Daily Archives: July 3, 2015

SHAREHOLDER ALERT: The Law Offices of Vincent Wong Notify Investors of Class Action Involving Nationstar Mortgage Holdings Inc. and a Lead Plaintiff Deadline of August 3, 2015 – NSM

NEW YORK, July 2, 2015 (GLOBE NEWSWIRE) — The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Southern District of Florida on behalf of investors who purchased Nationstar Mortgage Holdings Inc. (NYSE:NSM) securities between February 27, 2014 and May 4, 2015.

Click here to learn about the case: http://docs.wongesq.com/NSM-Info-Request-Form-786. There is no cost or obligation to you.

The complaint alleges that Nationstar issued materially false and misleading statements. In particular it is alleged that Nationstar made certain positive statements about improving its profitability, however, Nationstar failed to disclose deficiencies in management control and supervision necessary to to ensure the Company’s compliance with applicable laws and regulations in connection with the servicing of MSRs. The complaint further alleges, among other allegations, that Nationstar had been gouging mortgagors and illegally enhancing its profits through illicit practices, including charging for repeated, unnecessary inspections.

– See more at: https://globenewswire.com/news-release/2015/07/02/749459/10140523/en/SHAREHOLDER-ALERT-The-Law-Offices-of-Vincent-Wong-Notify-Investors-of-Class-Action-Involving-Nationstar-Mortgage-Holdings-Inc-and-a-Lead-Plaintiff-Deadline-of-August-3-2015-NSM.html#sthash.QlNzxPQo.dpuf

Brazil investigates currency market rigging by 15 global banks

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SAO PAULO (Reuters) – Brazil antitrust watchdog Cade opened on Thursday an investigation over alleged currency rigging by a group of 15 global banks, the first of its kind in one of the world’s busiest foreign exchange markets.

In a statement, Cade said the banks colluded to influence benchmark currency rates in Brazil by aligning positions and pushing transactions in a way that deterred competitors from the market between 2007 and 2013, at least. Traders who described themselves as “The Cartel” or “The Mafia” used online chat rooms to fix their positions ahead of market trades.

The Brazilian investigation comes weeks after six of the world’s largest financial institutions agreed to pay $5.8 billion to the U.S. government to settle charges of currency rigging. The U.S. probe took more than five years, and five of those banks pleaded guilty. Some of those banks are being probed by Cade.

Foreign exchange trading in Brazil is estimated at about $3 trillion a year, excluding swaps and derivative transactions.

Globally, currency trading is estimated at around $4.7 trillion a day and has been targeted in recent government probes in Europe, the United States and Japan. The probes allege that banks privilege the execution of their own currency trades at the expense of client orders, a fact exacerbated by the fact that those deals often take place away from exchanges.

The banks in the Cade probe are Bank of America Merrill Lynch , Bank of Tokyo-Mitsubishi UFJ [MTFGTY.UL], Barclays Plc , Citigroup Inc , Credit Suisse Group AG , Deutsche Bank AG , HSBC Holdings Plc , JPMorgan Chase & Co , Morgan Stanley & Co , Nomura Holdings Inc , Royal Bank of Canada , Royal Bank of Scotland Group , Standard Bank Group Ltd , Standard Chartered Plc and UBS AG .

Read more: http://www.businessinsider.com/r-brazil-investigates-currency-market-rigging-by-15-global-banks-2015-7#ixzz3enkrR2hy

Wells Fargo charged fees on ‘closed’ account

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After her father’s IRA was transferred from Wells Fargo, Lacey resident Diane Dangler thought she was done with the nation’s fourth-largest bank.

She wasn’t. It turns out Dangler’s father, who has Parkinson’s disease, had a small checking account that was never closed as she requested. Instead, bank fees sucked out the tiny amount inside.

Press on Your Side helped to set things right.

First, a little background.

Back in April, Dangler, who has power of attorney over her father’s business affairs, came to Press on Your Side. She wanted Wells Fargo to roll over her father’s IRA CD to Valley National Bank after it matured in February to take advantage of an interest rate.

She needed to roll it over, and not cash it out, so her father wouldn’t be taxed on the full amount, which at the time was more than $162,000. Instead, Wells Fargo put the funds in another account with a lower interest rate, Dangler said.

Dangler called the bank several times and visited a branch, but she was asked by the bank’s IRA department to resend paperwork.

Read on.

What Caused the 2008 Financial Crisis? Interview by NCPA

The National Center for Policy Analysis Financial Crisis Initiative has honored me by inviting me to be part of their task force investigating the events which led up to the 2008 financial debacle.

I’m deeply honored and humbled to be part of this initiative. NCPA is building a strong reputation as America’s Think Tank, with a strong emphasis on civil liberties and developing  and promoting  private, free-market alternatives to government regulation and control.

Focusing on the causes of this  situation, and most especially the egregious lack of ethics and transparency that were at its core, is my life’s mission. I ‘m devoted to making sure this does not ever happen again.

Check out the rest of this article and the NCPA interviews by clicking the link below.

See videos and read more

Regards,
Richard