Showing posts with label financial fraud. Show all posts
Showing posts with label financial fraud. Show all posts
Sunday, June 12, 2011
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Wednesday, November 10, 2010
Banks to Cash-In Again on New Fed Plan (VIDEO)
YouTube-TheRealNews
Naked Capitalism's Yves Smith: Banks to Cash In on QE2 "Carry Trade" - Fed's 600 B quantitative easing may well make more profits for bankers
To watch a multi-part episode, click the link Below:
http://www.therealnews.com/t2/index.p...
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Naked Capitalism's Yves Smith: Banks to Cash In on QE2 "Carry Trade" - Fed's 600 B quantitative easing may well make more profits for bankers
To watch a multi-part episode, click the link Below:
http://www.therealnews.com/t2/index.p...
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It is time to Wake Up! You too, can join the "Global Political Awakening"!Print this page
Monday, October 25, 2010
U.S. seeks to dismiss UBS criminal tax evasion case
Editor's Note: Once again, the real criminals get away with murder while average citizens will face jail time for minor tax evasion -- Justice in the land of the free.
Jonathan Stempel
Reuters
The U.S. Department of Justice is seeking to dismiss a criminal prosecution against UBS AG that led to the Swiss bank paying a $780 million penalty and admitting it helped wealthy U.S. clients evade taxes.
In a filing on Friday in the U.S. district court in Fort Lauderdale, Florida, prosecutors said UBS has complied with an 18-month agreement to defer prosecution, after helping roughly 17,000 clients with $20 billion of assets hide their accounts from the Internal Revenue Service.
As part of the February 2009 settlement, Zurich-based UBS handed over names on more than 250 client accounts and ended its U.S. cross-border banking business.
It later revealed data on some 4,450 additional accounts and the government said UBS is continuing to cooperate.
"UBS AG has fully complied with all of its obligations," senior litigation counsel Kevin Downing wrote in the filing. "The United States believes that dismissal is appropriate."
The settlement is considered a landmark in cracking Switzerland's famed bank secrecy. Dismissal of the case requires court approval.
UBS spokeswoman Karina Byrne declined to comment.
"The UBS prosecution was historic and unique, and is a high point in government tax enforcement," said Peter Hardy, a partner at Post & Schell PC in Philadelphia and former prosecutor. "It has resulted in a systemic change in how Switzerland views foreigners holding assets in their banks."
Read Full Article
RELATED ARTICLE:
7 Mega-Cartels That Kill the Free Market and Our Sovereignty
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Reuters
The U.S. Department of Justice is seeking to dismiss a criminal prosecution against UBS AG that led to the Swiss bank paying a $780 million penalty and admitting it helped wealthy U.S. clients evade taxes.
In a filing on Friday in the U.S. district court in Fort Lauderdale, Florida, prosecutors said UBS has complied with an 18-month agreement to defer prosecution, after helping roughly 17,000 clients with $20 billion of assets hide their accounts from the Internal Revenue Service.
As part of the February 2009 settlement, Zurich-based UBS handed over names on more than 250 client accounts and ended its U.S. cross-border banking business.
It later revealed data on some 4,450 additional accounts and the government said UBS is continuing to cooperate.
"UBS AG has fully complied with all of its obligations," senior litigation counsel Kevin Downing wrote in the filing. "The United States believes that dismissal is appropriate."
The settlement is considered a landmark in cracking Switzerland's famed bank secrecy. Dismissal of the case requires court approval.
UBS spokeswoman Karina Byrne declined to comment.
"The UBS prosecution was historic and unique, and is a high point in government tax enforcement," said Peter Hardy, a partner at Post & Schell PC in Philadelphia and former prosecutor. "It has resulted in a systemic change in how Switzerland views foreigners holding assets in their banks."
Read Full Article
RELATED ARTICLE:
7 Mega-Cartels That Kill the Free Market and Our Sovereignty
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It is time to Wake Up! You too, can join the "Global Political Awakening"!Print this page
Sunday, October 24, 2010
Want a Big Raise? Get a Wall St. Job
by Floyd Norris
New York Times
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WALL Street incomes are surging back.
Multimedia
The government reported this week that the real wage and salary income of finance industry employees based in Manhattan rose nearly 20 percent in the first quarter of this year. That surge helped make Manhattan the fastest-growing county in the United States in terms of terms of year-over-year gains in income.
Most Wall Street firms pay bonuses in the first quarter of each year, and the figures indicate that bonuses were much higher this year than in the same quarter of 2009. Then, of course, the financial crisis was at its most severe, with stock prices at 12-year lows and major banks being bailed out. It was not a good time to be paying bonuses.
The figures released by the Bureau of Labor Statistics are based on unemployment compensation insurance premiums paid, and thus reflect virtually all employees rather than relying on surveys of workers or employers. Unfortunately, to get such detail requires substantial delays, which is why first-quarter figures are only now coming out.
As can be seen in the accompanying graphic, the average financial industry employee earned just over $100,000 in the first three months of the year, a figure that was up sharply from the same period of 2009 but still below the payouts in the previous three years.
The fact that those averages include bank tellers and trading desk clerks, as well as seniorinvestment bankers, shows just how large many of the bonuses were.
From 1990 — the first year for which figures are available — through 2007, the average financial salary in Manhattan rose almost 7 percent a year, after adjusting for inflation. In 2007, total financial industry pay in Manhattan topped $100 billion for the first time. But the average fell by nearly a quarter by 2009.
New York, unlike other cities, includes five counties, and the data includes only Manhattan, known formally as New York County. The figures cover people who work in the county, regardless of where they live.
New York remains the financial capital of the country. Manhattan has more financial workers than any other county, and those workers have a higher average income than similar workers in any other county.
In the first quarter, only 4.6 percent of the finance workers in the country worked in Manhattan. But they received 14.7 percent of the income paid to all finance workers — giving the average Manhattan worker income about three times as large as the overall figure.
Among counties with at least 20,000 financial industry workers, three of the next five counties with the highest average financial pay in the quarter were in the New York region — Fairfield County, Conn.; Hudson County, N.J.; and Westchester County, N.Y. The others were San Francisco County and Suffolk County (Boston), Mass.
Floyd Norris comments on finance and economics on his blog at nytimes.com/norris.
Related Articles:
Wall Street Pay Heads Toward New High $144 Billion
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Tuesday, October 12, 2010
Wall Street Pay Heads Toward New High $144 Billion
Financial Overhaul Has Affected Structure but Not Level; Revenue-to-Compensation Ratio Stays Flat
Liz Rappaport, Aaron Lucchetti, and Steven Grocer
Wall Street Journal
Pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal.
About three dozen of the top publicly held securities and investment-services firms—which include banks, investment banks, hedge funds, money-management firms and securities exchanges—are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms.
The data showed that revenue was expected to rise at 29 of the 35 firms surveyed, but at a slower pace than pay. Wall Street revenue is expected to rise 3%, to $448 billion from $433 billion, despite a slowdown in some high-profile activities like stock and bond
Read Full Article
RELATED ARTICLE:
The After-the-Fed Solutions Debate Begins: Greenbackers Vs. Goldbugs
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Wall Street Journal
Pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal.
About three dozen of the top publicly held securities and investment-services firms—which include banks, investment banks, hedge funds, money-management firms and securities exchanges—are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion paid out in 2009, according to the survey. Compensation was expected to rise at 26 of the 35 firms.
The data showed that revenue was expected to rise at 29 of the 35 firms surveyed, but at a slower pace than pay. Wall Street revenue is expected to rise 3%, to $448 billion from $433 billion, despite a slowdown in some high-profile activities like stock and bond
Read Full Article
RELATED ARTICLE:
The After-the-Fed Solutions Debate Begins: Greenbackers Vs. Goldbugs
Fresh food that lasts from eFoods Direct (Ad)
Live Superfoods
It is time to Wake Up! You too, can join the "Global Political Awakening"!Print this page
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