Daily Archives: May 16, 2016

This map shows you almost every address named in the Panama Papers leak

Panama Papers map

Max Galka/CartoDB Screenshot

The Panama Papers likely represent the single largest data leak in human history.

The story broke April 3, when an international team of investigative journalists revealed they had spent a year exploring 2.6 terabytes of data from a Panamanian law firm — data about the international economy of offshore finance where wealthy and powerful people squirrel away their cash.

Back in April, we shared a map showing how many shell companies were set up in each country according to The International Consortium of Investigative Journalists (ICIJ), which had originally investigated the Panama Papers. Since then, the ICIJ has made their massive database from the leak searchable.

Max Galka, a data visualization aficionado and owner of FOIAmapper.com, emailed Tech Insider to show us a new, fascinating map he put together with data drawn from that searchable database.

Blue circles represent offshore companies, trusts, and other entities where funds can be stored. Red circles represent people who work for those entities. Green circles represent “intermediaries,” or law firms and other groups that connect customers with offshore entities.

Read on.

How Donald Trump Made Wall Street Kiss His … Ring



The No. 1 thing for me is that I grew up a Republican,” Anthony Scaramucci was telling me last week, inside the Bellagio Hotel and Casino, in Las Vegas. Scaramucci, who is known affectionately on Wall Street as “The Mooch,” is a man of many talents. The former Goldman Sachs private-wealth manager runs the successful hedge fund SkyBridge Capital. He’s also an owner of the Hunt & Fish Club, a Midtown Manhattan restaurant that caters to Wall Street types who neither hunt nor fish. (It does, however, feature a nice kosher ribeye for $61.)

The Mooch also throws the annual SALT Conference, which is fast becoming the hedge-fund industry’s equivalent of the Allen & Co. Sun Valley confab. SALT is set, almost too perfectly, in Vegas. Scaramucci and I were speaking after a dinner with SALT grandees including John Boehner, T. Boone Pickens, Ken Griffin, David Petraeus, Larry Summers, and, somewhat curiously, Will Smith. (I was part of the festivities; this year, I interviewed myVanity Fair colleague Michael Lewis.)

But the Mooch’s latest trick may be his newfound political flexibility. Two months ago, I attended a luncheon at the Hunt & Fish Club to which Scaramucci invited the renowned pollster Frank Luntz in order to show a number of videos illustrating Donald Trump’sstrength as a candidate. The Mooch, who had initially supported Scott Walker before turning to Jeb Bush, was noticeably chastened by the presentation. “I’m going to say one last thing to the Democrats here, because I really don’t want Trump to be president, so I want you to listen very carefully, O.K.?” Scarmucci declared that afternoon. “He was underestimated by Walker and his team. He was mis-underestimated—which is a George W. Bush word and which doesn’t exist—he was mis-underestimated by the Jeb Bush team. Now he’s been completely mis-underestimated by the entire Republican Party. And when she”—referring to Hillary Clinton—“talks about him, she sounds and smells like she’s already underestimating him. So I’m just giving you guys a heads up. Do not underestimate the guy.”

Two months later, Scaramucci had decided not to underestimate the guy, either. He had now made his peace with Trump. In fact, he had made two pilgrimages in the past eight days to visit the candidate at his lair in Trump Tower. When I asked the Mooch if he saw any contradiction in his behavior, he simply demurred. It was all business, he insisted. “I’m a very loyal Republican, O.K.?” he said. “It wasn’t my first choice or my second choice.” Then he recalled a moment from one of his conversations with the candidate: “What I said to him was, ‘You’re the people’s choice and out of respect for our democracy and the representative system, I’m here to help you. Tell me how I can help you.’”

Read on.

Poultry Workers Denied Bathroom Breaks, Wear Diapers On The Job


A new report revealing another dirty side to America’s rapidly growing poultry industryclaims workers are being denied bathroom breaks and are forced to soil themselves to keep up with production. Lifting the veil on the billion dollar industry while pointing to the human cost of cheap chicken, the new report has revealed thousands of poultry workers are being routinely denied their basic needs — forcing some to wear diapers.

Bloomberg reports:

Workers in plants run by the largest U.S. poultry producers are regularly being denied bathroom breaks and as a result some are reduced to wearing diapers while working on the processing line, Oxfam America said in a report Wednesday.


“It’s not just their dignity that suffers: they are in danger of serious health problems,” said Oxfam America, the U.S. arm of the U.K.-based global development group. The group works for a “just world without poverty” and focuses on topics ranging from refugees in Greece to malnutrition.

Workers in plants run by the largest U.S. poultry producers are regularly being denied bathroom breaks and as a result some are reduced to wearing diapers while working on the processing line, Oxfam America said in a report Wednesday.


“It’s not just their dignity that suffers: they are in danger of serious health problems,” said Oxfam America, the U.S. arm of the U.K.-based global development group. The group works for a “just world without poverty” and focuses on topics ranging from refugees in Greece to malnutrition.


The report cited unnamed workers from Tyson Foods Inc., Pilgrim’s Pride Corp., Perdue Farms Inc. and Sanderson Farms Inc. who said that supervisors mock them, ignore requests and threaten punishment or firing. When they can go, they wait in long lines even though they are given limited time, sometimes 10 minutes, according to the report. Some workers have urinated or defecated themselves while working because they can’t hold on any longer, the report said. Some workers “restrict intake of liquids and fluids to dangerous degrees,” Oxfam said.


Goldman Sachs subsidiary again buys non-performing loans from Fannie Mae

Not everyone is excited for the sale

Fannie Mae announced today that MTGLQ Investos, L.P., a “significant subsidiary” of Goldman Sachs is yet again the winning bidder for its fifth non-performing loan sale.

According to the Securities and Exchange Commission, Goldman Sachs owns, directly or indirectly, at least 99% of the voting securities of MTGLQ Investors, L.P.

Fannie Mae announced the sale of its latest sale of non-performing loans, including the third Community Impact Pool that it has offered back in April. Bank of America Merrill Lynch, First Financial Network andCastle Oaks Securities served as advisors for the marketing of the sale of these non-performing loans.

Read on.

FBI accused of planting hidden microphones around Bay Area to nab real estate investors

Trying to gather more evidence of bid rigging at foreclosure auctions

Agents from the Federal Bureau of Investigation reportedly planted hidden microphones in and around the San Francisco Bay Area as part of an effort to catch several real estate investors suspected of bid rigging at local foreclosure auctions, according San Francisco’s CBS KPIX 5 and the Daily Caller.

Both reports state that between March 2010 and January 2011, the FBI allegedly placed hidden microphones inside light fixtures, at a bus stop and in other locations around an Oakland courthouse without a warrant to obtain more evidence of fixing foreclosure auctions.

Read on.

UBS Judge Strives For Best Way Forward As $2B Trial Wraps

Law360, New York (May 13, 2016, 8:00 PM ET) — A New York federal judge said Friday he is wrestling to come up with the best method for ruling on trustee U.S. Bank’s contract claims against UBS AG over $2 billion in bundled home loans as a three-week bench trial featuring 39,000 separate allegations of breach flowing from 8,000 allegedly defective mortgages wrapped.

U.S. Bank’s attorney pressed the judge to order UBS to pay for a swath of allegedly defective loans. (Credit: AP) U.S. District Judge P. Kevin Castel stressed again during a daylong closing session…

Source: Law360

Hillary Clinton gets more specific about what Bill Clinton’s White House job could be

COVINGTON, Ky. — Hillary Clinton has already made it pretty clear that her husband, former president Bill Clinton, is unlikely to spend his days in the White House picking out the china during her potential administration.

On Sunday, she got a little more specific about what he would be doing: fixing the economy.

“My husband … I’m going to put in charge of revitalizing the economy because you know, he knows how to do it,” Clinton told supporters in Northern Kentucky. “And especially in places like coal country and inner cities and other parts of our country that have been really left out.”

Hillary Clinton has long made it clear that she looks to her husband’s presidency as a model for how to manage the economy. She often notes the job creation and increases in median household income during his administration.

Read on.

CFPB targets high-risk home lending groups


According to the New York Times Dealbook, the Consumer Financial Protection Bureau recently began an informal inquiry into seller-financing arrangements, which are commonly referred to as contracts for deeds. These loans are for inexpensive homes to people with bad credit.

The bureau assigned two enforcement lawyers to research the seller-financing market and determine whether the terms of some deals violate federal truth-in-lending laws, say Matthew Goldstein and Alexandra Stevenson.

One such company, Battery Point, defends lending high interest loans to higher risk borrowers.
Company founder, Jeremy Healey, has sought to differentiate his firm from other big players in the market, saying that unlike them, Battery Point has structured its 20-year contracts to comply with new federal guidelines for high-interest mortgages.

“We support improving awareness of how non-mortgage financing products can create opportunities for consumers who are shut out of the mortgage market,” said Healey.

The Dealbook coverage adds that the New York State Department of Financial Services on Friday subpoenaed four investment firms that either are involved with seller-financed deals or provide financing for such deals, according to a person with direct knowledge of the matter who spoke on the condition of anonymity because the investigation is preliminary.

M&T Bank latest to settle FHA-lending violations, will pay $64 million

Another lender accused of violating False Claims Act

Joining a list that now includes Wells FargoFranklin American MortgageWalter Investment, First Tennessee Bank, Freedom Mortgage, among others, M&T Bank agreed to settle with the Department of Justice over alleged violations of the False Claims Act.

The Department of Justice announced Friday that M&T Bank will pay $64 million for originating loans that did not meet Federal Housing Administration underwriting standards.

M&T Bank becomes the latest lender to settle with the government, which has used the False Claims Act on several occasions to extract settlements out of mortgage companies.

The False Claims act is the primary law the government uses to prosecute vendors it feels fraudulently represented themselves while doing business with the nation.

Read on.