Daily Archives: February 4, 2016

Colin Powell, Condi Rice’s Staff Also Got Classified Info on Their Personal Emails

Hillary Clinton and now Colin Powell and Condi Rice. The real question: Will House committee subpoena Colin Powell and Condi Rice on this?

Law Newz:

The State Department has confirmed that former Secretary of State Colin Powelland Condoleezza Rice‘s staff also received classified information at their personal email accounts, according to the Secretary of State’s Office of Inspector General. This was first reported by NBC News.

The IG says they found 12 emails that contained national security information that is now classified as “Secret” or “Confidential.”

“Last night, we were informed by the State Department Inspector General that former Secretary Colin Powell and the immediate staff of former Secretary Condoleezza Rice received classified national security information on their personal email accounts,” said Rep. Elijah Cummings (D-Maryland), Ranking Member of the House Committee on Oversight and Government Reform.

An Idiot’s Guide to Prosecuting Corporate Fraud

Say you’re the newly elected president of the United States, and you want to make prosecuting corporate crime a top priority.

Where do you start? Here would be good.

A new group called Bank Whistleblowers United have just pushed out a comprehensive plan they think would put the executive branch back in the business of enthusiastically identifying, indicting, and convicting financial fraudsters — restoring accountability while protecting the public.

The cumulative credibility of the group’s four founders is extremely strong. Richard Bowen is the Citigroup whistleblower who unsuccessfully warned top management about the rotten condition of loans inside mortgage-backed securities. Michael Winston spoke out about similarly corrupt practices at non-bank mortgage originator Countrywide. Gary Aguirre, a Securities and Exchange Commission attorney, was fired for refusing to let a Wall Street banker out of an insider trading investigation.

And their ringleader is William Black, an outspoken fraud-fighter and longtime white-collar criminologist who was a two-fisted bank regulator during the savings and loan crisis and now teaches at the University of Missouri–Kansas City (UMKC).

“The common theme,” Black said with characteristic bluntness, “is the unbelievably pathetic job of the Department of Justice and the FBI.”

 

Read on.

Eric Holder Makes Ads for Hillary Clinton While Making Deals for Corporate Clients

A really bad move by Team Hillary to have Holder involved in her campaign. I understand that this is a political strategy to get the African-America vote in South Carolina and touch on the subject of social injustice among the African-Americans. But, the issue of Wall Street and Eric Holder not going after the big banks in criminal charges while he was AG will continue to haunt Clinton in the Presidential race..

Former Obama administration attorney general Eric Holder is prominently featured in a Hillary Clinton campaign ad running in South Carolina. “If you want to make sure Republicans don’t take us backward, help Hillary move us forward,” Holder says.

Meanwhile, in his post-public service life as a partner with white-collar defense firm Covington & Burling, Holder is upholding his Justice Department’s tradition of negotiating lower fines for corporate offenses, albeit from the other side of the negotiating table.

The Associated Press reports that Holder, whose Justice Department prosecuted no major executive for the fraud that led to the 2008 financial crisis, is representing South African telecommunications conglomerate MTN in a $3.9 billion dispute with the country of Nigeria.

MTN Nigeria did not deactivate 5.2 million unregistered cell phone SIM cards after the Nigerian Communications Commission ordered them to do so by August 2015. Extremist groups operating in Nigeria use the cards for communications in kidnappings and attacks.

Read on.

 

Teachers Plan Rally Outside Bank Of America To Protest CPS Debt

CHICAGO (CBS) — Teachers upset with the Chicago Public Schools and Mayor Rahm Emanuel will take their grievances to the streets late Thursday afternoon.

The union expects a “big turnout” for its rally outside of the Midwest regional office of the Bank of America, which the union accuses of steering the Chicago Board of Education into making bad investments.

Read on.

Bank Whistleblowers United… Restoring the Rule of Law to Banking

My colleagues and I have formed a probono group and policy initiative with a goal to restore the rule of law to Wall Street and accelerate our work to “greatly reduce the risk and cost of future financial crisis.”
Gary Aquirre, William Black, Michael Winston and I are the founding members of Bank Whistleblowers United. Each of us has somewhat similar backgrounds in the general field of finance. We also share the distinction of being whistleblowers. We each called the banks/regulatory agencies we were with to account and were dismissed for telling the truth about the fraud and deception each was perpetrating on the American public. As a result, not any of us are employable in finance and financial regulation.
Each of us proved correct in our warnings when we blew the whistle. The failure to heed our warnings caused great harm to this country. Furthermore, we are united in our desire to save, not destroy, finance as a means of saving our country. We also believe that fundamental change is urgently needed to allow honest bankers to prosper. We believe in constructive action and will aid any president of any party or philosophy who wishes to implement real change to finance and to restore the rule of law to Wall Street.
We also share similar concerns that our government is again allowing the TBTF banks the leeway to repeat the financial debacle of 2008. To prevent this from happening, we need your help and support to bring our proposals to the attention of our elected and soon-to-be elected officials as well as more of the public. We want your voice and ours to make a difference and it will if we speak out as a united force.
Regards,
Richard

The Full Summary Of U.S. Banks’ Energy And Commodity Exposure

janney20energy20exposure

Zerohedge:

As this website exclusively reported three weeks ago, under explicit guidance by the Dallas Fed and associated regulatory pressure, US lenders have been instructed to not only not accelerate energy company counterparty defaults but to suspend energy loan book MTM entirely in distressed cases to avoid contagion concerns.

Questionable marks notwithstanding, in their fourth quarter earnings reports and conference calls banks had no choice but to reveal what their existing “publicly appropriate” exposure to oil and gas companies looks like.

As Janney analyst Jody Lurie wites, “banks devoted more attention to provisions, which caused some margin deterioration. Below, we included a chart laying out each firm’s energy and commodities related exposure.”

Bank Consolidation Chart-Great Tool for Everyone

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Source: Bank Consolidation Chart-Great Tool for Everyone