Daily Archives: February 13, 2016

It was Clinton who required transcripts of her speeches

Very interesting…

Former secretary routinely demanded a stenographer at paid speeches

Contracts indicate Clinton owns transcripts, controls their release

Democrat dogged by questions about transcripts days before voting

Hillary Clinton, who faces mounting pressure to release transcripts of her paid speeches, routinely demanded that a stenographer be present at her events so she could maintain a record of what she said.

At least four of Clinton’s contracts include a clause stating a transcript would be produced for Clinton and that the former secretary of state would own them and control their release, according to contracts obtained by McClatchy.

“The sponsor will transcribe Speaker’s remarks as they are being delivered, which should be solely for the Speaker’s records,” according to her contract with the University of Buffalo, which paid her $275,000.

Read more here: http://www.mcclatchydc.com/news/politics-government/election/article59010478.html#storylink=cpy

 

St. George businessman Jeremy Johnson presses witness from Wells Fargo on payment rules

The defense in the trial of St. George businessman Jeremy Johnson and two of his former employees tried to chip away Friday at whether Wells Fargo Bank and credit card processors that worked with it followed their own and others’ rules that govern the relationships with merchants.

The effort came as the government presented witnesses from the banking and credit card processing companies who hosted accounts from Johnson’s I Works company to build its case that the three committed bank fraud, the central allegation among the 86 charges they face the trial that ended ts first week on Friday.

Federal prosecutors allege that Johnson and co-defendants Ryan Riddle and Scott Leavitt, who were top level I Works employees, created 36 “shell companies” using the names of friends, family and coworkers in order to open new accounts at Wells Fargo Bank after banks in 2009 began closing I Works accounts because of a high number of consumer credit card chargebacks.

Read on.

Sorry Bernie, Hillary Clinton’s Wall Street Speeches Will Likely Stay Secret

Law Newz:

Clinton reportedly received $225,000 for her appearances at a 2013 Goldman Sachs Summit in Arizona.  In fact, disclosure documents show she was paid a total of $675,000 for just three speeches at the bank.  When asked by CNN’s Anderson Cooper last week why she took the money, Clinton responded rather awkwardly: “Well, I don’t know. That’s what they offered.” Overall, the Clinton camp has remained relatively mum about the speeches.  And, here’s the legal reality: Clinton may be barred from releasing much of anything.

In fact, we may never know what Clinton said, who exactly she spoke to, and what her speaking contracts entailed. That’s because industry insiders tell LawNewz.com that high profile speakers are often saddled with non-disclosure and confidentiality agreements when they talk to big corporations. Meaning, they can’t talk about what happened when they leave. We don’t know for sure if Clinton signed one, but experts tell us it’s pretty standard.

“I do know from our work that big banks have confidentiality/NDA agreements with all of their vendors (and employees) which prevent them from voluntarily revealing any details about their engagements,” Mike Delikat, a partner at Orrick, Herrington & Sutcliffe told LawNewz.com.

The Inaugural Financial Fraud Lemons of the Week Award Goes to DOJ

fail1

And I concur!

William K. Black
February 12, 2016     Bloomington, MN

The Bank Whistleblowers United announce the inaugural Financial Fraud Lemons of the Week award.  There can be no more fitting recipient than the ironically named Department of Justice (DOJ).  The “lemon” is used in the economics and criminology literature to refer to a car of surpassingly terrible quality.  The quality is so bad that the car can only be sold through fraud.  We will award it each week to an example of dishonesty or cowardice about financial fraud that is worthy of public ridicule.  We want to leave room in our scale for truly spectacular examples, so this first award will only receive Four Lemons.  The first award is for what has become a routine example of dishonesty and cowardice by DOJ.  Its conduct should be a scandal of national proportions, but by now everyone expects DOJ to embarrass our Nation when it deals with elite bankers.

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Bank Whistleblowers United Covered in NYT

The New York Times has taken notice of Bank Whistleblowers United (BWU). You can read it here.

Source: New Economic Perspectives

Bank of America Increases CEO Moynihan’s Pay 23% to $16 Million

Bank of America Corp. awarded Chief Executive Officer Brian T. Moynihan $16 million for his work last year, raising his potential compensation 23 percent.

Moynihan received $14.5 million in stock grants for 2015 and left his salary unchanged at $1.5 million, according to a regulatory filing Friday. A year earlier, the Charlotte, North Carolina-based bank gave the CEO of the second-biggest U.S. bank a $13 million pay package.

Read on.