bank fiascos – Page 10 – Attestation Update

EU issues fines for rate rigging of Euribor and Yen Libor, cousins of Libor

Leave a Comment / Other stuff / Jim Ulvog

The European Union levied fines on multiple banks for manipulating Euribor and Yen Libor. Those are count parts to Libor. Penalties based on legal concept of operating an illegal cartel.

Money Beat provides a recap in The European Union’s Benchmark Fines: A Breakdown: …

EU issues fines for rate rigging of Euribor and Yen Libor, cousins of LiborRead More »

EU issues fines for rate rigging of Euribor and Yen Libor, cousins of Libor Read More »

Is the $13B JPMorgan settlement actually greenmail?

Leave a Comment / Other stuff / Jim Ulvog

Jonathan Weil compares the $13B settlement by JP Morgan to greenmail in his article, The JPMorgan Settlement Isn’t Justice.

After having read the settlement, he realizes this is worse than the typical case of neither admit nor deny guilt wording we usually see in settlements. In spite of the press releases from the government saying JPM admitted misrepresentation, the settlement and statement of facts is worded so vaguely that there aren’t actually any details of what the government believes was done wrong.

Thus, there is nothing to deny: …

Is the $13B JPMorgan settlement actually greenmail?Read More »

Is the $13B JPMorgan settlement actually greenmail? Read More »

For $13B, JP Morgan settles a slew of legal issues

3 Comments / Other stuff / Jim Ulvog

JP Morgan and the Department of Justice announced a huge settlement that covers a host of legal claims against the bank.

Price tag is $13 billion, but keep in mind that claims credit for $4B the bank separately negotiated with Fannie and Freddie. The Wall Street Journal report is J.P. Morgan, U.S. Settle for $13 Billion.

A few of the key terms: …

For $13B, JP Morgan settles a slew of legal issuesRead More »

For $13B, JP Morgan settles a slew of legal issues Read More »

Is that $13B settlement with JP Morgan justice or a travesty?

2 Comments / Other stuff / Jim Ulvog

If J.P. Morgan pays out $13 billion to settle claims over residential securities as expected, is it reasonable justice or is it unjust?

There is a divergence of opinion on that question. This post will explore both schools of thought.

Two main issues

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Is that $13B settlement with JP Morgan justice or a travesty?Read More »

Is that $13B settlement with JP Morgan justice or a travesty? Read More »

Dutch bank fined over $1B for manipulating Libor

Leave a Comment / Other stuff / Jim Ulvog

Rabobank, based in Holland, will pay a 774M Euro fine, or about $1.065 billion, to U.S. and European regulators. That according to a Reuters report today: Dutch Rabobank fined $1 billion of Libor scandal.

Regulators in Japan forced Rabobank to increase their compliance staff in Japan after the bank was caught trying to manipulate the Yen Libor.

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Dutch bank fined over $1B for manipulating LiborRead More »

Dutch bank fined over $1B for manipulating Libor Read More »

More good stuff for auditors – 9-16-13

1 Comment / Accounting, Audits / Jim Ulvog

A few links and comments of interest to auditors:

FASB to focus more on improving GAAP than convergadoption with IFRS
JP Morgan’s huge inventory of problems and increased staffing to deal with compliance
more on the proposed PCAOB revision to the accountant’s report

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More good stuff for auditors – 9-16-13Read More »

More good stuff for auditors – 9-16-13 Read More »

Fine for manipulating energy market equal to 7 days net income or two traffic tickets

Leave a Comment / Other stuff / Jim Ulvog

JP Morgan settled charges it manipulated energy prices by paying $410 million. That is a civil penalty of $285M plus $125M of profits from the trades.

I calculate that is about a week’s work of earnings per share or roughly equal to 2 traffic tickets in California for a median income family.

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Fine for manipulating energy market equal to 7 days net income or two traffic ticketsRead More »

Fine for manipulating energy market equal to 7 days net income or two traffic tickets Read More »

Another TBTF bank accused of manipulating electricity prices – time to start paying attention to another fiasco

1 Comment / Other stuff / Jim Ulvog

Three days ago I mentioned Barclays was accused of manipulating energy prices and the feds, specifically the Federal Energy Regulatory Commission, claim a $487.9M fine is due from them. The case is heading to court – Barclays to Dispute Electricity-Manipulation Charges.

The Wall Street Journal reports J.P. Morgan is now negotiating a settlement for allegedly playing games with electricity prices.

Time to start paying attention to another banking fiasco.

The article Big Bank Staring at Record Fine Over Energy says the bank began negotiations with FERC with a possible billion dollar fine on the table.

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Another TBTF bank accused of manipulating electricity prices – time to start paying attention to another fiascoRead More »

Another TBTF bank accused of manipulating electricity prices – time to start paying attention to another fiasco Read More »

Charges filed against three traders in LIBOR fiasco – A new banking mess in manipulating energy prices

1 Comment / Other stuff / Jim Ulvog

The U.K.’s Serious Fraud Office charged two brokers yesterday for their role in allegedly rigging Libor rates.

A third trader was charged last month. All three were arrested in England last December. This third trader was charged in the U.S. in December.

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Charges filed against three traders in LIBOR fiasco – A new banking mess in manipulating energy pricesRead More »

Charges filed against three traders in LIBOR fiasco – A new banking mess in manipulating energy prices Read More »

Deloitte penalized for anti-money-laundering work done for Standard Chartered

Leave a Comment / Accounting / Jim Ulvog

Deloitte Financial Advisory Services agreed to a $10M fine from the N.Y. Department of Financial Services and a one year ban on new work for state chartered banks.

The consent agreement between the state regulators and Deloitte Financial Advisory Services can be found here.

What’s the problem?

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Deloitte penalized for anti-money-laundering work done for Standard CharteredRead More »

Deloitte penalized for anti-money-laundering work done for Standard Chartered Read More »

Possible criminal charges this summer against individuals in LIBOR rate fixing scandal

Leave a Comment / Accounting / Jim Ulvog

The Wall Street Journal reports in Criminal Cases Loom in Rate Rigging that criminal charges may be brought against individuals who worked at Barclay. Charges could be filed this summer (2013) but the investigation is going slow so the timeline could slip.

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Possible criminal charges this summer against individuals in LIBOR rate fixing scandalRead More »

Possible criminal charges this summer against individuals in LIBOR rate fixing scandal Read More »