Thursday, February 23rd, 2012

Euro Banks Hang Onto U.S. Assets

European banks have no plans to part with their U.S. operations, even though the European debt crisis has ravaged business closer to home and weakened their already fragile capital balances. They contend that this is not the time to…

SEC Thinks Quick in Ex-Bear Manager Settlement

Back in 2007, Ralph Cioffi, then a Bear Stearns hedge fund manager, redeemed $2 million from one of his hedge funds. Associate Matthew Tannin received a $750,000 retention bonus. According the SEC, both those amounts were used to determine…

Stanford to Testify – Risky Business

Allen Stanford’s decision to testify at his investor fraud trial has ruffled some feathers, and it’s not those of his 21,000 victims. Three white-collar criminal defense lawyers uninvolved in the Stanford case said his testimony may focus juror…

Lloyds May Clawback Bonuses

The Lloyds Banking Group is considering clawing back the bonuses of 5 former or current executive directors, after the bank last May took a charge of $5 billion (£3.2 billion) to compensate customers who were wrongfully sold insurance products….

Stanford Ponzi Victims: 3 Years and Counting

Imagine losing $10,000, $50,000, or $2 million, then not getting anything back over the next 3 years. That’s the nightmare that victims of Allen Stanford’s alleged Ponzi scheme have lived through. And the prospects of ever receiving…

$6 Trillion of Fake U.S. Bonds Seized

Italian anti-mafia prosecutors said they seized a record $6 trillion of allegedly fake U.S. Treasury bonds, equivalent to almost half of the U.S.’s public debt. The bonds were found hidden in makeshift compartments of 3 safety deposit boxes in…

Madoff Trustee Appeals Bank Lawsuits

Madoff trustee Irving Picard seeks to reverse earlier court rulings in lawsuits filed against banks, including JPMorgan Chase and HSBC Holdings. Earlier judges’ rulings wiped out around $30 billion in claims, or nearly 1/3 of Picard’s $103 billion in…

SIPC Seeks Court Help On Stanford Claims

The Securities Investor Protection Corp has asked a federal court to deny the SEC’s request to compel SIPC to allow victims of Allen Stanford’s alleged Ponzi scheme to file claims for compensation. In its court filing on Thursday, SIPC…

What Do These 17 Global Financial Institutions Have in Common?

1. Bank of America … 2. Citigroup … 3. Goldman Sachs … 4. JPMorgan Chase … 5. Morgan Stanley … 6. Royal Bank of Canada … 7. Barclays … 8. BNP … 9. Credit Agricole …

Wounded Top Expert Witness Still a Formidable Wall Street Foe

Craig McCann had an unblemished record and reputation as a top expert witness, providing testimony that helped customers win millions of dollars from financial companies. Broker-dealers tried their best to crack his “code of integrity,” but without success.

That is…