Daily Archives: September 29, 2015

Federal Agencies Demand General Electric Continue Cleaning Up Its Hudson River Pollution

Two federal agencies on Tuesday requested that the Obama administration postpone General Electric’s plan to end its cleanup of the Hudson River without removing all the related pollution. While GE has saidit is satisfied with its cleanup and is consequently shuttering its dredging operations this year, the Department of the Interior and the National Oceanic and Atmospheric Administration (NOAA) said in a letter that GE’s current plan would leave fish in the river “unacceptably contaminated” with the toxic chemicals called PCBs that the company spewed into the river decades ago.

“Now is the time for GE to thoroughly address its PCB contamination of the Hudson River,” the agencies wrote to the Environmental Protection Agency, which has cited data to label PCBs “probable human carcinogens.”

The EPA forged an agreement in 2002 with GE to clean up some of the PCBs that the company’s Upstate New York manufacturing facilities deposited in the river in the mid-20th century. Under that agreement, EPA must approve GE’s decommissioning plan in what has become the nation’s largest Superfund site. Interior and NOAA assert that if the EPA approves GE’s plan to decommission its dredging facilities, it would remove equipment that would have to be redeployed if the agencies later require GE to do more dredging.

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Oakland Accuses Wells Fargo of Steering Blacks and Latinos Toward Bad Loans

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We heard this story before.. Wells Fargo still is repeated offender in redlining…Court document is linked to the article…

Oakland is accusing Wells Fargo Bank of systematic predatory lending to minorities.

In a federal lawsuit filed last week, the city alleges that the bank targeted blacks and Latinos, steering them toward risky, likely-to-fail loans — the kind that caused many families to lose their homes in the ongoing foreclosure crisis.

Oakland City Attorney Barbara Parker says the city has collected proof, including the testimony of former Well Fargo employees, suggesting the bank intentionally gave more expensive loans to African-American and Latino residents. Parker says minorities with good credit were given bad loans, in contrast to loans given to white borrowers with the same credit and income.

“Some of the testimony that we have gotten indicates that they felt that these borrowers were less sophisticated,” Parker says. “In some cases there’s comments that they thought they were less intelligent. It’s hard to imagine that being the case today, but in effect that’s what happened over years.”

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SEC Charges UBS Puerto Rico and Two Individuals in Actions Relating to Former Broker’s Fraud

Washington D.C.–(Newsfile Corp. – September 29, 2015) – The Securities and Exchange Commission today charged UBS Financial Services Inc. of Puerto Rico and a former branch manager for failing to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from a UBSPR affiliated bank.  UBSPR and the bank prohibited using such loans to purchase securities and the practice exposed investors to losses while producing profits for the former UBSPR broker, the SEC alleged.

UBSPR agreed to settle the SEC’s charges by paying $15 million in disgorgement, interest, and penalties, which will be placed into a fund for harmed investors.  The former branch officer, Ramiro L. Colon III, agreed to a settlement in which he will pay a $25,000 penalty and be suspended from a supervisory role for one year.

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BofA to cut ‘a couple of hundred’ jobs: WSJ

(Reuters) – Bank of America Corp is planning “a couple of hundred” job cuts at its global banking and markets unit, the Wall Street Journal reported.

The bank could announce the layoffs as early as Tuesday, the Journal said, citing people familiar with the matter.

Bank of America, which had about 216,700 full-time employees as of June 30, could not be immediately reached for comment.

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Attention Presidential candidates: Hispanic voters want homeownership!

In multiple surveys, Hispanics rank homeownership as the primary evidence of success and the ultimate realization of the American Dream. While the presidential election is more than a year away, the subject of housing has yet to be addressed by most of the candidates.

Between 2008 and 2012 Hispanic families lost nearly 1 million homes due to foreclosure.

This was largely due to predatory lending, high unemployment and falling home prices. Nonetheless, according to Fannie Mae’s recent national housing survey, Hispanic enthusiasm for homeownership continues to out index other demographics.

Read on.