Daily Archives: July 27, 2016

Is there a light at the end of the tunnel for Ocwen?

Company takes loss in 2nd quarter as it tries to move past “legacy” issues

True to its own predictions from earlier in the year, Ocwen Financial posted another loss in the second quarter, putting it on track to post a loss in 2016. But is there finally a light at the end of the tunnel for the nonbank?

In February, Ocwen disclosed that it expected to post a loss in 2016, and the company’s first two quarters didn’t disappoint in that regard.

Read on.

This Isn’t the First Time Donald Trump Has Asked Hackers for Help Taking Down His Enemies

Great reporting by The Intercept…

DONALD TRUMP ON Wednesday urged Russia to hack Hillary Clinton’s emails, setting off howls of outrage from across the political spectrum for actually soliciting foreign espionage on his opponent. “Russia, if you’re listening, I hope you’re able to find the 30,000 emails that are missing,”Trump said.

VIDEO: Trump: “Russia, if you’re listening, I hope you’re able to find the 30,000 emails that are missing…”

But it’s not the first time he has endorsed hacking to uncover information that he wants. Trump previously asked for hackers’ help in his obsessive quest to prove that President Barack Obama was not born in the U.S.:

Attention all hackers: You are hacking everything else so please hack Obama’s college records (destroyed?) and check “place of birth”

ObamaCare is a disaster and Snowden is a spy who should be executed-but if it and he could reveal Obama’s records,I might become a major fan

For the record, Obama released his birth certificate in 2011.

Meanwhile, Trump slammed Sony for getting hacked in 2014. “If North Korea has that sort of power that they can do things on the internet that we have no idea what’s happening, that is not a good thing,” Trump told Fox News.

Read on.

Senate Cafeteria Workers to Collect $1M in Unpaid Wages

WASHINGTON (CN) – Cafeteria workers on Capitol Hill will recoup over $1 million in back pay after an investigation by the Labor Department found private contractors were misclassifying employees to pay them less than they should have.
Joanna Hawkins, a regional director for the department, said a six-year investigation revealed that private contractor Restaurant Associates and a subcontractor, Personnel Plus, illegally underpaid the workers by using a series of misclassifications on employee records, for example, demoting someone on paper from a chef to a food server.
The department said that in addition, the companies also made “employees work prior to their scheduled starting times without compensation.”
The mislabeling also permitted the contractors to pay “below the required rates [which] also caused the companies to fail to pay the workers overtime at the proper rates,” the government said.
The investigation uncovered unpaid health and welfare benefits and evidence and found that record keeping by Restaurant Associates was routinely incomplete in violation of the Fair Labor Standards Act.
The Labor Department said 604 employees were adversely affected by these practices, and that as a group, they are owed more than $1 million.

Read on.

Trump: What he said 18 years old about the Republican party

donald trump 1998

And this was passed along to me. And Trump is now the GOP Presidential nominee 18 years later. Tell me something, Donald, do you think the GOP voters are the dumbest group now since you stated that they were dumb then 18 years ago??????

On a side note: Not sure if Trump said this and this was passed along to me. Nevertheless, it still reflective of who and what he is.

 

Breaking news: U.S. expands investigation into money laundering by foreign cash buyers

The federal government revealed Wednesday that its investigation into foreign buyers using high-end U.S. real estate as a means to launder money found that potentially illicit activity is behind a “significant” portion of the cash transactions in Manhattan and Miami, and plans to expand the investigation into several other areas.

Earlier this year, the Treasury Department’s Financial Crimes Enforcement Network stated that it was “concerned about illicit money” being used to buy luxury real estate, and planned to begin identifying and tracking the previously unknown buyers who used shell companies to hide their identities.

At the time, FinCEN issued a “Geographic Targeting Order” that required title insurance companies in Manhattan and Miami-Dade County to identify the actual person behind shell companies used to pay all cash for high-end residential real estate in those two areas.

In a call with reporters on Wednesday, a FinCEN official stated that more than 25% of transactions covered in the initial inquiry involved a “beneficial owner” that is also subject of a “suspicious activity report,” which is an indication of possible criminal activity.

Read on.

Goldman Sachs sued over $1.7B Malaysian deal

Goldman Sachs just can’t seem to shake its Malaysian adventure.

The Wall Street bank and a former executive were sued by an investor in one of its Malaysian clients for allegedly cheating the client and others out of hundreds of millions in profits.

Tim Leissner, Goldman’s top banker in Malaysia in 2010, failed to disclose his and the bank’s ties with the country’s prime minister when advising Eon Capital on how to respond to a $1.7 billion takeover offer from Hong Leong Bank, the suit alleges.

Goldman advised Eon to sell itself for a “woefully deficient” price because the brother of Prime Minister Najib Razak sat on Hong Leong’s board, the suit claims.

Read on.