Bank of America is being sued for $1 billion for an alleged mortgage fraud. The civil lawsuit has been brought by the US Attorney Preet Bharara, the top federal prosecutor in Manhattan, New York. Preet Bharara accuses Countrywide Financial, which Bank of America bought in 2008, of selling thousands of toxic home loans to Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are government agenci…
l investments, renewable energy use has nearly doubled, and thousands of Americans have jobs because of it. When Bryan Ritterby was laid off from his job making furniture, he said he worried that at 55, no one would give him a second chance. But he found work at Energetx, a wind turbine manufacturer in Michigan. Before the recession, the factory only made luxury yachts. Today, it’s hiring worker…
The New York Attorney General has sued JP Morgan Chase for allegedly defrauding investors who lost more than $20 billion on mortgage-backed securities sold by Bear Stearns. JP Morgan bought the investment bank Bear Stearns in March 2008. It said that it would contest the allegations. This is the first action to come out of a working group created by US President Barack Obama looking into the caus…
…up. The court handed Silvio Berlusconi a longer sentence than the three years and eight months requested by prosecutors. However, it later announced that the sentence served would be one year due to a 2006 amnesty law aimed at reducing prison overcrowding. It ordered him and his co-defendants to pay 10 million euros in damages. Both the jail term and the ban from holding office will only take effe…
…h Mohamed Morsi. State media reports of the results following Saturday’s second and final round of the referendum suggest that some 63% of voters had backed the charter. Turnout was estimated at 30%. But the National Salvation Front said on Sunday the vote had been marred by “fraud and violations”. These included polling stations opening late and Islamists seeking to influence vo…
Dutch authorities have found that 50,000 tonnes of meat supplied by two local trading companies and sold as beef across Europe since January 2011 may have contained horsemeat. The meat is being recalled where possible, the Dutch authorities say. According to Netherlands Food and Consumer Product Safety Authority, there was no evidence that the meat was a threat to human health. Dutch authorities…
up. The court handed Silvio Berlusconi a longer sentence than the three years and eight months requested by prosecutors. However, it later announced that the sentence would be cut to one year due to a 2006 amnesty law aimed at reducing prison overcrowding. It ordered him and his co-defendants to pay 10 million euros in damages. Both the jail term and the ban from holding office will only take effe…
Kweku Adoboli, the City trader who lost $2.2 billion of Swiss bank UBS’s money, has been found guilty of two counts of fraud. Kweku Adoboli, 32, of Whitechapel, east London, denied four charges of false accounting and two of fraud between October 2008 and September 2011. The prosecution told Southwark Crown Court he was “a gamble or two away from destroying Switzerland’s largest…
nd households. Japan’s Nikkei 225 index rose 1.8%, South Korea’s Kospi gained 2.6% and Hong Kong’s Hang Seng added 2.5%. This followed gains of 1.6% rise in the Dow Jones and S&P 500 indexes on Thursday. Asian markets have risen, following gains on Wall Street, after the US Federal Reserve unveiled its latest stimulus plan Investors are hoping the measures will revive growth…
Kim Kardashian was spotted at the Bal Harbour luxury shopping mall in Miami, Florida, cutting a sad figure, a sign her ugly split from Kris Humphries is weighing heavily on her. Kim Kardashian, 31, is said to have offered Kris Humphries a financial settlement in order to get their divorce completed as soon as possible. But Kris Humphries is said to be adamant he doesn’t want any money and i…
…rday after a peaceful protest in Tottenham over the fatal shooting of Mark Duggan by police. The British PM, David Cameron has returned earlier from his vacation to discuss the unrest At least 400 people have been arrested following the street violence across London over the last three days, the London Metropolitan Police said. According to Scotland Yard, 69 people had been charged with of…
such eye-watering sums without being detected by UBS’s risk management team. The type of trade Kweku Adoboli used is the same as the one used by Jérôme Kerviel, the rogue trader who amassed losses of 4.9billion euros at Société Générale in 2008. Kweku Adoboli joined UBS in 2006 as a trainee investment adviser. He took on a more senior role as a trade support analyst in 2007 before assuming his pr…
17;s books and magazines giving investment advice. The receiver is also hoping to raise money from various properties including a restaurant, company headquarters that could be worth $20 million and a 4,000-bottle wine collection. Peregrine’s customers invested mainly in commodities, including corn and gold. They have not been able to access their accounts since the firm filed for bankruptcy…
…erdict due Convicted and sentenced to a year in jail for arranging leak of police wiretap Accused of tax fraud over deals his firm Mediaset made to purchase TV rights to US films: Convicted in October 2012; Sentence upheld by appeals court in May Two other corruption cases involving tax evasion and bribery of a British lawyer: Expired under statute of limitations…
…se of Paxil for children although it was not approved for anyone under 18. The company also promoted Wellbutrin for uses besides major depressive disorder, its only approved use. They say that between 2001 and 2007 GSK failed to report on two studies of the cardiovascular safety of Avandia, a diabetes drug. GlaxoSmithKline Plc. has pleaded guilty to misdemeanor criminal charges and has to pay $3…
…ure was distorted” because the hedges that traders are required to put in place had been fabricated. The bank also suggested that the trades involved “unauthorized speculative” bets on various S&P 500, Dax and Eurostoxx index futures, rather than on the Swiss franc, as some had thought. Swiss banking giant also claims that the non-existent hedges entered into its records were “fictitious, forw…
Four people have been sentenced to death in Iran for their roles in the country’s biggest-ever bank fraud scandal. Two other defendants received life sentences, while 33 more will spend up to 25 years in jail, the chief prosecutor was quoted as saying. The scandal involved forged documents reportedly used by an investment company to secure loans worth $2.6 billion. President Mahmoud Ahmadin…
…rewards programme over the course of two years. The indictment also contends that Megaupload did not have as many registered users as they claimed, and that of the 66 million registered accounts, only 5.4 million had ever uploaded a file to the service. The Department of Justice has also added various properties, jet skis and jewellery to the list of assets subject to forfeiture. Earlier this mont…
…ge, taken before Kim Kardashian fell pregnant, the sisters are seen wearing all-white outfits as they pose up ahead of the release of their latest range at Dorothy Perkins on 20th May. Kim Kardashian, 32, is seen wearing a figure-hugging dress with a sweetheart neckline, while Kourtney opts for a white shorts suit and peach top. Khloe Kardashian, 28, meanwhile shows off her slim figure in a white…
A footage showing shoppers laden with produce taking a tumble in the supermarket aisle is in fact the latest online fad. Falling involves participants dreaming up the most amusing and embarrassing ways to trip themselves up in front of other shoppers. The stunt is filmed by a co-faller as those taking part hurl themselves to the ground, throwing shopping goods into the air and rolling around in m…
…r and her best friend, Kathy Dinsmore, failed to return from a daytrip with Cetin Recep, who is also known locally by the name Alex. According to local media reports Cetin Recep stabbed Marion Graham, 54, in the heart and cut Kathy Dinsmore’s throat. Both women were stabbed as many as 15 times. Cetin Recep confessed the Izmir murders. Cetin Recep clashed with Shannon Graham’s mother, Marion…
…ence of the direct participation of John Dalli but did consider that he was aware of these events”, it said. John Dalli, 64, became the EU’s commissioner for health and consumer policy in 2010 According to the commission, the case has not affected its decision-making process. It said that the Olaf’s final report and its recommendations were being sent to the attorney-general of…
…subject to repeated delays, in part because of an immunity law that protected Silvio Berlusconi while he was prime minister. Silvio Berlusconi, 76, has dominated Italian politics for most of the last 20 years. He was forced to resign as the prime minister of a centre-right coalition last November, and recently said he had no plans to stand again in elections due next year. Silvio Berlusconi has r…
the ruling United Russia party saw its share of the vote fall sharply. Hundreds of people have been arrested during anti-Putin protests over the past week, mainly in Moscow and St Petersburg. At least 50,000 police and riot troops were deployed in Moscow ahead of Saturday’s protests. Authorities have permitted up to 30,000 to attend the demonstration dubbed “For Fair Elections”….
Cricket tycoon Allen Stanford has been found guilty by a court in Houston, Texas, of running a $7 billion Ponzi scheme. Allen Stanford, 61, was convicted on 13 of the 14 charges. He had pleaded not guilty to defrauding some 30,000 investors with bogus investments through his Stanford International Bank in Antigua to fund a lavish lifestyle. Allen Stanford faces a sentence of up to 20 years in pri…
Obama administration knew IRS was targeting conservative groups since June 2012Obama administration knew since June 2012 about an investigation into complaints from conservative tea party groups that they were being harassed by IRS, and the probe was…
Zahra Shahid Hussain shot dead in KarachiSenior Pakistani politician Zahra Shahid Hussain has been shot dead in the southern port city of Karachi. Zahra Shahid Hussain was the senior vice-president of Pakistan's…
Rome: Thousands rally to oppose Italy's austerity measuresThousands of protesters, led by trade unionists, have rallied in Rome against the policies of Italy’s new coalition government. Wielding red flags and placards, they urged…
Pope Francis condemns money cult in his first major speech on financial crisisIn his first major speech on the financial crisis, Pope Francis has called on world leaders to end the "cult of money" and to do more for the poor. Free market economics had…
Steven T. Miller: Acting IRS commissioner resigns over targeting conservative groups for special scrutinyActing head of the US Internal Revenue Service (IRS) Steven T. Miller has quit after it emerged his staff singled out conservative groups for extra scrutiny, President…
France enters its second recession in four years France has entered its second recession in four years after the economy shrank by 0.2% in the first quarter of 2013, according to official figures. The country’s economy…
Kim Kardashian finally puts her swollen feet in flats
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US criticizes Russia for sending missiles to Syrian government