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2012 - Year of the Bent Banks compiled by Ben Walsh, Reuters

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2012 ;the Year of the Bent Banks

Posted: 21 Dec 2012 01:56 AM PST

Merry Xmas

 

2012; the year of the Bent Banks.

Compiled and researched by Ben Walsh; Reuters.

http://blogs.reuters.com/felix-salmon/2012/12/19/counterparites-2012-the-year-of-bank-fraud/

Additions by Ian Taplin;Whistle Blowers UK.

www.whistleblowersuk.org

21 12 2012.

Bank of America:

the US Justice Department is seeking $1 billion in fines for troubled loans sold to Fannie and Freddie; MBIA’s lawsuit against Countrywide, which was disastrously acquired by BofA, rolls on; BofA is one of five banks participating in the $25 billion national mortgage settlement. (Price to book: 0.56, here and throughout via Yahoo Finance)

 

Bank of China:

the families of Israeli students killed in a 2008 terrorist attack are suing the BOC for $1 billion “intentionally and recklessly” handling money for terrorist groups.

 

Bank of New York Mellon:

a subsidiary paid $210 million to settle claims it advised clients to invest in Bernie Madoff’s ponzi scheme; the DOJ continues to investigate possible overcharges for currency trades that it says generated $1.5 billion in revenue. (Price to book: 0.86)

 

Barclays:

$450 million settlement in the Libor scandal; also fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.72)

 

BBVA:

settled overdraft suit for $11.5 million. (Price to book: 0.83)

 

Citigroup:

settled CDO lawsuit for $590 million; one of five banks participating in the $25 billion national mortgage settlement; paid $158 million to settle charges it “defaulted the government into insuring” risky mortgages. (Price to book: 0.62)

 

Credit Suisse:

sued by NY state for allegedly deceiving investor in the sale of MBS. (Price to book: 0.85)

 

Deutsche Bank:

settled a DOJ mortgage suit for $202 million; FHFA fraud case is ongoing. (Price to book: 0.56)

 

Goldman Sachs:

FHFA fraud case is ongoing; after a ruling by federal appeals court, a class action lawsuit over MBS will go forward. (Price to book: 0.91)

 

Crédit Agricole:

sued by CDO investors two times. (Price to book: 0.35)

 

HSBC:

settled money laundering charges for $1.9 billion; set aside $1 billion for future settlements related to mis-selling loan insurance and interest rate hedges in the UK; Libor settlement still to be reached. (Price to book: 1.17)

 

ING:

settled charges that it violated sanctions against Iran, Cuba, etc. for $619 million. (Price to book: 0.5)

 

JP Morgan Chase:

being sued by NY state for MBS issued by Bear Stearns; class action lawsuit and criminal probe over failed derivatives trades in its Chief Investment Office; one of five banks participating in the $25 billion national mortgage settlement. (Price to book:0.87)

 

Mitsubishi UFJ:

paid an $8.6 million fine for violating US sanctions on Iran, Sudan, Myanmar and Cuba. (Price to book: 0.54)

 

Morgan Stanley:

fined $5 million for improper investment banking influence over research during Facebook’s IPO. (Price to book: 0.63)

 

Royal Bank of Scotland:

$5.37 billion shareholder lawsuit related to 2008 rights issuance; set aside $650 million to cover claims it mis-sold payment protection products; also fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.28)

 

Santander:

fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.77)

 

Société Générale:

rogue trader Jerome Kerviel loses appeal his appeal 3-year sentence for trades that generated $6.5 billion in losses. (Price to book: 0.45)

 

Standard Chartered:

$340 million fine paid to NY state department of financial services for allegedly hiding the identity of customers in transactions with Iran and drug cartels; $327 million paid to the Federal Reserve and US Treasury’s anti-money laundering unit.

 

State Street:

fined $5 million for lack of CDO disclosure. (Price to book: 1.09)

 

UBS:

$1.5 billion Libor fine and two traders criminally charged; rogue trader responsible for $2.3 billion loss found guilty of false accounting. (Price to book: 1.12)

 

Wells Fargo:

Federal lawsuit over mortgage foreclosure practices ongoing; paid $175 million over mortgage bias claims; one of five banks participating in the $25 billion national mortgage settlement. (Price to book: 1.29)

 

And Lloyds Banking Group ;-

1.FSA investigation on Libor rigging.

2.FSA Investigation for Interest Rate Swaps mis-selling

3 £4bn fines and compensation on Payment Insurance mis-selling.

4.FSA enforcement action over unsuitable incentives in LTSB.

4.Under investigation for HBOS Reading Business lending ;predatory lending and allegations of insolvency fraud.

5.Under FSA Investigation on mis-selling packaged current accounts.

6.Under FSA Investigation for mis-selling Life Products.

7.Under FSA Investigation for risking Client Data security .

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It's not just 2012 though, they have always been at it, it's only now they have been caught out. They must be one of the most corrupt sectors of commerce that has ever been.

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