Daily Archives: October 1, 2015

Rep.McCarthy who is running for Speaker of the House position gives Boehner a B-minus

I had to chuckle at this article of the man who has the least experience in Congress and is running for Boehner’s House Speaker job and the man who while in Congress sponsored only two bills that passed in the House and became law: One renamed a post office and the other a flight research center in California. And the same man who puts his foot in his mouth when confessed what the true goal of taxpayer-funded Benghazi Committee is. McCarthy said, “Everybody thought Hillary Clinton was unbeatable right? But we put together a Benghazi Special Committee, a select committee. What are her numbers today? Her numbers are dropping,” McCarthy said. “Why? Cause she’s untrustable. But no one would have known any of that had happened had we not fought and made that happen.” The man is certainly on Sodium Pentothal and not ready for primetime nor ready to take a job that is 3rd in line to the Presidency..


Kevin McCarthy thinks John Boehner did an above average job as House speaker — but not by much.

The Republican House majority leader — who is competing to replace Boehner when he retires next month — told Fox News host Sean Hannity that despite frustrations, there were a lot of good things that came from his speakership. But he graded Boehner only a B-minus.

“You may disagree with me. He won a majority; we’ve got the highest margin we’ve ever had before. We lowered the deficit within there,” McCarthy said. “There is a lot more — we passed 300 bills this year. If you look into the Senate, they haven’t moved.”

Deutsche Bank to pay $2.5 million swaps penalty

The U.S. Commodity Futures Trading Commission said it ordered Deutsche Bank AG to pay a $2.5 million civil penalty to settle claims the bank failed to properly report swaps transactions between January 2013 and July of this year.

The CFTC said Deutsche Bank didn’t diligently address and correct the reporting errors until the bank was notified of the CFTC’s investigation, and failed to have an adequate swaps supervisory system governing its swaps reporting requirements.

According to the CFTC order, Deutsche Bank consented to the order without admitting or denying any of the findings or conclusions. A company spokesman declined to comment.

Read on.

Ex-Barclays traders facing UK Libor charges may pursue U.S. fee case

Three former Barclays Plc traders facing U.K. charges that they conspired to manipulate Libor may pursue a U.S. lawsuit seeking to force the bank to keep paying their legal fees, a federal judge ruled on Wednesday.

U.S. District Judge Lewis Kaplan in Manhattan rejected Barclays’ request to dismiss the lawsuit by Alex Pabon, Jay Merchant and Ryan Reich, who worked for the British-based bank in New York.

They said Barclays violated the whistleblower protections of the Dodd-Frank financial reform law when it decided in May 2014 to stop paying their fees in retaliation for their cooperation since 2009 in U.S. and U.K. probes into Libor manipulation.

Read on.

Chase Can’t Dodge $10M Identity Theft Suit

(CN) – Chase Bank must face identity theft claims for employees who let money launderers use a customer’s dormant accounts in a Medicare fraud scheme, the Second Circuit ruled Wednesday.
Yelena Galper sued JP Morgan Chase Bank N.A. in New York state court in May 2013, claiming several of its employees accepted bribes to help now-convicted money launderers defraud the Medicare program from 2008 to 2011, using accounts in her name.
Controllers of three clinics – Bay Medical Care, SZS Medical Care and SVS Wellcare Medical – would allegedly write checks to phony corporations, thus concealing the fraud.
The launderers would then withdraw cash from the phony accounts and return it to the clinic owners, after taking a fee for themselves, according to Galper’s amended complaint.
Chase employees knowingly let the launderers control Galper’s previously dormant personal checking account and let them use an associated ATM card to deposit and pay out proceeds of the Medicare fraud scheme, the complaint states.

Read on.