Other stuff

No massive publicity on the banking front, but there are ongoing issues in getting money laundering under control and the ongoing investigations of manipulating foreign exchange rates.

1/14 – Wall Street Journal – Forex Probe Finds New Signs of Potential Wrongdoing – Scope of the Forex fiasco and related U.S. Federal investigation is growing. Investigators have found new issues and that the manipulation of exchange rates may go beyond trading desks.

There is also a wider investigation running that I’ve seen mentioned: …

More good stuff on banking fiascosRead More »

Those big banking disasters won’t go away. Ripple effects keep showing up, this time from breaking money laundering rules.

A number of US soldiers wounded in terrorist attacks while in Iraq have sued a number of banks for their role in facilitating the money transfers to fund the attackers.

This ties in to the money laundering fiasco of banks allowing Iranian businesses, government, and individuals to access the U.S. banking system in spite of a U.S. ban on doing so. Some of my previous posts in this tag.

…

Ripple effects from banking fiascos – 2Read More »

That’s the conclusion from Keefe, Bruyette & Woods in a report they just released, which I can’t find online.

The analysts there calculated that the big bank and brokerage firms made $152B in profits from 2001 through 2010 (please no comments on the century and decade actually starting in 2000).

Fine and civil settlements paid by 43 banks …

Big bank penalties in last five years offset industry profits for first decade of this centuryRead More »

Those big banking fiascos just won’t go away. Ripple effects keep showing up.

Here are two ripples that I noticed just yesterday from the money laundering mess, one for Bank of Tokyo and another with BNP.

11/18 – Wall Street Journal – Bank of Tokyo to Pay $315 Million to N.Y. Regulator – …

Ripple effects from banking fiascos – 1Read More »

Just a few more tidbits from the forex settlements announced yesterday.

Some more ideas from the WSJ coverage in their article, Citigroup, J.P. Morgan Take Brunt of Currencies Settlement.

Three agencies are still investigating: The Federal Reserve, Department of Justice, and NY Department of Financial Services. DoJ and DFS will probably have the big fines and sanctions.

…

A few updates on the Forex settlementRead More »

Three major regulators announced settlements with six banks for their now admitted manipulation of foreign exchange rates. At least two regulators (Department of Justice and NY Department of Financial Services) still have investigations open. One bank, Barclays, withdrew from the settlement.

The scheme ran for six years, starting after the fall 2007 meltdown and running until a year after the Libor settlements were underway.

Here is my recap of the fines by bank with calculation of the annualized cost, all amounts in U.S. dollars: …

Settlements for Forex manipulation announced. We will need to wait for all settlements to learn if this is only a cost of doing businessRead More »