Daily Archives: October 23, 2015

`I’ve Got My Wizards Hat On:’ What Broker Said About Libor Moves

  • UBS Libor trader told RP Martin broker that he `knew magic’
  • Messages shown to jurors at London rate rigging trial

A former trader at UBS Group AG asked a broker at RP Martin Holdings Ltd. for help moving Libor because he’d “heard you knew magic.”

Mirhat Alykulov, who worked with Tom Hayes at UBS in Tokyo, sent a message in February 2009 asking RP Martin’s Jim Gilmour for a higher six-month Libor rate. The message was shown to jurors by prosecutors at a trial of half a dozen brokers, including Gilmour, accused of helping Hayes manipulate benchmark rates.

“Yes I’ve got my wizards hat on today,” Gilmour joked, after agreeing to try to push the rate higher.

“2000 years from now they’ll be singing your name,” replied Alykulov, who hasn’t been accused of wrongdoing by prosecutors.

Read on.

Galveston County woman sues Ocwen Loan Servicing in loan dispute

A Galveston County woman is suing a loan service company, alleging a series of violations in a loan payment collection dispute.

Hope Cook filed a lawsuit July 16 in Galveston County District Court against Ocwen Loan Servicing, alleging breach of settlement agreement, violations of the Texas Fair Debt Collection Act and the Texas Deceptive Trade Practices Act, fraud and negligent misrepresentation.

The complaint states the two parties were previously engaged in litigation surrounding the Ocwen’s illegal collection activities, improper foreclosures and other issues, which was resolved Jan. 21, 2014, with a mediated settlement agreement. As part of the agreement, a modification was structured into the loan with new payments to begin April 1, 2014, the suit says, and Cook made and has continued to make all payments per the agreement.

Read on.

DOJ Closes Lois Lerner Investigation Without Charges

Waste of time. You have to blame the GOP House Oversight Committee under then Darryl Issa for this fishing expedition on the IRS with Lois Lerner. Waste of time and taxpayers’ monies.

Zerohedge:

Confirming once again that the U.S. has full devolved into a total banana republic, moments agoCNN reported that the US Department of “Justice” is closing its two-year investigation into whether the IRS improperly targeted tea party and other conservative groups. There will be no charges against former IRS official Lois Lerner or anyone else at the agency, the Justice Department said in a letter.

The DOJ’s finding:

The probe found “substantial evidence of mismanagement, poor judgment and institutional inertia leading to the belief by many tax-exempt applicants that the IRS targeted them based on their political viewpoints. But poor management is not a crime.”

We found no evidence that any IRS official acted based on political, discriminatory, corrupt, or other inappropriate motives that would support a criminal prosecution,” Assistant Attorney General Peter Kadzik said in the letter. “We also found no evidence that any official involved in the handling of tax-exempt applications or IRS leadership attempted to obstruct justice. Based on the evidence developed in this investigation and the recommendation of experienced career prosecutors and supervising attorneys at the department, we are closing our investigation and will not seek any criminal charges.”

SunTrust Banks: You’re Laid Off — And You’ll Keep Working For Us

  • SunTrust Banks in Atlanta is laying off about 100 IT employees as it moves work offshore. But this layoff is unusual for what the employer is asking of its soon-to-be displaced workers: SunTrust’s severance agreement requires terminated employees to remain available for two years to provide help if needed, including in-person assistance, and to do so without compensation.

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