Other stuff

Here are a few updates I’ve noticed about the banking fiascos:

8/17 – CFO Journal at Wall Street Journal – Biggest Banks’ Crisis-Era Settlements Petering Out: Report – Study by SNL Financial says payouts related to the financial crisis by the six largest US bank accumulate to $132B. More settlements are expected, but the number and dollar amount of settlements is slowing down.

Reserves for additional settlements are $5.9B at Goldman Sachs and $1.4B at Wells. The other four didn’t respond to the reporter about the dollars they have in reserves.

8/30 – Wall Street Journal – Meet the Private Watchdogs Who Police Financial Institutions – Article gives background on private sector monitors put in place to check on changes made to comply with deferred prosecution agreements.

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Updates on banking fiascos – 8/31Read More »

Settlements of private lawsuits are continuing. Also, settlements with CFTC underway for another rate manipulation scheme.

6/18 – Wall Street Journal – Banks’ Civil Forex Settlements Near $2 Billion/ Barclays, BNP Paribas, Goldman Sachs and HSBC recently signed agreements to settle case  – The settlements for private litigation over manipulation of foreign exchange rates are moving forward. Article says HSBC has settled up for $285M, Barclays for $375M, Goldman Sachs is in for $129.5M, and an unknown amount for BNP.

By my calculation that brings the total for seven banks to …

Minor updates on the banking fiascos: Forex settlements and a new fiascoRead More »

Not much news on the bank fiasco front in the last week or so. Here are two articles pondering what settlements are on the horizon.

5/26 – Alison Frankel at Reuters – Forex class action deals may hint banks braced to lose Libor appeal – Citigroup settled up for $394M with private parties over manipulation of forex.

Article points to one settlement I missed:

1/5 – Reuters – JPMorgan settles currency manipulation lawsuit in U.S. – Morgan will settle up with about $100M.

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Speculation on upcoming bank settlementsRead More »

A few articles of note on the humongous settlements from five banks for manipulating foreign exchange rates. Oh, and a trivial $0.1B settlement from Barclays for manipulating yet another swap rate.

5/20 – Wall Street Journal – Barclays Fined $115 Million by CFTC for Alleged Manipulation of ISDAfix – Barclays tried to manipulate another index which is used to calculate pension payouts. This is an interest rate swap index. Game playing ran from 2007 until 2012.

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Follow up articles on the $5.8B settlement from TBTF banksRead More »

The banks that settled up for a massive coordinated effort to manipulate foreign exchange rates each agreed to plead guilty to one criminal count of violating anti-trust rules. That makes each of them a felon.

Will describe why that is no longer a big deal and then offer an analogy of what this approach might look like in the life of an individual. …

Criminal guilty pleas for big banks are no longer a death sentence; more like a messy traffic incident that hit the papers. What that approach might look like in your life.Read More »

Big settlement announced today to resolve the Forex manipulation cases. Big surprise for me is the NYDFS only came in at $485M, with all of that going against Barclays. I was guessing a higher amount with DFS wanting a settlement from all the banks.

Here are two articles with the details, then I’ll list the individual settlements:  …

$5.6B for 5 banks to settle up on manipulating forex for customer’s accountsRead More »

First in what is expected to be a string of settlements announced on Wednesday:

UBS Hit With $545 Million in Fines, from the Wall Street Journal.

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UBS will pay $545M for manipulating foreign-exchange rates. First of 5 expected settlements todayRead More »

Multiple reports indicate UBS will join previously expected  Barclays, JP Morgan,  RBS, and Citigroup  in settling up on their forex manipulation behavior next week.

A guilty plea to a felony criminal count is expected for all 5 TBTFs.

Biggest rumor is that DoJ may tear up the deferred prosecution agreement with UBS.

My wild guess of the dollar amount of the settlement? Four and a quarter billion. Reports i have seen over the past few weeks leave me wondering if that is just the DoJ settlements and doesn’t include NYDFS. If not, add another billion or three.

A few articles for more details:

http://fraudinfoblog.squarespace.com//fraud-info/2015/5/14/scarlet-letters-and-large-fines?hootPostID=6cd1af78b96858067766436572dd639b

http://mobile.nytimes.com/2015/05/14/business/dealbook/5-big-banks-expected-to-plead-guilty-to-felony-charges-but-punishments-may-be-tempered.html?_r=1&referrer

http://www.wsj.com/articles/justice-department-to-tear-up-past-ubs-settlement-1431645723

Just a few tidbits on the massive settlements for manipulating forex and Libor rates.

4/23 – Zero Hedge – It Just Cost Deutsche Bank $25,000 Per Employee To Keep Its Libor Manipulating Bankers Out Of Jail –  …

Minor update on banking settlementsRead More »