Daily Archives: January 28, 2016

Exclusive: Mexico’s ICA files criminal complaint against Deutsche Bank employees – sources

Mexico’s ICA has filed a criminal complaint against employees of Deutsche Bank in a bid to prevent the bank from seizing the collateral for a now-defaulted loan to the embattled construction firm, according to three sources close to the matter and a document reviewed by Reuters.

ICA’s previously unreported move to involve government prosecutors in the case, rather than simply pursuing a civil lawsuit, is the latest sign of the company’s fraying relationship with its creditors as it looks for ways to restructure its outsize debt load.

The company defaulted in December after a crash in the peso made its hefty dollar-denominated debt load more expensive. ICA, known for leading major infrastructure projects from airports to highways to dams, has also suffered longer-term pressures as it won fewer mandates.

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HSBC Halts Mortgage Options To Chinese Nationals Buying U.S. Real Estate

From Reuters:

Europe’s biggest lender HSBC will no longer provide mortgages to some Chinese nationals who buy real estate in the United States, a policy change that comes as Beijing is battling to stem a swelling crowd of citizens trying to get money out of China.

 

An HSBC spokesman in New York told Reuters on Wednesday that the new policy went into effect last week, roughly a month after China suspended Standard Chartered and DBS Group Holdings Ltd from conducting some foreign exchange business and as authorities try to limit capital outflows.

 

Realtors of luxury property in cities like New York, Los Angeles, and Vancouver, said more than 80 percent of wealthy Chinese buyers have ties to China.

 

Luxury homes news website Mansion Global, which first reported the HSBC policy change, said it would affect Chinese nationals holding temporary visitor ‘B’ visas if the majority of their income and assets are maintained in China.

Chelsea Clinton Deployed to NYC Fundraiser Hosted by Wall Street Banker

Evercore Partners is an investment banking firm.

As Hillary Clinton fights to dodge Bernie Sanders’s charge that she is in the pocket of Wall Street, her daughter Chelsea Clinton will be attending a fundraiser hosted by the head of an international investment bank.

Chelsea Clinton will be joined by Clinton campaign manager Robby Mook for the Wednesday fundraiser hosted by Evercore Partners executive Charles Myers, who has contributed between $10,001 and $25,000to the Clinton Foundation.

Guests at the fundraiser, which is billed as a LGBT reception featuring Billie Jean King, can pay $2,700 for a picture with Chelsea.

Evercore Partners is no small-time financial firm. It was founded by major Democratic donor Roger Altman after he resigned from a Treasury Department post in the Clinton administration.

Altman was an economic adviser for Clinton’s failed 2008 campaign. He was also one of the earliest contributors to the Ready for Hillary Super PAC, which was used to build support for Clinton’s candidacy in 2016 before she officially announced her campaign. He also contributed $250,000 to Priorities USA, another pro-Clinton Super PAC.

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I worked on Wall Street. I am skeptical Hillary Clinton will rein it in

Wall Street is very much intertwined with the Clintons. I doubt that will change anytime soon

 

I owe almost my entire Wall Street career to the Clintons. I am not alone; most bankers owe their careers, and their wealth, to them. Over the last 25 years they – with the Clintons it is never just Bill or Hillary – implemented policies that placed Wall Street at the center of the Democratic economic agenda, turning it from a party against Wall Street to a party of Wall Street.

That is why when I recently went to see Hillary Clinton campaign for president and speak about reforming Wall Street I was skeptical. What I heard hasn’t changed that skepticism. The policies she offers are mid-course corrections. In the Clintons’ world, Wall Street stays at the center, economically and politically. Given Wall Street’s power and influence, that is a dangerous place to leave them.

Salomon Brothers hired me in 1993, seven months after President Bill Clinton’s inauguration. Getting a job had been easy, Wall Street was booming from deregulation that had begun under Reagan and was continuing under Clinton.

When Bill Clinton ran for office, he offered up him and Hillary (“Two for the price of one”) as New Democrats, embracing an image of being tough on crime, but not on business. Despite the campaign rhetoric, nobody on the trading floor I joined had voted for the Clintons or trusted them.

Few traders on the floor were even Democrats, who as long as anyone could remember were Wall Street’s natural enemy. That view was summarized in the words of my boss: “Republicans let you make money and let you keep it. Democrats don’t let you make money, but if you do, they take it.”

Despite Wall Street’s reticence, key appointments were swinging their way. Robert Rubin, who had been CEO of Goldman Sachs, was appointed to a senior White House job as director of the National Economic Council. The Treasury Department was also being filled with banking friendly economists who saw the markets as a solution, not as a problem.

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Wall Street Women Score at Sundance Film Festival

Fox Business:

‘Equity’ stars ‘Breaking Bad’s’ Anna Gunn as a senior investment banker leading a controversial IPO of a tech firm led by a male CEO. Thomas plays a young Wall Streeter trying to climb the ranks, while Reiner is the U.S. Attorney investigating possible insider trading. “The women in this movie aren’t just wives or the token female in the background” says Reiner.

The idea originally stemmed from Thomas whose husband worked at Lehman Brothers “until the bitter end” she says. Reiner wasn’t convinced though, saying that the topic didn’t appeal to her heart. But after meeting with female financiers and hearing their stories, Reiner changed reversed her perspective and felt that a film following women on Wall Street had the potential to be a real game changer.

Move Over Flint, Another Town Just Got Caught Covering Up Lead Contamination In Its Water Supply

Submitted by Claire Bernish via TheAntiMedia.org,

Residents in Sebring, Ohio, can commiserate with those in Flint, Michigan, considering their water supply has also been contaminated with lead that “exceeds the action level,” according to the state’s EPA. Like Flint, the case of Sebring — involving some 8,100 water customers in Sebring, Beloit, Maple Ridge, and parts of Smith Township — already has the appearance of criminal negligence and a possible cover-up.

“The first the notifications were discussed with the EPA and my staff was [Thursday] morning [January 21],” said Village of Sebring Manager Richard Giroux, as reported by WKYC. This statement is virtually inexplicable, as evidenced by an Ohio EPA notice posted by WKBN, dated the same day, that the village was in violation for its failure to inform residents back in November of elevated lead levels in the drinking water supply.

Yet, on Thursday, according to WKBN, pregnant women and children received the first warning not to drink the city’s water due to lead contamination. That warning, as local NBC affiliate WKYC reported, was expanded to include the entire Village of Sebring on Saturday.

Documents posted online by WKBN clearly show the EPA’s ongoing contact and discussion with village officials, who were aware of the lead contamination — and who were repeatedly advised to issue notice to residents.

20160128_water3

 

Italy Pursues Google for Around $327 Million in Back Taxes

Italian tax authorities said Thursday that they are pursuing Google Inc. for around EUR300 million (about $327 million) in back taxes over the course of six years, a new salvo from European governments seeking to boost corporate tax revenue from tech giants.

Italy’s financial police in Rome said they are probing the company, a unit of Alphabet Inc., as part of a long-running judicial inquiry into the company’s tax arrangements that covers the years between 2008 and 2013.

Italian authorities allege the company evaded taxes in the country by routing revenue to its office in Ireland and not in Italy, where the firm paid EUR2.2 million in corporate income tax last year.

“Google complies with the tax laws in every country where we operate. We continue to work with the relevant authorities,” a company spokesman said in an emailed statement.

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