Daily Archives: February 2, 2016

See what happens when hidden cameras capture New York lawyers being asked to move highly questionable funds

The following is a script from “Anonymous, Inc.” which aired on Jan. 31, 2016. Steve Kroft is the correspondent. Graham Messick and Kevin Livelli, producers.

If you like crime dramas and movies with international intrigue, then you probably have a basic understanding of money laundering. It’s how dictators, drug dealers, corrupt politicians, and other crooks avoid getting caught by transforming their ill-gotten gains into assets that appear to be legitimate.

They do it by moving the dirty money through a maze of dummy corporations and offshore bank accounts that conceal their identity and the source of the funds.

And most of it would never happen without the help — witting or unwitting — of lawyers, accountants and incorporators; the people who actually create these anonymous shell companies and help move the money. In fact, the U.S. has become one of the most popular places in the world to do it.

Tonight, with the help of hidden camera footage, we’re going to show you how easy it seems to have become to conceal questionable funds from law enforcement and the public.

You need look no further for evidence than the changing skyline of New York City, where much of the priciest residential real estate is being snapped up not by individuals, but by anonymous shell companies with secret owners.

There’s nothing illegal about it as long as the money’s legitimate, but there’s no way to tell, if you don’t know who the real buyers are. It is one of the reasons Global Witness, a London-based nonprofit organization that exposes international corruption, came to New York City 19 months ago. It wanted to see how helpful U.S. lawyers would be in concealing questionable funds.

Read on from 60 Minutes.

BREAKING: Citigroup Strikes $23M ‘Ice Breaker’ Settlement In Libor Action

Law360, New York (February 2, 2016, 12:43 PM ET) — Citigroup has reached a $23 million “ice breaker” settlement in a class action suit alleging it and other banks conspired to fix yen-denominated Libor interest rates, the first deal to be struck in the case, according to a filing in New York federal court.

Citigroup and about 20 other banks are accused of rigging yen Libor, Euroyen Tibor and Euroyen Tibor contracts. Citigroup and its subsidiaries’ deals are the first to be struck in the case. (Credit: AP) On Monday, lawyers for a group of investors…

Source: Law360

Morgan Stanley to pay $63 million U.S. mortgage bond settlement: FDIC

Morgan Stanley has agreed to pay nearly $63 million to resolve claims over the sale of toxic mortgage-backed securities to three banks that later failed, the Federal Deposit Insurance Corp said on Tuesday.

The settlement resolves lawsuits the U.S. regulator filed as receiver for the three failed banks against Morgan Stanley and other defendants over what the FDIC said were misrepresentations in the offering documents for the mortgage-backed securities.

Morgan Stanley declined comment on the settlement. It was the latest step by the Wall Street bank to resolve U.S. government claims stemming from the sale of mortgage bonds before the financial crisis.

Read on.

Link

Four Fraud-Busting Citizens Initiate a Plan to Hold the Elite Financial Leaders Accountable and Prevent Further Economic Damage

Deadly Clear

By Sydney Sullivan

celebrate-whistleblowers-600Four astounding men, Gary Aguirre, Bill Black, Richard Bowen, and Michael Winston, are the founding members of the Bank Whistleblowers United. These well-educated men have the moral integrity and intelligence to see the damage Wall Street has caused and have devised a plan to prevent or at least reduce the frequency and harm of future economic crises.

We, as American citizens, know we have not recovered from the 2008 economic crisis as our present administration and Congressional leaders would like for us to believe. Although lots of warriors have stepped up to battle the banks, none have been as united or noteworthy as these four financial fraud-busting astronauts, venturing into a red banking hole existing in cyberspace which has been an arduous climb up-Hill (pun intended) to penetrate, decipher …and even more difficult to correct. 

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This is Tuesday’s front page of the NY Daily News

Donald Trump image

The Donald got smacked down by the NY Daily News. All of that bragging from The Donald of how he is winning in every polls didn’t help him in Iowa as Ted Cruz beat him and Rubio was one point behind Trump. lol! We have to wait on the Sanders vs. Clinton results. Interesting, Trump said in his Monday night’s speech to his supporters that he was”honored” by his second-place finish in Iowa. It’s a change in tone from his 2013 tweet: