Daily Archives: December 19, 2015

CEO Brian Moynihan: Bank of America completing move of overseas jobs to U.S.

In Observer interview, CEO Brian Moynihan says bank expects to finish returning those jobs to U.S. in 2016

The move has allowed BofA to offset some of the U.S. job cuts made under Moynihan

Moynihan also discussed interest rates, last month’s Panthers game protest and the bank’s stock price

Bank of America expects its multi-year work of shifting overseas jobs to the U.S. will be complete sometime in 2016, the CEO of the Charlotte-based company said Friday.

Under Brian Moynihan, the bank has been relocating jobs it inherited when it bought other companies. The move has helped Bank of America offset layoffs made in some parts of the bank under Moynihan, who has eliminated tens of thousands of positions since becoming CEO in 2010.

“It’s completing as we speak,” Moynihan said in a wide-ranging, half-hour interview with the Observer.

Jobs shifting to the U.S. are largely consumer-facing, Moynihan said.

“We pulled that back in on the theory that we want that done here (in the U.S.),” he said. “They’ve gone all over the company and offset some of the other (U.S. job) reductions going on.”

Yet Again, The Media Got The Facts Wrong About The San Bernardino Attacks

Another media fail!

Submitted by Derrick Broze via TheAntiMedia.org,

On Wednesday, the Director of the Federal Bureau of Investigations said the agency has no evidence the married couple accused of killing 14 people in San Bernardino, California earlier this month had any connection to an active terror cell. This admission from the FBI directly contradicts media reports that immediately claimed the San Bernardino shooters werelinked to Daesh (ISIS) via social media.

Speaking at a counterterrorism conference in New York, Director James Comey said Syed Farook and Tashfeen Malik were inspired by Daesh, but were not directly involved with any specific terror group. Reuters reports that Comey believes Daesh has “revolutionized” terrorism by using social media to spread propaganda to inspire small-scale attacks.

Your parents’ al Qaeda was a very different model than the threat we face today,” Comey said.

Despite the admission the couple had no connection to Daesh, Comey said Farook and Malik had shown support for “jihad and martyrdom” in private communications as early as 2013, but never in public on social media. The director also stated the FBI has “hundreds” of ongoing investigations in every state in the nation that involve potential Daesh-inspired terror plots.

Comey also repeated his calls for ending encrypted communication based on the premise that Daesh uses encryption to plan terror attacks. “We are not going to break the Internet,” he said while challenging technology companies to stop creating services that cannot be accessed by law enforcement. Comey’s calls for breaking encrypted communications echo the recent efforts of police chiefs and attorney generals across the United States.

Another piece of the puzzle that must be considered pertains to conflicting eyewitness accounts of the San Bernardino shooting. Although the oldstream media quickly accepted the narrative of a Muslim couple radicalized by anti-American sentiment and radical Islam, there was at least one conflicting account that should be investigated.

Shortly after the shooting, witness Sally Abdelmageed talked to CBS News about what she saw.  Abdelmageed works at the Inland Regional Center and saw the shooters enter the building. She told CBS’s Scott Pelley that she saw what appeared to be three white men dressed in military clothes.

We saw three men dressed in all black military attire, with vests on, holding assault rifles, and they opened up the doors to building 3 and one of them starts to spray and shoot all over the room,” Sally Abdelmageed told Pelley.

When asked to provide more detail about the shooters she said, “I couldn’t see a face, he had a black hat on, from my view all i could see was a black hat. A black long sleeve shirt, possibly gloves on, he had black cargo pants, the kinds with zippers and big puffy pockets. He had a huge assault rifle and extra ammo. I just saw three.”

You’re certain you saw three men?” Pelley asked.

Yes, it looked like their skin color was white. They looked like they were athletic and they appeared to be tall.”

Labaton Sucharow LLP Chases Whistleblower Record In JPMorgan Case

Law360, New York (December 18, 2015, 10:24 PM ET) — The whistleblower programs set up by the Dodd-Frank Act could make their biggest payout yet after Labaton Sucharow LLP on Friday said it represented a JPMorgan executive who tipped off the U.S. Securities and Exchange Commission about wrongdoing at the bank, which led to enforcement actions that netted $307 million in sanctions.

The $307 million in sanctions agreed to by JPMorgan may produce an eight-figure payout to a whistleblower. (Credit: AP) The cases by the SEC and U.S. Commodity Futures Trading Commission were over how the…

Source: Law360


JPMorgan Chase : paying $367M to settle US charges of failing to disclose conflicts from investments

WASHINGTON — JPMorgan Chase is paying $367 million to settle federal charges of failing to reveal conflicts of interest from steering clients into certain investments tied to its businesses.

The civil settlements were announced Friday by the Securities and Exchange Commission and the Commodity Futures Trading Commission. JPMorgan, the largest U.S. bank by assets, admitted wrongdoing in the settlements.

New York-based JPMorgan is paying a $127.5 million penalty in the settlement with the SEC and another $127.5 million in restitution plus$11.8 million in interest. Under the CFTC agreement, the bank is paying a $40 million penalty and $60 million in restitution.

Read on.

Short sale tax break on verge of being extended until 2017

Homeowners who had short sales in 2015 are about to get big break on their taxes, thanks for a massive federal spending bill that’s about to be signed into law by President Obama.

The Mortgage Debt Forgiveness Act was set to expire at the end of 2015, and without an extension, any mortgage forgiveness achieved in a short sale would have been counted as income for homeowners whom banks allowed to sell their homes for less than the amount of their mortgage during 2015.

But an extension to the Mortgage Debt Forgiveness Act was included in the fiscal 2016 federal appropriations and tax relief bill, which passed both the House of Representatives and the Senate on Friday.

The bill is now awaiting the signature of President Obama, who reportedly will sign the bill into law on Friday, meaning that borrowers who had short sales in 2015 are about to be able to breath a little easier.

Read on.