Friday, 30 May 2014
Piketty's Capital: An Economist's Inequality Ideas Are All the Rage and other news and views for Friday 30 May
Well fancy that:
(Reuters) - U.S. prosecutors have opened criminal and civil probes into at least 15 banks and payment processors as part of a wide-ranging consumer fraud investigation, according to documents released on Thursday by a congressional committee.
The Justice Department's investigation, known as "Operation Choke Point," is more than a year old and aims to crack down on fraud by going after firms that handle and move money for various suspect businesses.
Just for good measure let me add this one that Reuters also reports today:
The U.S. Attorney's office in Manhattan is investigating at least five banks over whether they overcharged the government for expenses incurred during foreclosures on federally backed home loans, filings and interviews show.
And don't forget my earlier report today: What’s $10 billion? Just another bank fine
t gets a bit monotonous. Another major bank facing a major fine for improper behaviour.
Today it is BNP Paribas that is reportedly facing a $10 billion fine for evading US sanctions against Iran and other countries.
Once again there is no talk of any bank official going to jail for what is a criminal offence.
You will find details of other examples of the ethical standards of banks in the Owl's Ticket clippers section. It is a depressing collection.
Thursday, 29 May 2014
Julia Gillard leaves the list of the world's powerful women but Gina remains and other news and views for Thursday 29 May
Wednesday, 28 May 2014
Tuesday, 27 May 2014
Sunday, 25 May 2014
From The Financial Times comes the news that a shadow has been cast over another key global financial benchmark after UK regulators found that a Barclays trader had manipulated the London gold fix that is used to value billions of dollars of derivatives contracts annually. The UK’s Financial Conduct Authority fined the British bank £26m on Friday and reprimanded it for nine years of lax controls for its failure to rein in an options trader who in 2012 drove the gold price lower to avoid paying £2.3m to one of the lender’s clients.