The move, which allowed the bank to disguise the level of risk that the CIO was taking in its trading, could become a major focal point of investigations by the U.S. Securities and Exchange Commission and the FBI, for mer regulators said.
He was indicted in 2007 and accused of conspiring with officers at two companies, Xybernaut Corp and Ramp Corp, to commit a $55 million stock-fraud scheme.
The SEC alleges that Spangler, 57, who was Napfa chairman in 1998, funneled the money into these private ventures despite telling clients that he would invest primarily in publicly traded securities.
Robert Giuffra, a lawyer for Bank of America Corp and Societe Generale, made the argument in his opening statement in a case the banks brought against MBIA and the state insurance department to overturn the 2009 restructuring.
The city currently deposits money at 31 banks — among them JPMorgan Chase, Citibank, Bank of America, Capital One, Deutsche Bank, HSBC and Wells Fargo — chosen for their financial soundness and ratings by federal and state agencies.
Swiss banks can’t agree on the terms of a settlement with the U.S., Tages-Anzeiger reported earlier today, without saying where it got the information.
Claimants sought $7,000,000.00 in compensatory damages, $14,000,000 in punitive damages, interest, attorneys’ fees; costs; and expenses.
JPMorgan Chase, the largest bank in the United States, said yesterday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money.
The bill, introduced by Congressman Bill Pascrell, D-N.J., and Sen. Debbie Stabenow, D-Mich., would provide a 20 percent tax credit to U.S. companies that bring jobs and business operations back to America, while ending tax breaks for companies that send
William Cohan at Bloomberg found one exchange between Fuld and David Goldfarb, the bank's CFO, concerning a possible injection of capital by Chinese investment bank Citic Group, capital the bank desperately needed.