, the two companies involved must put in appropriate efforts to ensure no harm to consumers. This means ahead of the transfer, during the transfer, and after the transfer,” said CFPB Director Richard Cordray. “We will not tolerate consumers getting the runaround when mortgage servicers transfer loans.”

The bulletin is available at:http://files.consumerfinance.gov/f/201408_cfpb_bulletin_mortgage-servicing-transfer.pdf


Read on.



1. Creation of the Federal Reserve (1913)–as the video states, the Fed is privately-owned and is a legalized cartel allowed to create our money supply

2. FDR confiscates gold of citizens (1933)

3. Bretton Woods system created (1944)–makes the US dollar the world’s reserve currency, allows foreign nations to convert dollars into gold even though US citizens are not allowed to do this

4. The Nixon Shock (1971)–Nixon ends the conversion of dollars into gold period, often called “closing the gold window” or, as this video calls it, “slamming” the “gold window.”


From Peak Prosperity website:

SEC subpoenas Ocwen over Altisource, HLSS associations

Ocwen Financial Corporation (OCN) received a subpoena in June from the Securities and Exchange Commissionover its close relationships with its affiliated companies, the company disclosed in an SEC filing.

Ocwen’s close relationship with Altisource Residential (RESI), Altisource Asset Management Corp (AAMC), Altisource Portfolio (ASPS), and Home Loan Servicing Solutions (HLSS) has been under scrutiny since New York’s Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.

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Goldman Sachs drops attempt to throw out $1bn Muammar Gaddafi case

Goldman Sachs, the Wall Street banking giant, has dropped an attempt to throw out a London court case from Libya’s sovereign wealth fund that accuses the bank of losing more than $1bn (£600m) of funds during the final years of Muammar Gaddafi’s dictatorship.

The Libyan Investment Authority (LIA) is suing Goldman and the French bank Societe Generale, claiming the banks’ London operations raked in huge fees while losing billions of dollars in derivative trades.

In April, Goldman filed to have the case thrown out via a summary judgment application, which asks a court for a case to be thrown out on the basis that there is no realistic prospect of success.

However, it has now emerged that the bank has dropped this application, paving the way for an potentially lengthy trial.

“The LIA contends that the summary judgment application was misconceived and issued purely for tactical reasons, including a desire to delay the determination of the LIA’s claims,” the fund said.


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Lehman Brothers bankers’ pensions to paid after six year legal battle

NEARLY 2,500 former Lehman Brothers bankers based in the UK will have their future pensions paid after winning a six year legal battle with representatives of the collapsed investment bank.

Five companies within the failed bank have agreed to pay £184m to the UK pension fund in a settlement brokered by The Pensions Regulator and the scheme’s trustees.

The deal “will allow the Lehman Brothers pension scheme to pay in full retirement benefits to members and avoid the scheme’s entry into the Pension Protection Fund (PPF),” the regulator said in a statement.

When Lehman Brothers imploded in 2008, the UK pension scheme was left with a deficit of £120m. The former bankers faced the loss of millions of pounds in pensions savings and the prospect of having to turn to the PPF, the industry safety-net. The PPF pays out on the first 90pc of pension promises but only up to a limit of £32,761 a year – far below the value of many of savings of the higher paid bankers.


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NY regulator Benjamin Lawsky slaps Standard Chartered with $300M fine

Lawsky is sticking it to the man…Way to goIf only Lawsky’s office had the power to criminally prosecute, which his office doesn’t, it is refreshing to see a regulator that has no fear for the banks. He is certainly making the DOJ and other federal regulators look like a guarded dog with no teeth or bark…

Maybe this time, it’ll stick.

British bank Standard Chartered is getting fined for a second time over lapses in its anti-money-laundering controls after promising to do a better job in 2012.

The firm agreed to pay $300 million to settle claims by New York’s top bank regulator that it didn’t have adequate protections against riskier clients in the Middle East and Asia.

The bank had a high number of suspicious transactions coming from Hong Kong and the United Arab Emirates, according to Ben Lawsky’s New York Department of Financial Services.

As further punishment, the bank will suspend US dollar clearing — a key financial tool for international banks that want to use the currency — for some of its high-risk clients for an open-ended period of time, according to the order.

This settlement follows a $340 million slap in 2012 from Lawsky’s office over laundering money to entities in Iran.

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N.Y. Prosecutor Opens Grand Jury Probe of Choking Death of Eric Garner

All eyes will be on the outcome of the investigations of the deaths of Eric Garner as well as Michael Brown…

A New York City prosecutor said he will present evidence to a state grand jury that will probe the death of Eric Garner, a Staten Island man who died last month after police allegedly choked him while attempting to arrest him.

Staten Island District Attorney Daniel M. Donovan said in a statement today that the grand jury will convene as early as next month. The jury will weigh whether to indict people involved in the incident, and its proceedings will be secret, Donovan said.

“After a careful review of the recent findings of the medical examiner regarding the cause and manner of Mr. Garner’s death, I have determined that it is appropriate to present evidence,” he said in the statement.


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Ferguson Police Shooting Grand Jury Probe Starts Tomorrow

A grand jury will begin hearing evidence tomorrow in the police shooting death of Ferguson, Missouri, teenager Michael Brown, as violent clashes continued in the St. Louis suburb.

A grand jury will start hearing from witnesses about the shooting that left Brown, 18, dead, Ed Magee, a spokesman for St. Louis County Prosecuting Attorney Bob McCulloch, said in a telephone interview today. The shooting sparked more than a week of violent protests in Ferguson.


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Judge Clears Way For Settlement In BofA, US Bank RMBS Suit

Case Information

Case Title

Policemen’s Annuity and Benefit Fund Of The City Of Chicago v. Bank of America, NA et al


Case Number



New York Southern

Nature of Suit

Other Statutory Actions


Katherine B. Forrest

Law360, New York (August 19, 2014, 11:36 AM ET) — A New York federal judge on Monday made way for a settlement by Bank of America NA and U.S. Bank NA of an investor suit over residential mortgage-backed securities, finding the pending deal makes moot a bid to certify a class of investors who alleged the banks failed in their role as the trustees of pools of the securities.

U.S. District Judge Katherine B. Forrest cited the potential settlement, first disclosed to the court in a June 5 letter, in an order terminating a pending motion…

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