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9 Responses

1. Mitchell, on July 26, 2012 at 6:11 PM said:

   Libor Scandal Timeline

   Emails from the Fed and from British regulators show the Libor crisis was a long time coming.

   http://www.propublica.org/special/libor-scandal-timeline-what-did-the-fed-know-and-when-did-it-know-it

   So, What Did the Fed Know and When Did it Know It?

   Mitchell

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2. Ann Miller RN MHA, on August 25, 2012 at 8:25 PM said:

   And now … Switzerland Co-operates with U.S. Authorities

   The Department of Justice has been negotiating with 11 Swiss Banks to obtain information on bank accounts of U.S. citizens. Some individuals from the U.S. have placed substantial funds in Swiss bank accounts in order to avoid paying income tax. The IRS, Treasury and Department of Justice have been pursuing these individuals.

   The employees of several banks hired Geneva Attorney Douglas Hornung to oppose release of further information. Under Swiss law, banks are essentially prohibited from cooperating with foreign investigations unless there is an exception granted by the Swiss government. The Swiss Federal Council has granted an exception to the 11 banks to cooperate with the U.S. Department of Justice.

   Swiss newspapers have criticized the 11 banks for entering into negotiations with the Department of Justice. There are no class action lawsuits in Switzerland, so the potential penalties recoverable by Swiss bank employees against those organizations are fairly modest. However, Swiss Bank UBS paid a $780 million fine in 2009 as part of a settlement for holding assets of U.S. citizens. The settlement payments by the other 11 banks could be in excess of $1 billion.

   An advocacy group named SwissRespect plans to bring lawsuits in Geneva and Switzerland to oppose release of data. However, the negotiations continue between the Swiss banks and the U.S. Department of Justice.

   Source: Children’s Home Society of Florida Foundation

   Editor’s Note: With a “tax gap” estimated to be $385 billion, the IRS is continuing to pursue different strategies to collect tax that is owed but unpaid. The effort to pursue Americans who are hiding assets overseas has been quite productive. Tens of millions of dollars in fines have been paid and each month several convicted U.S. citizens face potential imprisonment. The hiding of assets overseas by affluent Americans is likely to decline significantly with the success of this effort by the IRS. Rather than spending time in jail, many of these affluent individuals could have enjoyed great personal satisfaction and saved larger tax amounts through “tried and true” charitable methods. Hopefully, their sophisticated advisors are now turning from overseas accounts to a diligent study of charitable lead and remainder trusts.

   Ann Miller RN MHA
   Executive Director

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3. Harrington, on August 28, 2012 at 5:36 PM said:

   Confidence – Shaken not Stirred

   It’s hardly been a month since financial investor’s confidence experienced a major set-back due to the Libor scam yet again another scam has surfaced bringing big banks, namely Standard Chartered Bank (SCB), Deutsche Bank, Royal Bank of Scotland (RBS), and Commerzbank into the crossfire.

   In fact, the U.S. Justice Department and the Manhattan District Attorney’s office are investigating the banks for allegedly using U.S. branches to move billions of dollars in Iran-linked transactions.

   And, SCB was fined U.S.D 340 million for maintaining false records and handling lucrative wire transfers for Iranian clients.

   Harrington

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4. Leon, on August 5, 2013 at 1:52 PM said:

   Barclays Joins UBS In Pursuit Of Millionaire African Clients

   Barclays Plc is joining Citigroup Inc. and UBS AG in targeting millionaire clients in Africa as the continent’s fastest-growing economies swell a rich list that includes billionaires.

   http://www.fa-mag.com/news/barclays-joins-ubs-in-pursuit-of-millionaire-african-clients-15076.html

   Leon

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5. Zafar, on May 8, 2014 at 7:48 PM said:

   Barclays Sinking?

   Barclays PLC, the scandal-hit British bank, is to cut 14,000 jobs this year in an attempt to streamline operations and reduce the importance of the investment banking division.

   http://money.msn.com/business-news/article.aspx?feed=AP&date=20140508&id=17599257

   Zafar

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6. Caleb, on December 30, 2015 at 2:02 PM said:

   Big “B”?

   Barclays to Pay $13.75 Million for Mutual Fund Failures.

   http://wealthmanagement.com/industry/barclays-pay-1375-million-mutual-fund-failures?NL=WM-27&Issue=WM-27_20151230_WM-27_780&sfvc4enews=42&cl=article_3&utm_rid=CPG09000002702210&utm_campaign=4659&utm_medium=email&elq2=c3ade03005354210a355a5d18de1c9aa

   Caleb

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7. Kenneth, on May 11, 2017 at 9:54 AM said:

   “Advisors” at Barclay’s?

   Barclays’ investment bank has agreed to pay $97 million to nearly 25,000 clients who were overcharged for advisory fees or mutual fund sales charges, the Securities and Exchange Commission announced Wednesday.

   http://www.upi.com/Top_News/US/2017/05/10/Barclays-to-pay-97M-for-overcharging-clients/4231494442448/

   Kenneth

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8. Jackson, on December 14, 2018 at 2:37 PM said:

   BARCLAY

   Barclays, a hedge fund and two traders’ hide a $400 million loss.

   http://www.msn.com/en-us/money/companies/barclays-a-hedge-fund-and-two-traders-hidden-dollar400-million-loss/ar-BBQWgMI?li=BBnbfcN

   Jackson

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9. Reggie, on April 25, 2019 at 10:43 AM said:

   2019 Update

   https://www.fnlondon.com/articles/barclays-investment-bank-profits-sag-as-activist-showdown-looms-20190425

   Reggie

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