Daily Archives: October 9, 2015

Ex-Deutsche Trader Pleads Guilty To Role In Libor Plot

Posted on by
Reply

Wouldn’t you like to be a fly on e inside of this deal?! Oh, but only to have the chance to read the depositions and transcripts!

justiceleague00's avatarJustice League

Law360, New York (October 8, 2015, 5:59 PM ET) — A former Deutsche Bank currency trader pled guilty Thursday in New York federal court to charges alleging an eight-year plot to manipulate the published value of the key Libor interest rate, the U.S. Department of Justice said.

Prosecutors say Deutsche Bank senior trader Michael Curtler reported false information used in the calculation Libor. (Credit: AP) Michael R. Curtler, 43, was released on a personal recognizance bond on Thursday, according to court records, after pleading guilty to one count of conspiracy to commit wire fraud and bank…

Source: Law360

View original post

Senator Brown Inquiry Targets Banks, Wall Street Settlements

Posted on by
1

Dear Senator Brown (Sherrod) –

The behavior is not going to change until you confiscate, rescind and destroy the patented software programs that all the banks have integrated into their businesses. From the 1003 loan application to the sale of the foreclosed home – the entire system is seamlessly automated.

You can’t expect business to change until you destroy the system the banks are using. Sherrod, you are one of the brightest politicians we have in DC – do you not understand what is truly happening here? We’re not dealing with human bankers’ errors – the massive patented (in the USPTO) scheme is controlled by computers. The entire system is patented so that anything that even resembles a mortgage loan is violating somebody’s patent that all the banks share or have licensed for use. Maybe it’s a little like anti-trust without regulations?!

justiceleague00's avatarJustice League

Banking Committee member Sherrod Brown wants to know whether banks changed any behavior after penalties

WSJ (sub. req.):

A powerful Democratic senator has launched an inquiry into bank misconduct, asking top financial institutions to turn over information about the settlements they have entered into with federal agencies over the past decade. Sherrod Brown of Ohio, the top Democrat on the Senate Banking Committee, asked banks in a letter dated Sept. 30 to to provide details of any “legally enforceable judgment, agreement, settlement, decree or order dated January 1, 2005 to the present,” involving 15 federal agencies including the Department of Justice, the Federal Reserve, the Securities and Exchange Commission, and several Treasury Department units. The inquiry could add fuel to growing criticism by lawmakers and others that such settlements have failed to deter repeated bank misbehavior.

View original post