bbardotWhat do you think of these actresses denouncing sexual harassment?
Regarding actresses, and not women in general, it is, in the vast majority of cases, hypocritical, ridiculous, without interest. This takes the place of important themes that could be discussed. I have never been a victim of sexual harassment. And I thought it was nice to be told that I was beautiful or that I had a nice little ass. This kind of compliment is nice. But there are many actresses who make the naughty with producers to get a role. Then, to talk about them, they come to tell that they have been harassed … In reality, rather than enjoy them, it hurts them.[rough Google translation]

 

[January 08 2011 Michelle Williams: a cross between Brigitte Bardot and Clint Eastwood ]

Michelle mmABC said the interview that aired on “Nightline” was an accurate representation of their interview with Michelle Williams. She most certainly was asked questions about Heath Ledger, which she answered. Her one-on-one interview lasted one hour, not three.
Heath Ledger died of “acute intoxication” caused by the combined effects of the six drugs, oxycodone, the main ingredient in the prescription drug OxyContin, and hydrocodone, the principal pain reliever in the prescription drug Vicodin, three anti-anxiety medications: diazepam, the generic name for Valium; alprazolam, commonly known as Xanax; and temazepam, which is sold under the brand name Restoril; the drug doxylamine was also found in his system. It is an ingredient in some over-the-counter sleeping pills, and is also marketed in some nonprescription cold medicines that contain decongestants.

He was found dead in his new Soho apartment. Six prescription drugs were found: Ambien, Valium, anti-depressant Zoloft, Xanax, Zoplicone and Donormyl. At the time of his death, Heath Andrew Ledger (4 April 1979 – 22 January 2008) was 28. He dosed himself. Ingestion was the proximate cause of his death. That is where the courts call a halt. But it is a contemporary observation that human behavior rarely has just one cause. Starting her acting career at 13 with a bit part in ‘Baywatch’ Ms. Williams graduated to the teen-TV big leagues with ‘Dawson’s Creek’, Dawson’s Creek was a primetime television drama [January 20, 1998, May 14, 2003]. Her film career started with the forgettable and has grown and grown. Ms. Williams, with wisdom and application, has become a superior actor. She is now appealing to an adult audience. It is not in her interest to peel back the onion rings of causation leading to Mr. Ledger’s death.

But no WB graduate has put as much distance between themselves and their small-screen origins as Michelle Williams. Ryan Gosling has said, “She’s a cross between Brigitte Bardot and Clint Eastwood.”

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Wendi Deng Murdoch is the ex-wife of News Corp CEO Rupert Murdoch. And this report comes to us via The Wall Street Journal, which is owned by News Corp. Also, somehow this involves former British rime minister Tony Blair and a 70-foot-tall Chinese spy tower in D.C.

[February 5 2017 Wendi and the Donald? ]

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Wendi and Ivanka at Inauguration

 

[April 4 Wendi photographed on Roman’s maxi-yacht, Vladi next?]

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Wendi Deng with daughters in St. Barts

it is the motor cruiser of Roman Abramovich, the Chelsea owner’s yacht, not the £25m one he is said to have gifted to Putin.   Wendi Deng has been seen frolicking in the tropical waves of St Barts amid claims that she is in a ‘serious’ relationship with Russian leader Vladimir Putin.   What seems increasingly clear is that Murdoch and Deng are now involved in a romantic arms race.   Three weeks after the media mogul married Jerry Hall, his ex is spotted holidaying in the Caribbean on a Russian yacht.    The rumor circulating around the corridors of power — from Washington, D.C., to Europe and Asia — is that Vladimir Putin and Wendi Deng are dating.

 

[March 19 Wendi photographed with Charlie, Rupert with Jerry ]

 

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Wendi Deng and Charlie Siem

Charlie Siem, son of a Norwegian shipping magnate, meanwhile

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Chloe and Grace

Wendi and Rupert’s children as flower girls

 

Rupert Murdoch and Jerry Hall pose for a photograph outside St Bride's church following a service to celebrate their wedding which took place on Friday, in London

Rupert Murdoch and bride

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[February 1 Rupert Murdoch announced engagement on eve of ex-wife’s premiere ]

48477103-cachedRupert Murdoch proposed marriage to Mick Jagger’s ex on January 10 while in LA for Golden Globes and took an ad in a London paper for the announcement. This came just before the scheduled premiere of his ex-wife’s new film.

Wendi Murdoch is producer on Sky Ladder: The Art of Cai Guo-Qiang, a striking biographical art documentary selected to open this year’s Sundance Film Festival, January 21. Sky Ladder: The Art of Cai Guo-Qiang opened up the World Cinema Documentary Competition, Sky Ladder premiered to warm acclaim, telling the story of one of China’s most celebrated art world darlings with intimate interviews and awe-inspiring scenes of Cai’s explosive award-winning installations. At the film’s premiere, Murdoch stood side by side with Oscar-winning director Kevin Macdonald (The Last King of Scotland), Oscar-winning fellow producer Fisher Stevens, and the artist himself, celebrating the two-year project she spearheaded a dozen years after first meeting Cai.
Variety:It’s no spoiler to note that, after years of repeated delays due to bad weather and wildfire risks, the audience finally gets to see this hugely ambitious and expensive project get off the ground, and Macdonald (“Touching the Void,” “Life in a Day”) does full justice to this majestically fleeting spectacle. Most notable about the climactic unveiling, however, are the specifics of where it takes place and who is watching. “Sky Ladder” may not fully penetrate the mystery of Cai’s artistic identity, but it ends with the poignant suggestion that the most significant accomplishments often stem from the simplest, most personal impulse.

[January 12 Rupert Murdoch to marry model ]
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read more

Jerry Hall Jagger and fiancé

Jerry Hall Jagger and fiancé The Jagger marriage and the marriage ceremony were later declared invalid by the High Court of England and Wales in London in 1999

Four floors enough at One Madison?

Four floors enough at One Madison?

The five bedroom, five-and-a-half bathroom perch also offers uninterrupted, ‘cinematic,’ river-to-river views of Manhattan from the World Trade Center to the northern tip of Madison Avenue.
It was purchased in ‘raw condition,’ which means Murdoch will be supplying all of the furnishings, fixtures and other accoutrements.

22d St. entrance

22d St. entrance

[June 26 2013 Rupert Murdoch now has money for divorce from Wendi]

Wendi Deng Murdoch and husband

Wendi Deng Murdoch and husband

Rupert Murdoch has not really had the money to divorce Wendi. His cash is tied up in News Corp voting shares, which he is always loathe to sell. But the death of this mother, six months ago, passes her 10% interest in the Murdoch family trust to him – potentially freeing up a few hundred million dollars. It is one way that Murdoch has had for resolving the stormy issues of his life.
[June 14]
Rupert Murdoch, the billionaire chairman of News Corp, has filed for divorce from his third wife, Wendi Deng Murdoch.more tony Blair wendi
Deng and Murdoch’s prenuptial agreement was ratified by Jacqueline Silverman, head of the matrimonial division of the New York Supreme Court. Subsequent written agreements followed the birth of their two children, Chloe and Grace, in October 2002 and June 2004. (Though she was an employee of News Corp.’s subsidiary Star TV in Hong Kong when she met Murdoch, Deng has never sat on the company’s board unlike his previous wife.)

It is probably safe to say filing for divorce was a business decision, Ken Auletta
If the 1999 prenuptial agreement had a seven-year sunset and was renewed, then it would be up again now. Deng reportedly twice signed amendments to her original prenuptial agreement.

Avoiding the risk of getting injured a month before the Olympics, Lindsey Vonn held back throughout in a cautious run and was more than three seconds off the lead in 27th, and placed ninth in Saturday’s super-G in women’s World Cup races in Bad Kleinkirchheim, Austria, but which ensured she will be competing next month at the Olympic Winter Games PyeongChang 2018.

 

[December 3 2017 Tiger & Lindsey Vonn both competed on December 3 2017 ]

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In the lead by five hundredths of a second, Lindsey Vonn Uninjured After Crash

Lindsey Vonn less than 20 seconds into the race fell again in the women’s World Cup super-G December 3 but was able to ski to the bottom – failed to finish. Woods posted three under-par rounds for the week, including a final-round 4-under 68 that featured his eagle on No. 7 and a half-dozen birdies. His likely schedule is yet to be confirmed.

Lindsey Vonn was 12th in the women’s World Cup downhill December 2 in Lake Louise, Alta. a day after crashing in the downhill opener. A 3-over 75 dropped Tiger Woods to 10 shots from Charley Hoffman’s lead in a tie for 10th in the 18-man field of the Hero World Challenge December 2, Albany, Bahamas.

Wed,, Nov. 29 A Thomas smile followed. “I’m also looking forward to trying to kick his ass, to be perfectly honest.”
Tues., Nov. 28, 2017 “People are going to be shocked at how good his game looks,” PGA champion Justin Thomas said.


The 2010 Olympic downhill champion will not race earlier World Cup giant slaloms in Killington, Vt., on Thanksgiving weekend.

Instead, Lindsey Vonn will wait to enter the first speed races (downhill, super-G) at Lake Louise, where she has won 18 times in 41 World Cup starts. — dubbed “Lake Lindsey” because of her dominance at the Canadian resort — LADIES DOWNHILL December 1 – 2 and LADIES SUPER-G December 3 2017.

[October 30 Tiger Woods in his own Hero World Challenge ]

The Hero World Challenge runs from 30 November to 3 December.

[October 29 Lindsey Vonn no second run in the opening race of the World Cup season ]vonn oct17

Lindsey Vonn failed to qualify for the second run in the opening race of the World Cup season in Austria, but was just pleased to be back on skis in as she gears up for the 2018 Winter Olympics.

Vonn’s first run in the giant slalom, which is not her strongest discipline, was not quick enough to ensure a second descent as Germany’s Viktoria Rebensburg won from Tessa Worley of France and Italy’s Manuela Moelgg, with American Mikaela Shiffrin fifth.

[August 23  Lindsey Vonn phone pics hacked “outrageous and despicable” ]

lindsey-vonn-2016-bodypaint-sports-illustrated-x160010_tk1_01775-rawwmfinal1920

Lindsey Vonn, who won a gold medal at Vancouver 2010, issued a statement blasting the “outrageous and despicable invasion of privacy” of having “private intimate photos” stolen from her mobile phone.
Her spokesman said: “Lindsey will take all necessary and appropriate legal action to protect and enforce her rights and interests. She believes the individuals responsible for hacking her private photos as well as the websites that encourage this detestable conduct should be prosecuted to the fullest extent under the law.”   Mike Francesa, WFAN, voiced some heavy Vonn shaming — the images were hacked from her phone — and implications that she may have leaked the pictures,

[April 20 Wood`s new book, Cline`s inaugural ]

imagesContribution records from President Trump’s inaugural committee, released by the Federal Election Commission, show Christopher Cline, a billionaire coal magnate who owns Foresight Energy Partners, gave $1 million. Trump has vowed to bring back coal jobs.

[March 18 Vonn: No Squaw Valley]

https://mobile.twitter.com/lindseyvonn/status/840038661672521729

PYEONGCHANG, South Korea (March 4, 2017) – Lindsey Vonn (Vail, CqO) finished second to lead four American women into the top 11 in Saturday’s downhill at the Audi FIS Ski World Cup test event for the 2018 Olympic Winter Games. Vonn , who is still progressing on her comeback after breaking her arm last November, has not won a Super-G at a World Cup event since January last year. World Cup overall leader Mikaela Shiffrin skipped the South Korean speed races to prepare for next week’s giant slalom and slalom in Squaw Valley, Calif.

[January 28]

CORTINA D’AMPEZZO, Italy (AP) — Lindsey Vonn avoided more serious injury when she fell and crashed into the safety netting during a World Cup downhill training session Friday.
Italian veteran Elena Fanchini fell in the same spot, also without serious consequences.
♦Vonn lost control and slammed into the safety netting in the same spot where she crashed in Friday’s training run. in the final downhill before the world championships in St. Moritz.. After collecting herself, Vonn skied down to the finish area. She had already had a small bobble earlier in her run but was 0.18 seconds ahead of winner Lara Gut at the first checkpoint just before her crash.   Vonn had asked the International Ski Federation’s race director to smooth out a small lip that gave her trouble in training.   “They changed it, but I still caught air,” Vonn said. “I just caught my edge and did the splits. It happens, unfortunately.”

[November 12 2016  humerus bone in my right arm compound fracture ]

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Lindsey Vonn arm fracture

Unfortunately, [November 10] I crashed while training in Copper and severely fractured the humerus bone in my right arm. I had successful surgery last night in Vail and everyone took great care of me.
While I am beyond frustrated by this latest setback, at least my knees are ok and I will return to the slopes as soon as possible, as I always do!

[October 11 Tiger Woods abandons Safeway: “my game is vulnerable” ]

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Game vulnerable

“After a lot of soul-searching and honest reflection I know that I am not yet ready to play on the PGA Tour or compete in Turkey,” Woods said. “My health is good, and I feel strong, but my game is vulnerable and not where it needs to be.

Sir Nick Faldo. “Tiger has been having problems getting out of his golf cart this week,” Faldo said at the conclusion of the 2016 Ryder Cup. “So I don’t know how he’s going to go out and play 72 holes.”

[October 8 Tiger Woods officially commits to Safeway ]

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Vonn has new video

Tiger Woods confirms participation in Safeway Open

[October 2 Tiger Woods in 2016 Safeway Open, Oct. 13-16? ]

nordegren201016_zpsybhbxjkz

47-year-old Tiger Woods battling a 30-year-old Jordan Spieth for major championships?    Cal Berkeley sophomore Collin Morikawa, 19, has received a sponsor’s invitation to play in the Safeway Open, The Safeway Open will be Morikawa’s second PGA Tour-sanctioned event of 2016, as he lost in a playoff at the Web.com Tour’s Air Capital Classic.

[October 2]

kate-beckinsale-lindsey-vonn-girls-night-out-the-nice-guy-05

Lindsey Vonn buys 4,000 sq ft home near Hollywood

Woods, 40, announced on Wednesday that he hopes to make his long-awaited return to golf at the 2016 Safeway Open, Oct. 13-16, at Silverado Resort and Spa in Napa, Calif.
“My rehabilitation is to the point where I’m comfortable making plans, but I still have work to do,” Woods said on tigerwoods.com. “Whether I can play depends on my continued progress and recovery. My hope is to have my game ready to go.” Woods’ long absence from the game – which will have reached nearly 14 months by the time the Safeway Open comes around.
I’m hoping we can get paired together,” Mickelson remarked. “That would be really fun. I would love it. It’s great to have him back, and hopefully he’s physically able to practice the way he needs.”
Olympic alpine ski racer Lindsey Vonn has dropped $3.55 million on a contemporary-style home for sale in Los Angeles, CA. Vonn’s new home, built in 2016, is a four-bed, five-bath custom home Measuring 4,018 square feet,

September 12 Woods and Nordegren have a solid relationship ]

elin-nordegren-48ee4d7b-9e72-4374-9e71-4da702fe8533

Elin Nordegren brought her ex-boyfriend Chris Cliner reunited about a month ago after the 57-year-old coal tycoon’s split from Kelly Crosby Heyniger.   Kelly Crosby Heyniger is the CEO of Age Reverser LLC .   The duo dated for a year before calling it quits in August 2014. It was Nordegren’s first serious relationship since her 2010 divorce from Woods, 39, in the wake of his cheating scandal.

In a recent interview with Time, Woods gushed over Nordegren, his ex-wife, revealing they currently have a solid relationship. The parents of daughter Sam, 8, and son Charlie, 6, are “best friends” now, Woods revealed. “Having the relationship that I have now with her is fantastic,” he added. “We’re able to pick up the phone, and we talk to each other all the time. We both know that the most important things in our lives are our kids. I wish I would have known that back then.”

[May 11 Elin Nordegren’s Cline needs $23.6 million before May 17 ]

elin derby

Both of Tiger Woods’ exes, Elin Nordegren and former girlfriend Lindsey Vonn, were making the rounds over Kentucky Derby weekend — and party organizers were ordered to keep the two blondes apart.

lindsey derby

A rep for Vonn insisted that she didn’t ask to be seated away from Nordegren, adding the two women are on “great terms” and spoke at different events over the weekend.

Chris Cline’s St. Louis-based coal miner Foresight Energy LP said it lost $41.7 million in the first quarter, or about 32 cents per common unit. That compared to profit of $42.3 million, or 33 cents per common unit, in the same quarter last year. It announced a tentative plan last month to restructure its debt but last week extended the deadline to finalize the agreement to May 17.

[May 2]

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10 March Elin Nordegren back with Cline. Wall Street will be paying particular attention when Foresight Energy LP (NYSE:FELP) issues their next quarterly report which is anticipated to go out on or about 2016-05-05 for the period ending on 2016-03-31.

Tiger Woods has registered for the U.S. Open, which is to be played at Oakmont Country Club June 13-19, 2016.   But that doesn’t necessarily mean he will tee it up at the Pennsylvania course where he tied for second in 2007.   Woods was required to register by Wednesday’s deadline if he wants to play. According to the United States Golf Association, he registered at 4:33 p.m. on April 4 — three weeks ago.   All 51 players who are fully exempt for the 116th U.S. Open have registered, including defending champion Jordan Spieth and Jason Dufner.

[April 13

Foresight Energy Lp  Extended term of forbearance agreement that was entered into on Dec 18 with certain holders of issuers’ 7.875 pct senior notes due 2021 . As a result of extension, forbearance period runs through April 15, 2016, unless further extended – SEC filing. FELP and bondholders are near a deal in which billionaire founder Chris Cline would inject cash to repay the creditors. FELP, which is attempting to resolve the dispute with bondholders who claim they are owed more than $600M, needs an agreement to help stave off bankruptcy.

160406-tiger-champions-dinner

Champion’s Dinner April 5

[March 14] Billionaire Christopher Cline, 57, hailed as the savior of the Illinois coal industry, is the founder of Foresight Energy LP, which has until March 15 to pay $23.6 million of overdue bond interest.

read more Cline

[February 29 Vonn injury ]

Vonn fracture

Lindsey Vonn being carried off

[February 16 Lindsey Vonn perfect weekend is the first after her return to racing ]
[April 21 2015 Tiger wins $155,000 for Masters 2015]

Tiger Woods 17th place finish at the Masters 2015

Tiger Woods 17th place finish at the Masters 2015 Apr 9 The Masters T17 $155,000

Amanda Boyd Dufner purchased a Jupiter, Florida, three-bedroom, three-bathroom, 3,000 sq.-ft. home for $675,000 in May 2015 nine miles from Tiger Woods estate.
Woods, who won only $610,775 in an injury-plagued 2014 season, topped the list with $55.1 million in earnings.

[December 10 2015]
lindsey-vonn-downhill-victory-in-lake-louise-2015

The indisputable speed queen, Lindsey Vonn scored World Cup career wins 68, 69 and 70 at the FIS World Cup speed season opening at Lake Louise, her perfect weekend is the first after her return to racing from a long series of injuries. Only in October, she opted out of the season kick-off on the Austrian glacier to give her ankle – injured in a training crash at a snow camp – more time to heal. With her three wins, Vonn now leads the overall World Cup rankings after six races so far this season.

Friday, Dec. 4 – Audi FIS Ski World Cup ladies’ downhill 1
Saturday, Dec. 5 – Audi FIS Ski World Cup ladies’ downhill 2
Sunday, Dec. 6 – Audi FIS Ski World Cup ladies’ Super G

[October 27 2015 Tiger Woods had back surgery on Sept. 16 and is hopeful to return to competitive golf early in 2016.]

[August 24 Tiger Woods 10th-place finish — his first since 2013 at Wyndham]

Jason Dufner and Tiger Woods playing a practice round  July 13

Jason Dufner and Tiger Woods playing a practice round July 13

The 10th-place finish — his first since 2013 …a triple bogey at the 11th and a bogey at the 12th [earlier]For the first time in more than two years, Tiger Woods is in the lead at a golf tournament, Wyndham Championship. He shares the top spot — with a rookie pro, Tom Hoge

[August 20 Lindsey Vonn breaks ankle, back home]

[August 17 returning from practice in New Zealand]

” crashed today and have a small fracture in my ankle. Headed home”

[July 20 Tiger Woods:Exits british open]
76,75
http://www.cbssports.com/golf/eye-on-golf/25244893/british-open-tiger-woods-exit-at-st-andrews-was-really-sad

Woods.more‘ odds on Bovada were moved from 40-1 after the US Open to 20-1 after the Greenbrier. That’s what a 7-under score of 273 will do for you.

[Juiy 4 Greenbrier Classic July 4. Tiger in the mix – Lindsey in makeup]
Tiger Woods will play the weekend at the Greenbrier. Tiger Woods followed up his 66 in the first round with a 69 in the second at the Greenbrier Classic in round two. He’s now had as many rounds in the 60s this week as he had all season up to this point.

Lindsey Vonn nominated for two ESPY awards, July 15

Amanda Boyd (left) and Lindsey Vonn (right) watch their other halves in The Presidents Cup in 2013.

Amanda Boyd (left) and Lindsey Vonn (right) watch their other halves in The Presidents Cup in 2013.

July 3

Tiger Woods dropped a 4-under 66, his lowest round of tournament golf since March 2014 at the Greenbrier Classic July 2.

[July 2 Tiger to take another endorsement slide?]

University of Alabama student Amanda Boyd of Millbrook, Ala. and husband

” They are not even acquaintances.” -Woods’ agent Mark Steinberg
Amanda Boyd of Millbrook, Ala. and groom

Woods, 39, is said to be dating Amanda Boyd, 27, Jason Dufner’s ex-wife
They began seeing each other after they ‘flirted’ on the tour circuit
Pair have now developed a ‘serious relationship’ according to one source
He reportedly flew her to Seattle as he prepared for last month’s US Open
But Woods’ agent Mark Steinberg says the allegations are a ‘complete lie’
In May DailyMail.com revealed Vonn dumped Woods because he cheated
Boyd and Dufner divorced in April after ‘irretrievable marriage breakdown’
Woods allegedly cheated in February, Dufner and Boyd split same month

Tiger Woods still made the most money in golf in 2014, according to the Golf Digest 50, an annual ranking of those making the most in the game.

Woods earned $55,110,775 in 2014, according to the magazine, with endorsements making up an astounding 98.8 percent of his take.

It’s the least money Woods has earned in a single year since 2000, when the magazine says he made $49 million.

Woods, who has been at the top of the list for all 12 years it has been published, had three years — from 2007 to 2009 — where he made more than double what he made last year. He pulled in $121.9 million in 2009 but took a huge slide after his extramarital affairs were revealed late that year.

here

May 3 Woods splits with Vonn, Elin Nordegren gets Florida award]

Place of Hope welcomed more than 600 guests to its 2015 Hope Bash, which honored local philanthropist and child advocate Elin Nordegren with the inaugural Harris L. Weinstein Hero of Hope award. Elin Nordegren and Chris Cline May 2015

Place of Hope welcomed more than 600 guests to its 2015 Hope Bash, which honored local philanthropist and child advocate Elin Nordegren with the inaugural Harris L. Weinstein Hero of Hope award.
Elin Nordegren and Chris Cline May 2015

Place of Hope is a faith-based, state-licensed child welfare organization.
The Lindsey Vonn-Tiger Woods relationship that began about three years ago has ended, with each athlete citing their hectic schedules as a contributing factor. Woods’ 2010 split with Elin Nordegren cost him handsomely

[April 21 Tiger wins $155,000 for Masters 2015]
Tiger Woods 17th place finish at the Masters 2015 Tiger Woods 17th place finish at the Masters 2015 Apr 9 The Masters T17 $155,000

[March 16 Nordegren’s Chris Cline sells out for $1.4 Billion]
In exchange for $1.4 billion cash, billionaire Chris Cline, 57, is selling 50% of publicly traded Foresight Energy LP and an 80% interest in Foresight’s general partner. The buyer is Murray Energy, the largest privately held coal miner in the country, controlled by cantankerous, 75-year-old Robert Murray. “This is a great day for American coal,” said Cline, in a statement.
Elin Nordegren

February 24 Vonn crashes at Marbor, her surgically repaired right knee wasn’t hurt]

MARIBOR, SLOVENIA (Feb. 21, 2015)— In Vonn’s first giant slalom back on the World Cup circuit, she ran 18th and was leading in the first split by nearly six tenths before going down on her right hip and crashing back-first into the b-net.    Vonn, the most successful woman skier of all-time, lay on the snow for a while, raising fears that she might be in trouble but the U.S. Ski Team later said she was alright.   “She hit her back on the B-net poles pretty hard but should be all good,” Riml said after Vonn had a medical checkup, adding her surgically repaired right knee wasn’t hurt either.

MARIBOR, SLOVENIA (Feb. 21, 2015)— In Vonn’s first giant slalom back on the World Cup circuit, she ran 18th and was leading in the first split by nearly six tenths before going down on her right hip and crashing back-first into the b-net. Vonn, the most successful woman skier of all-time, lay on the snow for a while, raising fears that she might be in trouble but the U.S. Ski Team later said she was alright. “She hit her back on the B-net poles pretty hard but should be all good,” Riml said after Vonn had a medical checkup, adding her surgically repaired right knee wasn’t hurt either.

[February 5 Elin’s Swedish island from Woods on the block]

Tiger Woods never completed the purchase of a Swedish island that was being developed for him and Elin Nordegren.

Tiger Woods never completed the purchase of a Swedish island that was being developed for him and Elin Nordegren.

62-acre island has six private tees for golf practice and ultimate privacy, about an hour by boat from Stockholm.
The property in Lake Malaren features a 2,500 square-foot main house, a 900 square-foot hunting lodge, and a landing strip for a propeller plane
The Florida Woods family home near Orlando was sold to golfer Bubba Watson in 2012.

[January 25 Lindsey Vonn gets 64th World Cup victory in super-G at St. Moritz]

Lindsey Vonn won the Super-G in St. Moritz with 0.24 seconds ahead of Austrian Anna Fenninger, her 64th World Cup victory.

Lindsey Vonn won the Super-G in St. Moritz with 0.24 seconds ahead of Austrian Anna Fenninger, her 64th World Cup victory.

Lindsey Vonn won the super-G on January 19 to stand alone atop the list with win No. 63.

Lindsey Vonn won the super-G on January 19 to stand alone atop the list with win No. 63.

[ January 18 ]

Lindsey Vonn of the U.S. is airborne as she clears a gate to win the women's World Cup Downhill skiing race in Cortina D'Ampezzo January 18, 2015..

Lindsey Vonn of the U.S. is airborne as she clears a gate to win the women’s World Cup Downhill skiing race in Cortina D’Ampezzo January 18, 2015..

[January 15 Lindsey Vonn 10th in Cortina d’Ampezzo]

Lindsey Vonn struggled with the thick fog and finished 10th in the World Cup downhill event in Cortina d'Ampezzo, Italy.

Lindsey Vonn struggled with the thick fog and finished 10th in the World Cup downhill event in Cortina d’Ampezzo, Italy.

[December 22 2014 Lindsey Vonn lands on elbow in a World Cup Super-G]

Lindsey Vonn of the USA after her crash during the Audi FIS Alpine Ski World Cup Women's Super-G on December 21, 2014 in Val d'Isere, France

Lindsey Vonn of the USA after her crash during the Audi FIS Alpine Ski World Cup Women’s Super-G on December 21, 2014 in Val d’Isere, France

The four-time World Cup champion crashed out of December 21’s super-G race after entering a gate slightly too wide in Val d’Isere, France.

Although Vonn did no damage to her troublesome right knee, she landed heavily on her right elbow.
December 7

Lindsey Vonn finished second in a World Cup super-G in Lake Louise, Alberta, on Sunday, completing her first weekend of races this year with two podium results.

Vonn was .37 of a second slower than Swiss winner Lara Gut on Sunday, one day after Vonn won her first race in nearly two years in a downhill.

Slovenia’s Tina Maze finished third, increasing her World Cup overall lead. Tiger Woods shot 72, finished at even par in first tournament back.

[December 6 Lindsey Vonn won the downhill at Lake Louise in one minute 50.48 seconds]

American skier Lindsey Vonn claimed victory in just her second race back after almost a year out through injury.
The four-time overall World Cup champion won the downhill at Lake Louise in Alberta, Canada, in a time of one minute 50.48 seconds.
The 30-year-old’s time was nearly half a second quicker than USA team-mate Stacey Cook, with another American, Julia Mancuso, in third.

[December 6 Tina Maze wins Lake Louise Ladies Downhill December 5 -Lindsey Vonn finishes 8th]

Lindsey Vonn finished eighth in her first race in nearly one year, a World Cup downhill in Lake Louise, Alberta, on December 5.“I skied really well in the technical parts,” Vonn said. “I definitely can clean up some turns for tomorrow (another downhill in Lake Louise), but I think it was a really solid start. I’m happy with it.”

Alpine ski racer Lindsey Vonn of US restarts to ski during a training session on the Oetztal glacier in Solden, Austria on Oct 4, 2014. US speed queen Lindsey Vonn makes her return to the World Cup circuit this season

Alpine ski racer Lindsey Vonn of US restarts to ski during a training session on the Oetztal glacier in Solden, Austria on Oct 4, 2014. US speed queen Lindsey Vonn makes her return to the World Cup circuit this season

Vonn is skipping a World Cup giant slalom race in Aspen November 29,30 to focus on training for the speed events, two downhill races and one super-G,

next week.

~2014~
LADIES DOWNHILL/DAMES DESCENTRE
December 5 – 6 Decembre
LADIES/DAMES SUPER-G December 7 Decembre

[November 14]
For months, the four-time overall World Cup champion had planned to return around the races in Lake Louise, Alberta, during the first week of December. After some solid training days, Vonn said she is considering coming back for the events in Aspen, Colo., over Thanksgiving weekend. “I’m a little more tentative still on the more difficult terrain,” said Vonn, who will wear a knee brace this season. “That just comes with time. With more training and more confidence, I’ll be good.”
FIS Alpine World Cup Ski Racing: Women’s World Cup ski racing returns to its regular spot on the Aspen events calendar this year. The giant slalom is on November 29 and the slalom is on November 30, with both events held at Aspen’s historic ski racing venue on the Lift 1A side of the mountain. The top female ski racers in the world, including Mikaela Shiffrin and Anna Fenninger, are expected to make starts over the weekend.

[September 15 Coal in doldrums, Elin splits]
Speculation of Elin-Woods get riposte:

Nordegren

Elin

Elin

Elin Nordegren 34, and 54-year-old coal tycoon Chris Cline have split after one year of dating,

Chris Cline, owner of The Cline Group, is the majority owner of Foresight Reserves, which is part of the Carlyle Group, a global assent management firm.
Foresight Energy Partners,is a subsidiary of Foresight Reserves

Murray Energy Corp. sued a Foresight Energy LP (FELP) unit, claiming it used confidential information to acquire property and mineral rights directly in the path of Murray’s operations in southern Illinois.The tracts “provide no mining potential to Williamson,” Murray said. “The only economic value of these purchases to Williamson is to frustrate MEC’s ability to execute its mining plans.”In 2008, Murray disclosed its longwall strategies to Williamson as it considered selling off operations in three Illinois counties, according to the complaint. Williamson was allowed to see the information only after agreeing to not disclose it or otherwise use it to acquire mineral or property rights related to Murray’s operations for eight years, according to the complaint.

When the companies failed to reach a deal, Williamson and its affiliates allegedly started overpaying for mineral rights in Murray’s planned longwall path in 2009 and continued to do so as recently as 2013. Murray said in the complaint that the tracts aren’t sufficient to support independent mining.

Murray said those purchases have forced it to pay more for its own acquisitions, caused it to relocate equipment and threaten its ability to meet production contract requirements.

[April 25 Tiger Woods with Elin Nordegren and Lindsey Vonn]

Tiger Woods (in blue) with Elin Nordegren and Lindsey Vonn (in pink)

Tiger Woods (in blue) with Elin Nordegren and Lindsey Vonn (in pink)

[January 15]

first day recovering from knee surgery

first day recovering from knee surgery

Florida for Vonn

Florida for Vonn

Vonn, the reigning Olympic and World Cup downhill skiing champ, will not compete in next month’s Winter Olympics, according to a post Tuesday on her official Facebook page.
January 07, 2014
I am devastated to announce that I will not be able to compete in Sochi. I did everything I possibly could to somehow get strong enough to overcome having no ACL but the reality has sunk in that my knee is just too unstable to compete at this level. I’m having surgery soon so that I can be ready for the World Championships at home in Vail next February. On a positive note, this means there will be an additional spot so that one of my teammates can go for gold. Thank you all so much for all of the love and support. I will be cheering for all of the Olympians and especially team USA! XO Lindsey

[January 5]

For the moment, there’s no question of thinking about skiing,” US women’s team head coach Alexander Hoedlmoser told the Austrian APA news agency.

[Earlier]
Vonn had another scary run during the World Cup downhill in Val d’Isere, clutching her knee in pain after losing her balance and missing a gate on December 21. But shortly afterward, she said no new damage had been done to the surgically repaired knee and her plans for the Sochi Olympics were still intact.

“I didn’t hurt myself more than I’m already hurt,” said Vonn, the reigning Olympic downhill champion. “It was a small compression, and it was fully loaded on the right ski and my knee just completely gave out. I tried to pressure the ski again and it gave out again. I had no chance of making that gate, unfortunately.”

With boyfriend Tiger Woods watching from the bottom of the slope, Vonn skied out after her left ski came up in the air, putting all her weight on the troublesome right leg. There are three downhill races on the World Cup circuit in January. Her appearance in at least one of those would seem essential to Vonn the competitor. Vonn the brand, however, may be impervious.
[December 12]

Lindsey Vonn will skip December 14 World Cup stop at St. Moritz, Switzerland, and is planning to return to the circuit in a downhill at Val d’Isere, France, Dec. 21.
The 29-year-old American returned to competition at Lake Louise, Alberta, December 6, ten months after tearing two ligaments in her right knee and breaking a bone in that leg during a crash at the world championships. She also had a setback when she partially re-tore one of those surgically reconstructed ligaments in a fall during practice Nov. 19.

Vonn finished 40th in a downhill December 6 in her World Cup season debut, then 11th in another downhill December 7, and fifth in a super-G on December 8.

Asked after that last event what those 72 hours of racing told her, Vonn replied: ‘‘It tells me that I do need a couple more starts. I want to make sure that I get on the podium at least once, if not win, before . . . Sochi. For me, mentally, I really want to have that in my back pocket.’
[ December 4]

LAKE LOUISE, Canada – The U.S. Ski Team says Lindsey Vonn has been cleared to begin World Cup downhill training. Olympic gold medalist

[Earlier]

Lindsey Vonn is skipping the Alpine Skiing World Championships in Austria this weekend, giving herself some extra time to get back into competing form ahead of the Sochi games.

[earlier]
2010 Olympic downhill gold medalist, coming off a knee injury suffered in a crash at the World Championships last season, on September 16, Lindsay Vonn said she felt good training on snow in South America recently, is ahead of schedule with her rehab and may be able to race later this month at the World Cup opener Oct. 26-27 in Soelden, Austria.
In Chile, she eased her way back with two gentle and relaxed training runs. The next day, she revved it up a little more, taking a few gradual turns along the course in Portillo, Chile.

[May 20]

Skier takes Golfer's kids to school

Skier takes Golfer’s kids to school

Vonn married fellow 2002 Olympian, and former U.S. Ski Team athlete, Thomas Vonn on September 29, 2007, at the Silver Lake Lodge in Deer Valley, Utah.[43] In November 2011, it was announced that the couple had begun divorce proceedings after four years of marriage.[44] Their divorce was finalized on January 9, 2013.

[May 12]

Lindsay Vonn attends Players

Lindsay Vonn attends Players

Lindsay Vonn is following Tiger Woods’ group at the Players Championship on May 12 as she watches him try to pick up win No. 4 on the season.

Vonn and Woods, who have confirmed they are dating, made an appearance at the Met Ball earlier this week, and Vonn was spotted every day at the Masters earlier this year.

[April 11]
Lindsay Vonn gets the Enquirer spotlight [April 22]here

Lindsay Vonn at Masters 2013

Lindsay Vonn at Masters 2013

[March 24]

Meanwhile, Lindsay vows to return to ski team by Sochi

Soccer Mom Elin Nordegren

Meanwhile, Tiger is back Number 1

Meanwhile, Tiger is back Number 1

Elin Nordegren, now a soccer mom

Elin Nordegren, now a soccer mom

Parents Elin & Tiger

Miners Games, 164 feet, owned by Chris Cline, Elin's beau, Privacy, 155 feet, Tiger's similar motor yacht

Miners Games, 164 feet, owned by Chris Cline, Elin’s beau, Privacy, 155 feet, Tiger’s similar motor yacht

Elin Nordegren, billionare's wife never thought he might be cheating

Elin Nordegren, billionare’s wife never thought he might be cheating

Tiger’s wife never had a clue, never hit him.Tiger Woods’ 33-year-old ex-wife has been dating 53-year-old billionaire Chris Cline since the holidays.

Age: 55
Source of Wealth: coal, self-made
Residence: North Palm Beach, FL
Country of Citizenship: United States
Education: Drop Out, Marshall University
Marital Status: Divorced
Children: 4

more
SEC

Both Nordegren and Cline — a coal magnate worth a reported $1.2 billion dollars — own homes in a North Palm Beach, Fla. oceanfront community called Seminole Landing.

The reports of Nordegren’s new romance come nearly two months after The National Enquirer claimed that Woods was trying to win back his ex by offering her a $200 million pre-nup. Woods refused to comment on the reports.

In February, the ex-couple was photographed together for the first time in years at a local youth sporting event with their two young children.

Nordegren and Woods — who were married for nearly six years — divorced in August 2010 in the wake of the golfer’s heavily publicized cheating scandal.

Tiger Woods, 33, was unconscious after he struck a fire hydrant and a neighbor’s tree about 2:30 Friday morning,November 29, 2009.
The wife of the world’s No.1 golfer Tiger Woods used one of his tools — a golf club — to smash open a window of his crashed SUV and then pulled him out of the damaged vehicle after an early-morning accident Friday outside their Isleworth mansion.

By the time a Windermere police officer arrived about 2:25 a.m., Elin Nordegren Woods had dragged her husband out of his 2009 Cadillac Escalade. He was lying on the ground, dazed and bleeding from his lips and with blood in his mouth.

Elin Nordegren, the Swedish former nanny, purchased a $12.2 million beachfront mansion in North Palm Beach’s Seminole Landing enclave. Coal mogul Christopher Cline owns the property next door to Nordegren’s new digs.
Nordegren took a job in a Stockholm clothing store called Champagne, where she met Mia Parnevik, wife of Swedish golfer Jesper Parnevik, who hired Nordegren as the nanny to their children, a job that required her to move to the U.S.[5] He introduced her to Woods during the 2001 Open Championship. After Woods’s subsequent infidelity was revealed, Parnevik was quoted as having said, “I’m kind of filled with sorrow for Elin since me and my wife are at fault for hooking her up with him, and we probably thought he was a better guy than he is.” [People Magazine] Previously, Woods had asked for a year to be introduced to Nordegren, who was seeing someone else at the time In November 2003, Woods and became officially engaged.

vonn and  woods

The happy couple

Lindsay Vonn's injured knee

Lindsay Vonn’s injured knee

Surgery went well

SURGERY WENT WELL

Lindsay Vonn had surgery on her right knee on February 10 after she shredded two ligaments during a crash last week at the world championships.
The U.S. Ski Team said Dr. William Sterett, a physician for the squad, operated on the four-time overall World Cup champion in Vail, Colo., on Sunday morning.
Sterett was optimistic at a full recovery and said of Vonn: “She will do everything in her power to return as quickly as possible to competitive skiing.”

[February 9]
Lindsay Vonn may be changing her plans for knee surgery to repair the damage caused by her crash at the world alpine championships.
U.S. Ski Team physician Bill Sterett would do her surgery February 10 in Vail. Sterett has treated her since she was 13 years old.
But it was looking like she would seek a second opinion.
“I think there’s a real possibility that she’s going to have it done someplace else,” Vonn had never had a serious knee injury, which is rare for ski racers.
Lindsay Vonn’s father says she may get second opinion before surgery
Vonn tore her anterior cruciate ligament and medial collateral ligament in her right knee. The broken bone was described as a lateral tibial plateau fracture.

“The fracture is called an impaction fracture,” Sterett said. “It should not require any surgery. It just needs to be non-weight on crutches.”

The accident happened after Vonn landed a jump in the opening super-G race at the championships. As she hit the ground, her right leg gave way and she spun forward, throwing an arm out to protect herself. She ended up on her back as she smashed through a gate.

Tiger Woods owns a Gulfstream G550. It is a perfect business jet aircraft. Its unique feature is that it is capable of carrying up to 16 people in standard seating configurations and can fly up to 6,500 nmi (12,000 km). It is the longest range business jet ever made. Chris Cline owns one too,

[December 3, 2009]

General Motors Corp., 24 November, agreed to discontinue a marketing accord with Tiger Woods, the world’s top-ranked golfer, at year’s end as plummeting sales spur cost cuts at the automaker. The golfer was driving a Cadillac Escalade, made by General Motors, when he crashed into a fire hydrant and then a tree at 2am 27 November. A spokesman for GM said that Woods received the car as a prize for winning the Buick Open golf tournament, which was sponsored by GM.

The Applicant requests that the description of the charged conduct—the clause beginning “for engaging in a conspiracy”—be omitted. The Applicant states that this description is inaccurate and incomplete, will lead to disputes with counterparties to the detriment of plans, and will make it unlikely that plans will benefit from or be protected by this exemption.

After consideration of the Applicant’s comment, the Department has revised the exemption in the manner requested by the Applicant.

 

The Trump administration has waived part of the punishment for Deutsche Bank and five megabanks , Barclays, UBS (UBS), The Royal Bank of Scotland (RBS), Rabobank and Lloyds Banking Group,whose affiliates were convicted and fined for manipulating global interest rates. One of the Trump administration waivers was granted to Deutsche Bank — which is owed at least $130 million by President Donald Trump and his business empire, and has also been fined for its role in a Russian money laundering scheme.

The waivers were issued in a little-noticed announcement published in the Federal Register during the Christmas holiday week. They come less than two years after then-candidate Trump promised “I’m not going to let Wall Street get away with murder.”

 

December 27 2016 Euribor fixing: Swiss franc Libor rate rigging— Lloyd’s traders]

30764141184_7048439f8d_z

 

U.K. prosecutors have called in a number of former Lloyds Banking Group PlcLibor traders for questioning over manipulation of the benchmark rate, more than two years after the bank was fined nearly $400 million over the scandal.

The Serious Fraud Office asked the traders to come in for interviews under caution in recent months,

[December 27]

Royal Bank of Scotland and Barclays are among banks hit with SFr99m (£78m) of fines by the Swiss competition regulator for operating four separate cartels over Swiss franc Libor rate rigging, as the international fallout from the Libor rate-rigging scandal spreads.Deutsche Bank received immunity for blowing the whistle on the cartel.

The two British lenders were hit with a combined £37m in fines, while HSBC, Lloyds and City of London brokers Icap, Tullett Prebon and RP Martin all remain under investigation by Switzerland’s competition commission, Comco.The probe also saw France’s Société Générale fined £2.6m, while proceedings remain open against JP Morgan, BNP Paribas, Credit Agricole and Rabobank.

RBS was granted immunity in a separate probe into collusion with JP Morgan to influence the Swiss franc version of the Libor interest rate, after it told regulators of the activity.The scale of the Swiss regulator’s penalties pale in comparison to those dished out by European competition authorities.

[December 12 fines for late-settlers ]

European antitrust regulators on December 7 fined Crédit Agricole, HSBC and JPMorgan Chase a total of just over 485 million euros for colluding to fix benchmark interest rates tied to the euro, euribor.

The penalties, equivalent to about $520 million, came more than two years after the European authorities issued a statement of objections — a formal step in antitrust investigations — against the three banks. The inquiry began in 2011.

In December 2013, the European Union fined a group of global financial institutions a combined €1.7 billion to settle charges that they had colluded to fix benchmark interest rates, including the euro interbank offered rate, or Euribor. It was the largest combined penalty ever levied by European competition authorities.

The three banks fined on December 7 did not settle in 2013. The potential fines against those that did settle were reduced 10 percent.

 

[October 14 Flash trader Sarao to be extradited ]

Navinder Singh Sarao

Britain’s High Court denied a renewed application to appeal against extradition by Navinder Singh Sarao, who did not attend the High Court hearing, and he is due to be sent to the US within 28 days. Theresa May, the Home Secretary at the time, signed off his extradition in May, but the process was delayed when Mr Sarao appealed.

The High Court judges will set out their reasons for rejecting his appeal “in due course”. Navinder Sarao, a 37-year-old from Hounslow, has been fighting the US authorities’ bid to extradite him since he was arrested at his home in April 2015.

He has been charged with 22 offences that come with a maximum sentence of 380 years in total. His trading strategies, run from his bedroom in his parents’ home, generated $40m (£32m) in profits, prosecutors allege

more

[August 19 Manipulating BBSW-based derivatives prices, Bank bill swap rate, the Australian equivalent of Libor, by a posse of banks? Big Short Guy ]

richard_dennis

Richard Dennis

PMorgan Chase & Co., Citigroup Inc., Morgan Stanley ,BNP Paribas, Royal Bank of Scotland, UBS, Commonwealth Bank of Australia, Deutsche Bank AG, HSBC Holdings Plc, Macquarie Group Ltd., Royal Bank of Canada and Credit Suisse Group AG. Brokers ICAP Plc and Tullett Prebon Plc are also defendants. Sonterra Capital Master Fund Ltd., various FrontPoint Financial funds and Florida-based derivatives trader Richard Dennis are complainants.

The case, filed at the US District Court for the Southern District of New York by attorney Vincent Briganti,
Dennis et al v. JPMorgan Chase & Co. et al
New York Southern District Court
Judge: Lewis A Kaplan
Case #: 1:16-cv-06496
Nature of Suit 410 Other Statutes – Antitrust
Cause 15:1 Antitrust Litigation (Monopolizing Trade)
Case Filed: Aug 16, 2016

Derivatives trader Richard Dennis , legendary American commodity speculator and a hedge fund firm depicted in the The Big Short movie for earning billions betting against US subprime mortgages are plaintiffs suing Australian banks in New York for allegedly manipulating market interest rates.

Dennis made his name taking huge bets on commodity futures such as grain, soybeans and pork belly in the 1970s and 80s and went on to help pioneer the renowned Turtle quantitative trading strategy.

“He was the most famous person in the [trading] pits in Chicago back then,” Brian Procter, a floor operations manager for Mr Dennis in the 1980s and now a managing director at US investment firm EMC Partners, told The Australian Financial Review on Thursday in the US.

“He would take gigantic positions, as big as the exchange would allow him.”

Mr Dennis, 67, is a class action plaintiff suing 17 international banks, including the big four Australian banks and Macquarie Group, for allegedly artificially fixing local Bank Bill Swap Rate (BBSW)-based derivative prices from 2003 onwards, according to a claim submitted in the US District Court for the Southern District of New York this week.

Florida-based Mr Dennis traded hundreds of Australian dollar futures on the Chicago Mercantile Exchange.

[August 10 Block release of HSBC money laundering report
money-laundering-e1341852512165

DOJ asked 2d USCA on July 21 to block release of an  HSBC money laundering report,   HSBC Holdings Plc is working to improve its money laundering controls after the British bank was fined $1.92 billion.In the 2012 settlement, HSBC admitted to violating U.S. sanctions laws and failing to stop Mexican and Colombian cartels from laundering hundreds of millions of dollars in drug proceeds through the bank.

HSBC agreed to monitoring by former New York prosecutor Michael Cherkasky, now the executive chairman of the compliance company Exiger. One of the bank’s mortgage customers filed a motion to unseal Cherkasky’s report to find out whether the bank continued to engage in what the customer claimed were unsafe business practices.
“Public disclosure of the monitor’s report, even in redacted form, would hinder the monitor’s ability to supervise HSBC,” the government’s court filing said, adding that bank employees would be less likely to cooperate with the monitor if they knew their interactions could be released. n an earlier court filing, the government said that while HSBC has made significant progress since the agreement, it is still not doing enough to thwart money laundering.

The case is U.S. v. HSBC Bank USA NA et al, 2nd U.S. Circuit Court of Appeals, No. 16-308

[June 1 Deaths of Martin Senn and Paul Wauthier

The cantonal police confirmed an application May 27 to run the investigation.

Martin Senn is said to have shot himself. The cantonal police confirmed an application May 27 to run the investigation.   He had quit as chief executive of Zurich Insurance Group in December following a series of profit warnings and a botched takeover of British rival RSA. His death follows the suicide of Zurich’s finance chief Pierre Wauthier in August 2013.

Pierre Wauthier, the 53-year-old chief financial officer of one of the world’s biggest underwriters, Zurich Insurance Group ZURVY, was found hanging in the Wauthier family home, in the small upscale Zurich exurb of Walchwil, Two suicide notes, one to his family, the other to the company. At first glance, the second looked like a business communiqué, typewritten under the heading, “To Whom It May Concern.”

[April 5 2016 FCA fine prompts U.S. charges ]

landscape_32_zpsaxpb0ecp

Ross McLellan

McLellan, Pennings and others conspired from February 2010 to September 2011 to add secret commissions to fixed income and equity trades performed for the six clients of a unit of the bank to overcharge their clients by millions of dollars through secret commissions on trades worth billions of dollars.
Ross McLellan former State Street executive vice president, McLellan was released and is due in court again on May 19.
Edward Pennings, a former senior managing director at State Street who is believed to be living overseas and was not arrested,
The case followed a 2014 settlement between State Street and the UK Financial Conduct Authority in which the bank paid a fine of £22.9 million (about $37.8 million) for charging the six clients “substantial mark-ups” on certain transitions. The case is U.S. v. McLellan, 16-cr-10094, U.S. District Court, District of Massachusetts (Boston).

[December 21 2015 Tom Hayes conviction upheld ]

http://www.bloomberg.com/news/articles/2015-12-21/tom-hayes-libor-jail-sentence-cut-to-11-years-conviction-upheld

[November 23 Spoofing Forex]

New York Attorney General Eric Schneiderman’s office is investigating the posting of false bids and offers in the foreign exchange options market for emerging market currencies, a person familiar with the matter said on November 23.
Subpoenas were issued last week to four brokerages: BGC Partners (BGCP.O), GFI Group, TFS-ICAP (IAP.L) and Tullett Prebon Financial Services (TLPR.L). U.S. authorities have increased their scrutiny of so-called ‘ghosting’ or ‘spoofing,’
This month, a jury in Chicago convicted a high-frequency trader of commodities fraud and spoofing in the U.S. government’s first criminal prosecution of the trading practice.The trader, Michael Coscia, was convicted under a relatively new statute that was part of the 2010 Dodd-Frank Wall Street regulatory overhaul, although as a state official Schneiderman operates under different legal authority.

[November 13 SFO: like Libor, so Euribor

Christian Bittar, eblink

Christian Bittar, eblink

Euribor is the average rate at which large banks lend to each other in euros. It is a daily reference rate and is published by the European Banking Federation. 10 people are charged by the SFO on November 13 for manipulating Euribor:
Christian Bittar (Deutsche Bank)
Achim Kraemer (Deutsche Bank)
Andreas Hauschild (Deutsche Bank)
Joerg Vogt (Deutsche Bank)
Ardalan Gharagozlou (Deutsche Bank)
Kai-Uwe Kappauf (Deutsche Bank)
Colin Bermingham (Barclays Bank)
Carlo Palombo (Barclays Bank)
Philippe Moryoussef (Barclays Bank)
Sisse Bohart (Barclays Bank)

[November 10 LIBOR RBS Rabobank]
caption width=”413″ align=”aligncenter”]Anthony Conti, 46, senior trader Anthony Conti, 46, senior trader[/caption]

A Royal Bank of Scotland Group Plc executive told a client at Brevan Howard Asset Management as early as August 2007 that banks were setting Libor rates to support their own trading. Property Alliance Group, which is suing RBS over losses from interest-rate derivatives pegged to the benchmark, cited the evidence as it asked a London judge for permission to add allegations of fraud Thursday. Ex-RBS head of corporate Johnny Cameron sent an e-mail to other executives after meeting with the Bank of England in April 2008 that officials “wanted banks to play U.S. Libor very straight,” according to Lord.
The message was sent around by another RBS employee who said it was “Best not to forward this please. Just verbally update the troops please,”

Rabobank traders guilty
Anthony Allen and Anthony Conti, both UK citizens, participated in a five-year conspiracy at Rabobank to rig Libor rates in dollar and yen at the Dutch Rabobank They will be sentenced next March and were not remanded in custody. Of 13 people charged by the Justice Department with offences related to Libor rigging, seven are former Rabobank traders, including Allen and Conti, who earlier this year waived their right to extradition to fight the charges. Lawyers for Allen and Conti argued that while others at the bank may have been trying to rig Libor, their clients had submitted honest rate estimates. Rabobank was fined £662m by regulators in October 2013 over the Libor scandal, sparking a move by the bank’s chairman, Piet Moerland, to step aside earlier than he had planned.

[October 13 LIBOR trial assigned to Judge Jed S. Rakoff USDC SDNY begins]
The trial of Anthony Allen, 44, and Anthony Conti, 46, in federal court in Manhattan marks the first in a case by the U.S. Justice Department spilling out of a global investigation into whether various banks sought to manipulate Libor.
U.S. v. Allen, U.S. District Court, Southern District of New York, No. 14-cr-00272.
Allen, Rabobank’s former global head of liquidity and finance, and Conti, a senior trader, were indicted in the United States in October 2014, a year after the bank reached a $1 billion deal resolving related U.S. and European probes.

Their trial follows an earlier one in London involving alleged yen Libor manipulation that led to the conviction of Tom Hayes, a former UBS AG (UBSG.VX) and Citigroup Inc (C.N) trader who was sentenced in August to 14 years in prison.

This case is assigned to Judge Jed S. Rakoff, United States Southern District Court of New York, Daniel Patrick Moynihan, United States Courthouse, 500 Pearl St., New York, NY 10007-1312.

The indicted defendants include:

[1] Paul Robson
[2] Paul Thompson
[3] Tetsuya Motomura
[4] Takayuki Yagami
[5] Anthony Allen
[6] Anthony Conti
[7] Lee Stewart

Sentencing has been set for Paul Robson on June 9, 2017, at 4:00 PM before Judge Jed S. Rakoff.

On March 23, 2015, Lee Stewart, of London pleaded guilty to one count of conspiracy to commit wire and bank fraud. A sentencing hearing is scheduled for June 9, 2017.

On March 20, 2015, Anthony Allen, the Global Head of Liquidity and Finance at Rabobank’s London desk, made his initial appearance and was arraigned. He pleaded not guilty to a superseding indictment charging him with one count of conspiracy to commit wire and bank fraud and eighteen substantive counts of wire fraud filed in an October 2014 superseding indictment. Allen is the first defendant charged in the LIBOR cases to waive extradition and be arraigned with the intention of contesting the charges. The court released Allen on a $500,000 bond and set a trial date for Oct. 5, 2015.

On October 16, 2014, Anthony Allen, the global head of liquidity and finance at Rabobank’s London desk; Paul Thompson, Rabobank’s head of money market and derivatives trading for Northeast Asia; Tetsuya Motomura, a senior trader and head of global financial markets trading-Tokyo at Rabobank’s Tokyo desk; and Anthony Conti, a senior trader on Rabobank’s money markets trading desk in London, were charged in a superseding indictment with conspiracy to commit wire and bank fraud and various substantive counts of wire fraud. Two co-defendants have pleaded guilty for their roles in the scheme. The charges stem from a scheme to manipulate and attempt to manipulate LIBOR.

On August 18, 2014, Paul Robson, a former rate setter and senior trader at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) pleaded guilty to one count of conspiracy to commit wire fraud and bank fraud charged in an April 2014 indictment. The charge stems from a conspiracy to manipulate Rabobank’s Yen LIBOR submissions to benefit trading positions.

On April 24, 2014, three former senior traders at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank), Paul Robson of the United Kingdom, who was also a rate setter; Paul Thompson of Australia; and Tetsuya Motomura of Japan, were indicted on one count of conspiracy to commit wire fraud and various substantive counts of wire fraud relating to a conspiracy to manipulate LIBOR. The defendants initially were charged by complaint in January 2014.

According to the superseding indictment, at the time relevant to the charges, LIBOR was an average interest rate, calculated based on submissions from leading banks around the world, reflecting the rates those banks believed they would be charged if borrowing from other banks. LIBOR was published by the British Bankers’ Association (BBA), a trade association based in London. LIBOR was calculated for 10 currencies at 15 borrowing periods, known as maturities, ranging from overnight to one year. The published LIBOR “fix” for U.S. Dollar and Yen currency for a specific maturity was the result of a calculation based upon submissions from a panel of 16 banks, including Rabobank.

LIBOR serves as the primary benchmark for short-term interest rates globally and is used as a reference rate for many interest rate contracts, mortgages, credit cards, student loans and other consumer lending products.

Rabobank entered into a deferred prosecution agreement with the Department of Justice on Oct. 29, 2013, and agreed to pay a $325 million penalty to resolve violations arising from Rabobank’s LIBOR submissions.

According to allegations in the superseding indictment, Allen, who was Rabobank’s Global Head of Liquidity & Finance and the manager of the company’s money market desk in London, put in place a system in which Rabobank employees who traded in derivative products linked to USD and Yen LIBOR regularly communicated their trading positions to Rabobank’s LIBOR submitters, who submitted Rabobank’s LIBOR contributions to the BBA. Motomura, Thompson, Yagami and other traders entered into derivative contracts containing USD or Yen LIBOR as a price component and they asked Conti, Robson, Allen and others to submit LIBOR contributions consistent with the traders’ or the bank’s financial interests, to benefit the traders’ or the banks’ trading positions. Conti, who was based in London and Utrecht, Netherlands, served as Rabobank’s primary USD LIBOR submitter and at times acted as Rabobank’s back-up Yen LIBOR submitter. Robson, who was based in London, served as Rabobank’s primary submitter of Yen LIBOR. Allen, in addition to supervising the desk in London and money market trading worldwide, occasionally acted as Rabobank’s backup USD and Yen LIBOR submitter. Allen also served on a BBA Steering Committee that provided the BBA with advice on the calculation of LIBOR as well as recommendations concerning which financial institutions should sit on the LIBOR contributor panel.

The charges in the superseding indictment are merely accusations, and the defendants are presumed innocent unless and until proven guilty.

[September 2 Tom Hayes appeal: the Libor benchmark rigging allegations are novel.]

Far from London in Tokyo trading yen

Sir Jeremy Lionel Cooke (born 28 April 1949), styled The Hon Mr Justice Cooke at the Queen’s Bench in the High Court, ,sentenced Tom Hayes to 14 years of imprisonment on eight counts of conspiracy to defraud, separating Hayes’ conduct at each of the banks where he worked, making the sentences in respect of each consecutive rather than concurrent After the judge finished his remarks, the guard took Mr. Hayes, toting a blue-green duffel bag packed with his clothes and other belongings, into custody. He began serving his sentence immediately. Hayes will no doubt appeal the sentence, and the Court of Appeal will need to consider whether the sentence is wrong in principle or manifestly excessive in its totality. The Libor benchmark rigging allegations are novel.

The 14-year sentence eclipses those handed out in some other high-profile financial-crime cases. In 2012, Kweku Adoboli, who was convicted of fraud in causing a $2.3 billion trading loss at UBS, was sentenced by a British court to seven years in jail. Hedge-fund manager Raj Rajaratnam, convicted in the U.S. for insider trading, received an 11-year sentence.The 35-year-old Briton argued that his behavior while at UBS Group AG and Citigroup Inc. was in line with industry standards, that his bosses knew about and condoned what he was doing and that he never realized his behavior was improper.
His case was closely followed—the riverside Southwark Crown Court, anticipating capacity crowds, issued tickets in advance—as the first instance of a trader being put on trial for manipulating Libor.
Replay of the LIBOR fraud. The first detail is that after LIBOR became well-established as a basis for interest rates on loans, the finance industry began to use LIBOR as the basis for lots of more complex financial transactions: for example, “exchange-traded eurodollar futures and options available from Chicago Mercantile Exchange Group, and over-the-counter derivatives including caps, floors, and swaptions (that is, an option to engage in a swap contract).” I won’t plow through an explanation of those terms here. The key takeaway is that the benchmark LIBOR interest rate wasn’t just linked to about $17 trillion in US dollar loans. It was also linked to $106 trillion in interest rate swap agreements, and tens of trillions more in interest rate options and futures, as well as cross-currency swaps. As a result, if you had some information on how LIBOR was likely to change on a day-to-day basis–even if the change was a seemingly tiny amount that didn’t much matter to borrowers or lenders–you could make a substantial amount of money in these more complex financial markets.

The second detail involves how LIBOR was actually calculated. Banks did not actually submit data on the costs of borrowing; indeed, someone at a bank responded to a survey each day with an estimate of what it would cost that bank to borrow–even though on a given day many of these banks weren’t actually borrowing from other banks. In addition, during the financial crisis as it erupted in 2007 and 2008, no bank wanted to admit that it would have been charged a higher interest rate if it wanted to borrow, because financial market would be quick to infer that such bank might be in a shaky financial position.

So on one side, LIBOR is a key financial benchmark that affects literally tens of trillions of dollars of continuously traded and complicated financial instruments. On the other side, you have this key benchmark being determined by a survey of the opinions of fairly junior bank officers who have some incentive to shade the numbers. The British court found that Tom Hayes led a group of traders who sent messages to the bankers who responded to the LIBOR survey, requesting that the LIBOR rate be jerked a little higher one day, or pushed a little lower another day. Again, those who were just using the LIBOR rate as a benchmark for loans probably wouldn’t even notice these fluctuations. But traders who knew in advance how the LIBOR was going to twitch up and down could make big money in the options and futures markets.

In a similar scandal from earlier this year, Citicorp, JPMorgan, Barclays, Royal Bank of Scotland and UBS pled guilty to felony charges for their actions in foreign exchange markets. Again, these are very large markets, and so small acts of dishonesty can add up to large amounts. As the US. Department of Justice described it:

“According to plea agreements to be filed in the District of Connecticut, between December 2007 and January 2013, euro-dollar traders at Citicorp, JPMorgan, Barclays and RBS – self-described members of “The Cartel” – used an exclusive electronic chat room and coded language to manipulate benchmark exchange rates. Those rates are set through, among other ways, two major daily “fixes,” the 1:15 p.m. European Central Bank fix and the 4:00 p.m. World Markets/Reuters fix. Third parties collect trading data at these times to calculate and publish a daily “fix rate,” which in turn is used to price orders for many large customers. “The Cartel” traders coordinated their trading of U.S. dollars and euros to manipulate the benchmark rates set at the 1:15 p.m. and 4:00 p.m. fixes in an effort to increase their profits.

As detailed in the plea agreements, these traders also used their exclusive electronic chats to manipulate the euro-dollar exchange rate in other ways. Members of “The Cartel” manipulated the euro-dollar exchange rate by agreeing to withhold bids or offers for euros or dollars to avoid moving the exchange rate in a direction adverse to open positions held by co-conspirators. By agreeing not to buy or sell at certain times, the traders protected each other’s trading positions by withholding supply of or demand for currency and suppressing competition in the FX market.”
A trader at Barclay’s reportedly wrote in the group’s electronic chat room: “If you aint cheating, you aint trying,”

[August 5 Tom Hayes faces 9½ plus 4½ years]
Justice Jeremy Cooke sentenced Tom Hayes, a 35-year-old who worked for UBS in Tokyo trading yen, to serve nine and a half years in prison on four counts of conspiracy to manipulate a global benchmark interest rate known as Libor, to be followed by another four and a half years in prison on the remaining four counts for 14 years in total. Mr. Hayes faced as much as 10 years in prison on each count.
During his four years at UBS he was paid £1.3million/$ 2, 028, 390 in total. But ‘dissatisfied’ he quit for Citigroup in 2009, where he earned £3.5million/$ 5, 461, 400 before being sacked after nine months when his methods were discovered.
British authorities have been criticized in the United States for not being as aggressive as the Justice Department when it comes to pursuing financial crime.

[May 26 First Libor criminal trial begins]

Tom Hayes, trial starts nine years after first accused

Tom Hayes, 35, pleaded not guilty in December 2013 to four counts related to UBS, between 2006 and 2009, and four related to Citigroup, between 2009 and 2010 in relation to Libor, the benchmark rate at which banks lend to each other. Trial began in a London court on May 26. Conspiracy to defraud carries a maximum sentence of 10 years.
His trial, which is expected to take more than two months, comes nine years after he is first accused of rigging the rate.

[April 26 Spoofing is good because it prevents front running?]

HFT is now reckoned to account for three-quarters of trading on US stock markets. More trading in more places, some think creates more activity, which leads to enhanced pricing that benefits everybody. But HFT firms whose goal is to “profit from regular investors by “front running” their orders – use computers to spot trading patterns and get in ahead of them. This can be reduiced by allowing spoofing. “Nav” Sarao used a system called “layering” – for example sending out a series of “sell” orders he intended to cancel but

I am the target text.

which created the illusion of downward pressure on the market. As other computers reacted to that artificial pressure, Navinder Singh Sarao, proprietor of Nav Sarao Milking Markets Ltd. [Nevis] would profit by buying at a lower price and then selling when prices returned. He figured out that the machines that execute the stock market trades of others might be gamed — and he gamed them.

Hounslow.

[April 22 Spoofing Brit out on bai]l

British trader Navinder Singh Sarao has been given conditional bail until May 26,  must remain at his home in Hounslow, London, and provide £5.05 million security.

British trader Navinder Singh Sarao has been given conditional bail until May 26, must remain at his home in Hounslow, London, and provide £5.05 million security.

[August 28 Sarao delay request denied]

District judge Quentin Purdy ruled the expert evidence was of “no assistance to this court” as he had to decide whether the US charges would also be offences under British law, not the facts of the case. The date for the extradition hearing has been set for 25 September.
[April 21 Dynamic Layering yielded $40 m and an arrest – the Hounslow connection]

Hounslow home

Hounslow home

Navinder Singh Sarao, 37, faces US extradition after allegedly ‘spoofing’ global financial markets by placing £134m of false trades from his Hounslow home. Commodity Futures Trading Commission, said that Sarao and his company profited by more than $40m (£27m). The DOJ detailed a series of supposed coups, including episodes where Sarao is said to have made profits of more than $820,000 during a day’s trading.
Sarao allegedly employed a “dynamic layering” scheme to affect the price of E-Minis. By allegedly placing multiple, simultaneous, large-volume sell orders at different price points—a technique known as “layering”—Sarao created the appearance of substantial supply in the market. As part of the scheme, Sarao allegedly modified these orders frequently so that they remained close to the market price, and typically canceled the orders without executing them. When prices fell as a result of this activity, Sarao allegedly sold futures contracts only to buy them back at a lower price. Conversely, when the market moved back upward as the market activity ceased, Sarao allegedly bought contracts only to sell them at a higher price. Also. one count of “spoofing,” a practice of bidding or offering with the intent to cancel the bid or offer before execution.to have made profits of more than $820,000 during a day’s trading.
Sarao allegedly employed a “dynamic layering” scheme to affect the price of E-Minis. By allegedly placing multiple, simultaneous, large-volume sell orders at different price points—a technique known as “layering”—Sarao created the appearance of substantial supply in the market. As part of the scheme, Sarao allegedly modified these orders frequently so that they remained close to the market price, and typically canceled the orders without executing them. When prices fell as a result of this activity, Sarao allegedly sold futures contracts only to buy them back at a lower price. Conversely, when the market moved back upward as the market activity ceased, Sarao allegedly bought contracts only to sell them at a higher price. Also. one count of “spoofing,” a practice of bidding or offering with the intent to cancel the bid or offer before execution.

one Alex (Oleksandr) Milrud

Aleksandr Milrud has been accused by U.S. officials of recruiting stock traders in China and Korea to place high-speed buy or sell orders and then quickly cancel them, known as layering or spoofing, Aleksandr Milrud is charged with one count of wire fraud and one count of conspiracy to commit securities fraud for manipulating stock prices through a process called “layering,” according to federal prosecutors. Layering, also known as “spoofing,” is a form of manipulative, high-speed stock trading in which a trader places non-bona fide orders to buy or sell securities and then quickly cancels them before they are executed. The case is the first of its kind to be brought against a trader in the stock market. The U.S. Securities and Exchange Commission filed a separate civil case against him. Critics have warned that high-speed trading could make it easier to engage in practices such as “layering” or “spoofing,” both of which involve placing fake orders to create the appearance of increased activity in a stock or other asset in order to move its price.
Milrud used a network of overseas traders and brokerage accounts to place fake orders for individual stocks to move their prices in a particular direction. The fake orders would be canceled before they could be filled, but traders working for Milrud would also make real trades in the stocks to take advantage of their temporarily inflated or depressed prices.
According to prosecutors, Milrud hired a software company to program “hotkeys” so orders could be made and canceled using just a few keyboard strokes. Milrud allegedly believed his fake orders would be untraceable, but U.S. authorities convinced the owner of an offshore broker-dealer he was using to cooperate with their investigation.

[December 9 2014 Spoofing, canceled bids and offers, and Icap]

Michael Spencer and Sarah Milford Haven  formerly married to  to Prince Philip's cousin, the Marquess of Milford Haven, termed Sarah, Marchioness of Milford Haven,  is seeing moneybroker Michael Spencer, 53, Spencer stood down as treasurer and member of the board of the Conservative Party in October 2010 , formerly considered to be the most powerful man in the City of London.(2008)  ICAP’s chief executive, Michael Spencer has cut hundreds of jobs once held by voice brokers—who take orders and execute trades manually by phone or computer—while expanding electronic-trading services.

Michael Spencer and Sarah Milford Haven formerly married to to Prince Philip’s cousin, the Marquess of Milford Haven, termed Sarah, Marchioness of Milford Haven, is seeing moneybroker Michael Spencer, 53, Spencer stood down as treasurer and member of the board of the Conservative Party in October 2010 , formerly considered to be the most powerful man in the City of London.(2008) ICAP’s chief executive, Michael Spencer has cut hundreds of jobs once held by voice brokers—who take orders and execute trades manually by phone or computer—while expanding electronic-trading services.

Executives from three of the biggest market-making firms say an electronic bait-and-switch tactic known as spoofing, which is already the focus of a manipulation allegation at a futures exchange, needs to be investigated in cash Treasuries.. Spoofing in Treasury bonds and related futures contracts has cost traders $500,000 to $1 million a day, an executive at one of the market makers said. Spoofers try to make money by feigning interest in buying or selling at a certain price, creating the illusion of demand in an attempt to get other traders to move the market. The spoofer cancels the original trade and buys or sells at the new price to make a profit. It’s sometimes called “pull and hit.”
The market for trading cash Treasuries by institutional investors is dominated by Nasdaq OMX Group Inc.’s ESpeed system and BrokerTec, owned by ICAP Plc. (IAP) Earlier this year, ESpeed touted shaving 100 millionths of a second from data delivery to lure traders to its service.Committee members, who weren’t named in the minutes of the meeting, told the group that like stocks and currencies, “fixed income markets had begun to see a noticeable increase to volumes traded electronically.” They added: “Some committee members also suggested that the liquidity provided in the market through electronic trading was small.”

That’s not what brokers say. Two years before the meeting, Michael Spencer, the CEO of ICAP, said that slightly less than 55 percent of the volume on BrokerTec is conducted via high-frequency trading, which is also known as HFT.
In the CME complaint, a Chicago trading firm called HTG Capital Partners LLC filed an arbitration claim asserting damages from a pattern of canceled bids and offers allegedly meant to mislead traders in Treasury futures, according to people familiar with the matter. Allston Trading LLC, a Chicago-based proprietary trading firm, was identified by CME in that arbitration as a counterparty to the HTG transactions, according to people familiar with the matter. The arbitration is ongoing.

[December 5 3 from ICAP plead not guilty to LIBOR manipulation]
Three former brokers at ICAP, the brokerage run by Michael Spencer, pleaded not guilty on December 5 to criminal charges that they attempted to manipulate the Libor interbank benchmark rate.
Colin Goodman, Darrell Read and Danny Wilkinson all entered their not-guilty pleas to a packed courtroom at Southwark Crown Court on December 5 to charges of conspiracy to defraud brought by the UK’s Serious Fraud Office.
Mr Read, a Briton who lives in New Zealand, entered his plea via video link. The others appeared in the dock, together with three brokers from RP Martin and Tullett Prebon, with whom they are all set to face a 12-week jury trial scheduled for September 2015. All six are on conditional bail.
All six brokers are accused of conspiring to manipulate the yen-denominated Libor rate to benefit a trader who worked at UBS and then at Citibank.
That trader, who has pleaded not guilty in a parallel case brought by the SFO, faces his own jury trial that is due to begin in May. It will be the first in the world of a defendant charged with Libor-related offences.
The US Department of Justice has also charged 10 people, including seven Britons. That number includes the three ICAP brokers and the former UBS trader. They have not had the opportunity to enter pleas to the DoJ’s charges. Typically if British defendants face similar charges over the same alleged wrongdoing in the UK as well as in another country, they will be safe from extradition.
In the SFO’s case, the former Tullett broker, Noel Cryan, has not yet had a formal opportunity to enter a plea to the charge against him, although he appeared in the dock on Friday. He only had his first magistrates appearance in October.
Gillian Jones, prosecuting for the SFO, confirmed that Mr Cryan would be joined with the other five defendants to face trial in September.The US Department of Justice announced plans to prosecute the three brokers at Icap, the brokerage run by Michael Spencer,(the world’s biggest money brokers he founded in 1986, of which he owns 22 per cent) for colluding to manipulate Libor to benefit a client at UBS who generated lucrative business for Icap

[Novemberr 19 Swiss FINMA: criminal investigations over alleged manipulation in the foreign exchange market]

2008

2008

On November 19, FINMA said it had started enforcement proceedings against 11 former and current UBS employees as part of its forex investigation.Switzerland’s public prosecutor has opened criminal investigations into several individuals over alleged manipulation in the foreign exchange market, becoming the third country to do so after the United States and Britain, but said on November 20 that the investigations did not involve any banks.
The investigations were based on suspicion of “unfaithful financial management”, punishable by up to five years in prison or a fine, and “violation of professional secrecy”, which carries a penalty of up to three years in jail or a fine. The public prosecutor is exchanging information with Switzerland’s financial watchdog, FINMA in its investigations and is also in contact with Switzerland’s competition commission, WEKO, which is investigating possible collusion in the forex market by several banks.

[September 13 LIBOR investigation: A fat rising balloon]
Trial balloon: In the year since the scandal surfaced, regulatory authorities have yet to show proof of criminal activity or manipulation of benchmark exchange rates so maybe a settlement with the Financial Conduct Authority (FCA) on the basis of banks acknowledging lax internal compliance, oversight failures and market conduct breaches by individual employees, but not deliberate manipulation of the $5 trillion-a-day market.

[August 23 Robson pleads to one count of conspiracy to commit wire fraud and bank fraud
A Rabobank trader became the second to plead guilty in a criminal plot to manipulate a global financial benchmark used to set rates on trillions of dollars in loans.

United Kingdom citizen Paul Robson, pleaded guilty, admitting he helped manipulate the London Interbank Offered Rate for Japanese yen between May 2006 and January 2011 in a plot to boost trading profits for himself and others.

Rabobank agreed in October to pay $1.07 billion to international regulators to settle a Libor probe. Mr. Robson, along with former Rabobank yen Libor derivatives traders Paul Thompson and Tetsuya Motomura, was charged with conspiracy to commit wire and bank fraud as well as substantive counts of wire fraud, according to the DOJ. Robson pleaded guilty August 18 to one count of conspiracy to commit wire fraud and bank fraud

[August 6 Deutsche Bank AG, Europe’s largest investment bank. denies unreasonable involvement]

 Anshu Jain

Anshu Jain

“According to the current status of the investigation, no member of the Executive Board was unreasonable in any way an acting or earlier involvement in reference to interest rates,” the bank spokesman said, reiterateing earlier statements.
Germany’s financial regulator, BaFin, is extending investigations into alleged interest-rate manipulation at Deutsche Bank AG, Europe’s largest investment bank.
BaFin mandated audit company Ernst & Young LLP to discover more about when Anshu Jain, the company’s co-chief executive officer, learned first about a potential manipulation of benchmark interest rates in the industry and at Deutsche Bank, according to information from the mandate description. The regulator defined 10 areas at which the auditors are supposed to take a closer look, with Jain being listed as a key person in six of them.

[August 1 Lloyds fine cost of banking? Profits up 32%]

Lord Blackwell, a former Downing Street adviser to Margaret Thatcher and John Major, is chairman of the state-backed Lloyds Banking Group.

Lord Blackwell, a former Downing Street adviser to Margaret Thatcher and John Major, is chairman of the state-backed Lloyds Banking Group.

Lloyds posted a 32 percent gain in first-half earnings today after bad loans fell, and said it’s setting aside 1.1 billion pounds for legal redress. Lloyds reported an underlying profit for the six months to the end of June of 3.8 billion pounds ($6.4 billion), up 32 percent from a year ago.

The U.K.’s biggest mortgage lender suspended traders Clive Jones, John Argent and Udit Dewan in London, said the person, asking not to be identified as the details are private. Jones, who joined Lloyds Bank in 1977, was appointed global director of money markets following the merger with HBOS Plc in 2008, according to the lender’s website. Argent returned to work in mid-2012 after being suspended that year amid a probe of potential manipulation of the London interbank offered rate, Jones rejoined Lloyds in mid-2012 as global director of money markets after being suspended for presumably manipulating Libor.

“In the end, the traders win. They always win, because higher-ups don’t get their fat paychecks and bonuses unless the traders make a killing.” Shah Gilani

[July 29 Lloyd’s axed 22 people over $370 million fine]

Lloyds Banking Group has suspended seven employees after it was hit with a £226m bill from regulators on both sides of the Atlantic for rigging LIBOR -crucial interest rates. Among those suspended by Lloyds on July 28 were three of the four unnamed individuals cited by the FCA who may have been involved in depriving the Bank of England of emergency funding fees of almost £8m.

A total of 22 people are understood to be bound up in the latest regulatory crackdown on benchmark manipulation; six had already been suspended before Monday and the rest have already left the bank.

July 28 Libor, the benchmark interest rate: Lloyds fined $105 million by the CFTC, $86 million by the DOJ]

Lloyds Banking Group Plc’s penalty is less than the 290 million pounds Barclays Plc (BARC) paid in June 2012 when the London-based lender became the first to settle Libor-manipulation claims. Chief Executive Officer Robert Diamond was forced to resign in the aftermath of the settlement. UBS AG (UBSN), Switzerland’s biggest bank, has paid the most, settling with U.S., U.K. and Swiss regulators in 2012 at the cost of $1.5 billion.
Lloyds Banking Group Plc (LLOY), bailed out by British taxpayers during the financial crisis, will pay 218 million pounds ($370 million) in fines to U.K. and U.S. regulators after manipulating benchmark interest rates.
The lender will pay $105 million to the Commodity Futures Trading Commission, $86 million to the Department of Justice and 105 million pounds to Britain’s Financial Conduct Authority, according to a statement today. Lloyds has also paid a further 7.8 million pounds in compensation to the Bank of England after the actions of its traders reduced the fees the central bank received from one of its emergency-rescue packages. At least nine financial firms have been fined about $6 billion for manipulating Libor, the benchmark interest rate for more than $300 trillion of securities worldwide.

[March 14 Libor manipulated in 2008: FDIC joins the action, sues 16 banks

The Federal Deposit Insurance Corporation sued 16 of the world’s largest banks on March 14, accusing them of collusively suppressing interest rates. Named as defendants were Bank of America Corp, Barclays PLC, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, the Royal Bank of Scotland Group PLC and UBS AG. Other defendants in the lawsuit include Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG.

The case is Federal Deposit Insurance Corporation, et al, v. Bank of America Corp, et al, U.S. District Court, Southern District of New York, No. 14-1757.

The lawsuit also named as a defendant the British Banks’ Association, the U.K. trade organization which during the period at issue administered Libor. The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC’s mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.

[January 21]

 The trial of Hayes, who last December was also charged with fraud-related offences by U.S. prosecutors

The trial of Hayes, who last December was also charged with fraud-related offences by U.S. prosecutors

Three former Rabobank bankers were charged by US authorities on January 13 with allegedly manipulating Libor and other key benchmark interest rates as the criminal investigation widened to include another wave of individuals.
The US Department of Justice announced criminal conspiracy and fraud charges against Paul Robson, a former senior rate trader and submitter in the UK who left the Rabobank in 2008, Paul Thompson, an Australian who headed the bank’s derivatives desk in Singapore, and Tetsuya Motomura, a senior trader and supervisor in Japan. They are accused of conspiring to manipulate the yen Libor rate.

The charges announced January 13 follow Rabobank’s settlement in October 2013 with US, UK and Dutch authorities in which it paid $1bn and admitted that 30 employees around the globe manipulated several different interest rates, Euribor and Libor for the US dollar, yen, and pound sterling.
Previously the US charged Tom Hayes and Roger Darin, his former colleague at UBS, for allegedly manipulating Libor. Mr Darin, a Swiss citizen, has not entered a plea to the charges. His lawyer has previously declined to comment.
Tom Hayes has pleaded not guilty to the UK charges and has not entered a plea to the US case.
Three former employees of inter-dealer broker ICAP have also been charged: Darrell Read, Daniel Wilkinson and Colin Goodman. They have not entered pleas.
None of the former Rabobank traders charged are based in the US, which could set up another turf battle with the UK’s Serious Fraud Office, which is also investigating the bank and, specifically, Mr Robson’s role.
The SFO indicated last year that it would identify Mr Robson and 21 others as co-conspirators within an indictment that was to be filed against Mr Hayes. The SFO later narrowed the charges and did not include the names.
US authorities allege Rabobank submitters manipulated rates to help their own positions, at times it is alleged that they helped other banks, including UBS, attempt to manipulate rates.
Mr Robson, Mr Thompson and Mr Motomura allegedly entered “ridiculously” high and “silly” low Libor submissions to benefit their own positions, DoJ said.
In May 2006, according to DoJ, Mr Thompson emailed Mr Robson asking him to “sneak your 3m libor down a cheeky 1 or 2 bp” because “it will make a bit of diff for me” on a large position he held.

[December 13 2013]The first three men to face trial in connection with a global investigation into a rate-rigging scandal that has rocked the financial industry pleaded not guilty in court on December 10, being prosecuted by the U.K. Serious Fraud Office.

Tom Hayes, a former UBS and Citigroup trader has been charged with eight counts of conspiring with staff from at least 10 major banks and brokerages to manipulate Libor benchmark interest rates between 2006 and 2010.

Farr and Gilmour, former RP Martin brokers who were arrested alongside Hayes in Britain last December and later also charged with two and one count of conspiracy to defraud respectively by Britain’s Serious Fraud Office, also pleaded not guilty. All three are on bail.

The pleas pose a challenge to SFO head David Green, who has staked his reputation on the success of high-profile investigations such as the sprawling investigation into the manipulation of benchmarks such as Libor (London Interbank Offered Rate).

U.S. and European authorities have fined 10 banks and brokerages around $6 billion to date and charged seven men with criminal offences in connection with the rate-rigging scam. Regulators are also now investigating how other benchmarks are set, such as in foreign exchange and swaps markets.

Libor rates, designed to reflect the wholesale cost of loans, are used to help to price hundreds of trillions of dollars worth of financial products worldwide, ranging from derivatives to mortgages.

Prosecutors allege Hayes conspired to defraud with staff of UBS, Citigroup, JPMorgan, RBS, ICAP, Tullet Prebon, at least one employee of Deutsche Bank,

Rabobank and HSBC, Farr and Gilmour and another employee of RP Martin while he worked in Japan.

“They dishonestly agreed to procure or make submissions of rates … which were false or misleading in that they were intended to create an advantage to the trading position of Tom Hayes and others and deliberately disregarded the proper basis for the submission of those rates, thereby intending to prejudice the economic interests of others,” the indictment alleges.

Judge Jeremy Cooke set a London trial date for Hayes for January 2015. The trial of Hayes, who last December was also charged with fraud-related offences by U.S. prosecutors, could take 12 weeks, lawyers said.

The provisional trial date of Farr and Gilmour, which is expected to take around 6 weeks, has been set for September 2015, in part to allow the SFO time to bring a case against further alleged co-conspirators.

The SFO’s head Green had been hoping to charge more individuals in connection with the Libor investigation around this autumn.

UBS, which paid $1.5 billion to U.S. and European regulators last year to settle Libor-rigging charges – the biggest Libor-related fine to date – declined to comment as did Citigroup and ICAP.

RP Martin, Deutsche Bank, Rabobank and JPMorgan also declined to comment. Tullett Prebon and HSBC did not immediately respond to requests for a comment.

Hayes joined Swiss bank UBS in Tokyo in 2006, becoming a senior trader of interest-rate derivatives indexed to yen-denominated Libor. In late 2009, he left UBS to join Citigroup in Tokyo. He left the U.S. bank less than a year later.

While Hayes was at UBS, Farr and Gilmour are alleged to have conspired with him and other UBS employees, another RP Martin employee, an employee of Rabobank and one at HSBC, among others, by trying to influence yen-denominated Libor.

Farr is also charged with conspiring with Hayes and others while Hayes worked at Citibank.

[January 11 2013]

The Deutsche Bank documents, handed to investigators by a former employee of the bank and reviewed by The Wall Street Journal, show for the first time the scope and manner in which a bank painstakingly constructed a string of trades in hopes of profiting from small changes in various rates.
Deutsche Bank AG DBK.XE -0.34% made at least €500 million ($654 million) in profit in 2008 from trades pegged to the interest rates under investigation by regulators world-wide, internal bank documents show.
The German bank’s trading profits resulted from billions of euros in bets related to the London interbank offered rate, or Libor, and other global benchmark rates.
Regulators have been investigating allegations that more than a dozen banks, including Deutsche Bank, rigged Libor and other interest rates underpinning trillions of dollars in loans and other financial contracts. The probe has already produced settlements totaling nearly $2 billion with BarclaysBARC.LN +1.51% PLC and UBSUBSN.VX +0.83% AG.

[December 27]
Hong Kong’s de facto central bank said it is investigating possible misconduct by UBS over its submission of interbank rates, raising the possibility that the bank could face more fines a day after it agreed to pay $1.5 billion (922.3 million pounds) for its role in the Libor scandal.

The Hong Kong Monetary Authority (HKMA) said in a statement on December 28 that it had received information from overseas regulatory authorities about possible misconduct by UBS involving submissions for the Hong Kong Interbank Offered Rate (Hibor) and other reference rates in the region.

On December 25 [HK], the Swiss bank admitted to fraud and bribery in connection with efforts to rig Libor and other benchmark interest rates and agreed to pay $1.5 billion in fines to regulators in the United States, Britain and Switzerland.

While the bank will hope that settlement will draw a line under its role in Libor manipulation, it remains at risk of action from regulators elsewhere for possible rate rigging.

Besides Hong Kong, an investigation is still ongoing in Singapore into possible manipulation of benchmark interest and foreign exchange rates.

A spokesman for the Monetary Authority of Singapore (MAS) said on December 27 that banks on rate-setting panels in the city-state, including UBS, are still conducting reviews into their rate-setting processes.

“The reviews are ongoing, and it is premature to speculate on the outcome of these reviews at this stage”.

[December 20]
—UBS Securities Japan Co. Ltd. (UBS Japan), an investment bank, financial advisory securities firm, and wholly owned subsidiary of UBS AG, has agreed to plead guilty to felony wire fraud and admit its role in manipulating the London Interbank Offered Rate (LIBOR), a leading benchmark used in financial products and transactions around the world, Attorney General Eric Holder announced today. The criminal information, filed today in U.S. District Court in the District of Connecticut, charges UBS Japan with one count of engaging in a scheme to defraud counterparties to interest rate derivatives trades by secretly manipulating LIBOR benchmark interest rates.
As part of the ongoing criminal investigation by the Criminal and Antitrust Divisions of the Justice Department and the FBI into LIBOR manipulation, two former senior UBS traders also are charged. Tom Alexander William Hayes, 33, of England, and Roger Darin, 41, of Switzerland, were both charged with conspiracy in a criminal complaint unsealed in Manhattan federal court earlier today. Hayes is also charged with wire fraud, based on the same scheme, and a price fixing violation arising from his collusive activity with another bank to manipulate LIBOR benchmark rates.
UBS Japan has signed a plea agreement with the government admitting its criminal conduct and has agreed to pay a $100 million fine. In addition, UBS AG, the parent company of UBS Japan headquartered in Zurich, has entered into a non-prosecution agreement (NPA) with the government requiring UBS AG to pay an additional $400 million penalty to admit and accept responsibility for its misconduct as set forth in an extensive statement of facts and to continue cooperating with the Justice Department in its ongoing investigation. The NPA reflects UBS AG’s substantial cooperation in discovering and disclosing LIBOR misconduct within the financial institution and recognizes the significant remedial measures undertaken by new management to enhance internal controls.
Together with approximately $1 billion in regulatory penalties and disgorgement—$700 million as a result of the Commodity Futures Trading Commission (CFTC) action; $259.2 million as a result of the U.K. Financial Services Authority (FSA) action; and $64.3 million as a result of the Swiss Financial Markets Authority (FINMA) action—the Justice Department’s criminal penalties bring the total amount of the resolution to more than $1.5 billion.

[December 19]
UBS AG (UBSN)’s $1.5 billion fine for rigging global interest rates expands the scandal to include bribery and highlights the influence of a trader in Tokyo who colluded with other banks to align their submissions.
The employee led efforts to influence Japanese Yen Libor submissions by paying brokers as much as 15,000 pounds ($24,400) a quarter and offering a payment to another for helping him keep that day’s rate low. The banker, identified by regulators as Trader A, worked at UBS in Tokyo from 2006 to 2009 and directly contacted employees at other banks to influence their submissions at least 80 times.
Trader A wrote to the broker on Sept. 18, 2008, referring to six-month yen Libor. “If you do that … I’ll pay you, you know, $50,000, $100,000… whatever you want … I’m a man of my word,” according to transcripts released by the U.K. Financial Services Authority today.

[December 13]
Thomson Reuters (TRI.TO) said on December 13 it wanted to play a role administrating overhauled interbank lending rates. In September, Martin Wheatley, FSA managing director, recommended changes to how Libor was set, governed and supervised. A replacement for the BBA as Libor administrator is now being selected by an independent panel.
[December 11]
Three British men were arrested on December 11 as part of the Serious Fraud Office investigation into the manipulation of Libor. The three are understood to be Thomas Hayes, who has worked at several institutions including UBS and Citigroup, along with Terry Farr and Jim Gilmour. The latter pair are understood to work for RP Martin, a broker which facilitates trading between banks and other financial firms.

The SFO would only say that three men, aged 33, 41 and 47, were taken to a London police station in the early morning after the three properties were searched.

The SFO and City of London police arrested three men aged 33, 41 and 47 after searching a house in Surrey and two properties in Essex.

The three were taken to a London police station to be interviewed “in connection with the investigation into the manipulation of Libor”.

The SFO’s investigation into Libor rigging was sparked by the $450m fine levied on Barclays in June, which led to the departures of the bank’s chairman Marcus Agius, chief executive Bob Diamond and newly promoted chief operating officer Jerry del Missier for allowing traders to rig it and Euribor and for low-balling rates during the 2007/08 credit crunch.

[November 9]
UBS and RBS are next in line to settle with the regulators, people familiar with the case have said.. “Obviously when we first received it there was anxiety that execution of the request could mop up SFO resources,” he said.
“We are anxious to execute it” and will “certainly” assist, he said. Green said the agency, while working closely with the DOJ, is also competing to bring charges first in order to handle the prosecution of any British citizens in the U.K., reducing the chance of extradition.
U.K. prosecutors are poised to arrest former traders and rate setters at UBS AG (UBSN), Royal Bank of Scotland Group Plc (RBS) and Barclays Plc within a month for questioning over their role in the Libor scandal, a person with knowledge of the probe said.
The arrests will be made by police under the direction of prosecutors at the Serious Fraud Office within the next month, said the person, who declined to be identified because the matter isn’t public. Arrests in the U.K. are made at an early stage of the investigation, allowing police and prosecutors to question people under caution and may not lead to charges.
The SFO has 40 people working on the probe into manipulation of the London interbank bank offered rate, a benchmark for financial products valued at $360 trillion worldwide, and has involved the City of London Police, said David Green, the agency’s director.

[August 13] Jay Merchant, the former Barclays employee who has come under federal scrutiny in the Libor manipulation scandal, has left his position as head of swaps trading at UBS, a spokeswoman at the bank confirmed.

(August 12)Former UBS traders and other employees who had relatively junior-level jobs have been offered deals in return for their cooperation with the escalating investigation of suspected interest-rate manipulation, according to a person close to the probe.
No more than a few of the UBS employees under investigation for alleged interest-rate manipulation still work there, and the company has fired or suspended about 20 traders and managers as a result of the four-year inquiry.

[July 25]Appearing before the House financial services committee,US treasury secretary Tim Geithner told the committee that press reports and the New York Fed’s own investigations had convinced him that there was a risk that Libor was designed to give “not just the incentive to under report but also the opportunity”.

“I personally raised this with the governor of the Bank of England,” said Geithner. “We felt, and I still believe this, that it was really going to be on them to fix this.”
[july 18]Mervyn King, governor of the Bank of England , has written a letter sent July 18 to members of the Economic Consultative Committee, which he heads, suggesting a dinner on Sept. 9 in Basel, Switzerland, as the forum for exchanging ideas on how to deal with Libor’s shortcomings,

[July 16] When Treasury Secretary Timothy Geithner, in 2008, as head of the Federal Reserve Bank of New York, advised the British about improvements in LIBOR setting, he was acting on messages from U.S. ‘market participants’ –banks.

as market participants have questioned whether the rates contributed by panel banks accurately reflect the rates at which they could actually obtain funds.

(Most of the banks consulted were likely U.S.-based institutions, as several of the recommendations are aimed at giving more power, not surprisingly, to U.S. banks.)

[July 15]The NY Fed knew that banks were lying about their Libor rates back in 2008, according to transcripts of phone calls released today.
[July 10]Whether the BoE instructed Barclays to lower its submissions or not, regulators had a pretty clear motive for wanting lower LIBOR: British banks, in effect, were being shut out of the markets.

[July 9]Bank of England Deputy Governor Paul Tucker said no government minister or official pressured him to instruct Barclays Plc (BARC) or any other U.K. commercial bank to lowball its Libor submissions during the financial crisis.

“Absolutely not,”

[July 6]The U.K. Serious Fraud Office (SFO) has confirmed that it has formally launched an investigation into the rigging of inter-bank lending rates. Regulators are continuing to look into possible rate manipulation at other banks, while the US Department of Justice is carrying out its own criminal investigations.

[July 5]U.K. lawmakers grilled former Barclays CEO Robert Diamond for three hours July 4 about what he knew about the rating-fixing scandal that led to his resignation earlier this week. In late 2008 Barclay’s – and, Diamond alleges, other banks – apparently low-balled the rates they reported for LIBOR averaging so as to make the banks’ finances look more stable than they were. The idea was to put out a false image of stability to prevent market panic and stave off calls for additional regulation or even nationalization, a solution that looked increasingly likely during the height of the financial crisis. The direct effect for consumers here was to make loans cheaper, but the indirect effect, or the intended one at least, was to lessen chances of government action against the banks. So the banks manipulating LIBOR weren’t just messing with peoples’ finances – they were trying to mess with the peoples’ laws.

[July 3]Two big implications: One is the obvious accusation that the BoE pressured Barclays Plc to lower its stated borrowing rate. The other the implication that EVERY other bank was doing the same thing, since the gist of the call between Diamond and Tucker was that Barclays needed to get into line with the other banks. more

[earlier July 3]Barclays chief executive Bob Diamond resigns with immediate effect. Barclays’ newly appointed Chief Operating Officer, Jerry del Missier, resigns from the bank.

Barclays Bank chairman Marcus Agius, who on July 1 had also quit, was to return to the lender in the position of executive chairman until a new CEO is appointed, Agius faces increasing pressure over the Libor rate-fixing scandal.

[June 27]

 Marcus Agius

Marcus Agius

 Chief Executive Officer Robert Diamond ,  Chief Operating Officer Jerry del Missier,  and corporate and investment banking chief Rich Ricci

Chief Executive Officer Robert Diamond , Chief Operating Officer Jerry del Missier, and corporate and investment banking chief Rich Ricci

Holger Seger, global head of short-term interest rates trading,

Holger Seger, global head of short-term interest rates trading,

Chris Lucas

Chris Lucas

Libor May 2008

Libor May 2008

Barclays Plc (BARC) was fined 290 million pounds ($453.2 million), the largest penalties ever imposed by regulators in the U.S. and U.K., to settle U.S. and U.K. probes into whether it sought to rig the London and euro interbank offered rates. . Derivatives traders requested the false submissions in the Libor and Euribor setting process, as they were “motivated by profit and sought to benefit Barclays’ trading positions,” Britain’s Financial Services Authority said.

As well as Chief Executive Officer Robert Diamond , Chief Operating Officer Jerry del Missier, Finance Director Chris Lucas and corporate and investment banking chief Rich Ricci are also forgoing bonuses this year.
[March 7]The Feb. 27 letter to U.S. District Judge Naomi Reice Buchwald in Manhattan was made public yesterday and is the first public acknowledgment by the Justice Department of the criminal investigation of benchmark lending rates such as the London interbank offered rate, known as Libor.
Buchwald cited the letter at a March 1 hearing in which she denied a request for documents related to the investigation by investors suing Credit Suisse Group AG (CSGN), Bank of America Corp. and other companies over claims they artificially suppressed Libor.
“The Department of Justice is conducting a criminal investigation into alleged manipulation of certain benchmark interest rates,” including those for “several currencies” on the Libor exchange, according to the letter signed by lawyers from the fraud section of the Justice Department’s criminal division and its antitrust division.
UBS traders and cash brokers conspired to influence the Yen London interbank offered rate from 2007 to 2010 to profit on interest-rate derivatives linked to the benchmark. Regulators worldwide are investigating whether banks attempted to manipulate the London, Tokyo and euro interbank offered rates, known as Libor, Tibor and Euribor. The lender is the cooperating party referred to by Canada’s Competition Bureau in court papers filed by the regulator with the Ontario Superior Court in May. UBS has also suspended a number of employees including Yvan Ducrot, co-head of rates, and Holger Seger, global head of short-term interest rates trading,ubs

[February 9]Japan’s regulators said Citigroup traders engaged in “seriously unjust and malicious” conduct in the first findings as authorities in Asia, Europe and the U.S. conduct widening inquiries into whether employees at some of the world’s biggest banks sought to manipulate the London, Tokyo and euro interbank offered rates, known as Libor, Tibor and Euribor, respectively. The rates were used by investors to gauge the ability of firms to borrow money at the height of the 2008 credit crisis and can play a key role in derivatives trades. Regulators are investigating whether rate bids were low- balled during the financial crisis, if traders at banks and hedge funds sought to influence rate-setters to profit on interest-rate derivatives and whether traders received advanced word about which direction rates would move, the FT reported, without saying how it got the information.
[10 February]Traders at different banks appeared to be trying to influence the movement of Libor and similar benchmarks to profit from derivatives tied to the rates, citing information submitted to regulators. According to people familiar with the probe, the CFTC is examining whether traders placed bets on future yen and dollar rates and colluded with bank treasury departments, who help set the Libor index, to move the rates in their direction. It is also looking at whether some banks lowballed their Libor submissions to make themselves appear stronger.

All 16 banks on the London panel in 2007 and 2008 have received information requests. The investigation is being handled by the U.S. Securities and Exchange Commission, U.S. Commodity Futures Trading Commission, U.S. Department of Justice, Japan’s Financial Supervisory Agency and the U.K. Financial Services Authority. European Union antitrust regulators and the Swiss Competition Commission are also examining Libor rates. Credit Suisse Group AG, Bank of America Corporation, J.P. Morgan Chase andamp; Co., HSBC Holdings plc, Barclays Bank plc, Lloyds Banking Group plc, WestLB AG, UBS AG, Royal Bank of Scotland Group plc, Deutsche Bank AG, The Norinchukin Bank, and Citibank, N.A., have been named in two separate class actions alleging fraud and the manipulation of LIBOR Rates and Exchange Traded LIBOR Based Derivatives.

michelle williams 18

Michelle Williams and Mark Wahlberg in”All the Money in the World”

 

Mark Wahlberg was paid $1.5 million for reshooting his scenes in All the Money in the World, while Michelle Williams was paid an $80 per diem totaling less than $1,000.
Wahlberg’s team negotiated $1.5 million for his reshoots. Williams wasn’t told.
Wahlberg and Williams are both represented by the William Morris Endeavor agency. Actors pay a team of agents, managers and lawyers an average of 10% of their salaries to advocate for them.
RIDLEY SCOTT: “The whole reshoot was — in normal terms was expensive but not as expensive as you think. Because all of them, everyone did it for nothing.”
USA TODAY: “Really?”
SCOTT: “No, I wouldn’t get paid, I refused to get paid.”
USA TODAY: “You didn’t pay the actors more to do it?”
SCOTT: “No, they all came in free. Christopher [Plummer] had to get paid. But Michelle, no. Me, no. I wouldn’t do that to — ”
USA TODAY: “The crew, of course, did get paid?”
SCOTT: “Of course. ”

 

[December 11 2017 Michelle Williams Golden Globe nomination 2018 ]

Golden Globe nominations 2018

Best Performance by an Actress in a Motion Picture – Drama:
Jessica Chastain, “Molly’s Game”
Sally Hawkins, “The Shape of Water”
Frances McDormand, “Three Billboards Outside Ebbing, Missouri”
Meryl Streep, “The Post”
Michelle Williams, “All the Money in the World”

[July 18 filming in Rome ]

michelle2bwilliams2bwas2bspotted2bat2ba2bfood2bmarket2bin2brome2bwearing2bwhite2bjeans252c2ba2bpatterned2bshirt2band2ba2bchic2bstraw2bbag

Marketing in Rome in July where she is filming All The Money In The World,

Shooting in July on the Los Angeles set, Waterston, known for her performances in Paul Thomas Anderson‘s “Inherent Vice” and the recent “Alien: Covenant” will be playing the mother of 12-year-old Stevie, as he navigates his way through the heady skateboard scene that has no shortage of drugs, drinking, sex and more, all while coming of age.

[July 6]

michelle-williams-dating-boyfriend-rome-photos-06

When All the Money in the World was in development Angelina Jolie was offered the lead female role of Gail Harris but declined. When the project was officially announced & greenlighted, Natalie Portman had been offered the Gail Harris role. However, she declined it as she just gave birth to her second baby and Michelle Williams was cast instead.   The potentially harrowing crime drama, which is currently shooting in Rome, stars Kevin Spacey as oil billionaire J. Paul Getty, who was reluctant to pay the ransom demanded by Italian kidnappers for his grandson; Michelle Williams as Gail Harris, the kidnapped teenager’s mother; Mark Wahlberg as the ex-cia negotiator brought on board to help negotiate; and rising star Charlie Plummer in the role of J. Paul Getty III whose ear was cut off to coerce the family into paying.

In 2013, Joel Edgerton was set to star in The Double Hour, a remake of the Italian film The Double Hour (2009), alongside Michelle Williams, but the project fell apart.

[May 29 2013 Michelle Williams takes Rappaport role in remake ]

doublehour-michellewilliams-joshuamarston-360x240

played chambermaid

played chambermaid

Michelle Williams, as chambermaid, and Joel Edgerton will star in the indie remake of Italian thriller “The Double Hour,” with “Maria Full of Grace” helmer Joshua Marston directing from his own script.

Screenshot 2018-01-09 at 9.58.01 AM

Jared Kushner’s association with Deutsche Bank is among a number of financial matters that could come under focus as his business activities are reviewed by special counsel Robert Mueller, who is examining Kushner as part of a broader investigation into possible Russian influence in the election.
One month before Election Day, Kushner’s real estate company finalised a $285 million loan as part of a refinancing package for its property near Times Square in Manhattan.
The loan came at a critical moment. Kushner was playing a key role in the presidential campaign of his father-in-law, Donald Trump. The lender, Deutsche Bank, was negotiating to settle a federal mortgage fraud case and charges from New York state regulators that it aided a possible Russian money-laundering scheme. The Deutsche Bank loan was delivered just before the bank – which has long been under investigation by federal and state authorities – agreed to pay a $7.2 billion US penalty in December for mortgage securities fraud in its packaging of residential mortgages. The bank also paid a $425 million New York state fine in January for failing to properly track large transfers from Russia.
The Deutsche Bank loan capped what Kushner Cos. viewed as a triumph: It had purchased four mostly empty retail floors of the former New York Times building in 2015, recruited tenants to fill the space and got the Deutsche Bank loan in a refinancing deal that gave Kushner’s company $74 million more than it paid for the property.
The refinancing loan with Deutsche Bank is mentioned in documents filed with the Securities and Exchange Commission as part of a public offering of mortgage-backed securities. It states that Kushner and his brother, Joshua, “will be guarantors” under what was called a “nonrecourse carve-out.” Such guarantees require more than a loan default to kick in. They are commonly known as “bad boy” clauses, a reference to how a lender could seek to hold the guarantor responsible for the debt under circumstances that might include fraud, misapplication of funds or voluntary bankruptcy deemed inappropriate. The terms of the guarantee, which generally are not secured by collateral, are negotiated between lender and borrower.
“The way to look at this is, so long as you’re not a ‘bad boy’ and don’t do anything wrong, you have nothing to worry about,” said James Schwarz, a real estate lawyer who is an expert in such clauses. “To the extent you would do something fraudulent, then you have things to worry about.”
The Deutsche Bank deal was one of the last Kushner orchestrated before joining the White House. It is among the dozens of complex transactions that he was involved with during his decade in the real estate business.
Although Kushner divested some properties in an effort to address potential conflicts, he retains an interest in nearly 90 percent of his real estate properties, including the retail portion of the former New York Times headquarters, and holds personal debts and loan guarantees.
The deal that led to the Deutsche Bank loan is rooted in a holiday party held in late 2014 at the Bowlmor bowling alley, which is located in the retail portion.
At the party, Kushner decided that the four retail floors of the building, while rundown, could be transformed into a thriving tourist destination, according to his associates.
The building passed through several owners after the newspaper sold the property for $175 million in 2004 to Tishman Speyer. Tishman sold it three years later for $525 million to a company called Africa-Israel Investments. (Those transactions prompted Trump a few months ago to poke fun at the Times, tweeting that the “dopes” at the newspaper “gave it away.”)
Africa-Israel’s decision to purchase the building was made by its chairman, an Uzbek-born Israeli citizen, Lev Leviev. He is one of the world’s wealthiest men, known as the “King of Diamonds” for his extensive holdings in Africa, Israel and Russia. He was then expanding his real estate holdings in New York City.
Leviev told the New York Times shortly after the building’s purchase that he was a “true friend” of Russian President Vladimir Putin, largely through his work with an influential Jewish organisation in the former Soviet Union. The newspaper wrote that he kept a photo of Putin in his office in Israel. Leviev’s company said in a statement to The Post that Leviev “does not have a personal relationship” with Putin but has met him “on a few occasions.” Leviev’s statement said he was referring to his belief that “Mr Putin has been a ‘true friend’ to the Jewish people in Russia.”
In 2008, a year after the building’s purchase, Leviev invited Trump to his Madison Avenue store, an ultra-high-end establishment called Leviev Jewelry, where they were photographed together, according to the Leviev statement. Leviev hoped to work with Trump on Moscow real estate deals, according to an article in Kommersant, a Russian newspaper. The Leviev statement said that the two “never had any business dealings with one another, contrary to speculation.”
Six years later, Kushner saw an opportunity for his own company.
Leviev, whose company was having financial difficulties, according to an Israeli press account, sold the building’s 12-floor office portion for $160 million, a transaction that did not involve the four retail floors.
Leviev’s daughter, Chagit, took charge of her father’s US subsidiary and set out to find a buyer for the retail portion of the building. The company said it would entertain offers no lower than $300 million.
Kushner’s company offered $265 million, which was rejected. Kushner himself then negotiated with Chagit Leviev and others in 2015 and succeeded with a $296 million offer, according to an official involved in the matter. “It was a very hard back-and-forth New York negotiating style,” said Kushner’s broker, Lon Rubackin. Leviev’s partner in the deal, Five Mile Capital, did not respond to a request for comment.
Few knew it at the time, but the negotiations had nearly consummated when Kushner and his wife, Ivanka Trump, ran into Chagit Leviev on May 4, 2015, at an after-party for a Metropolitan Museum of Art gala – an encounter that was memorialised in a picture posted on Instagram.
“Such a pleasure seeing @jaredckushner and his stunningly beautiful wife @ivankatrump last night [at] the #metballafterparty,” Chagit Leviev wrote.
The deal was signed a week later and closed in October 2015. The Leviev company said in a statement to The Post that Kushner simply made the highest offer and “there was no political element to the transaction.”
Kushner took over a property that was only 25 percent leased, according to a company official. His company recruited tenants, offering some a year’s free rent to lock in long-term contracts, according to an SEC filing. As a result, the building was nearly fully leased, with higher rents, including new tenants such as National Geographic.
The strategy paid off when Kushner’s company went to Deutsche Bank for refinancing. An appraisal cited in SEC filings for the package of mortgage-backed securities placed the value at $470 million, a 59 percent increase in a year. The bank declined to release the appraisal, but a person involved in the deal said that such a rapid increase was unusual when New York real estate was rebounding from recession, and credited Kushner for finding stellar tenants.
In a statement, Kushner Cos. President Laurent Morali said the property’s value increased sharply “for a simple reason: the building’s dramatic turnaround. We had a vision for the property when we purchased it that no one else had, and are proud to say that we executed on it.”
Kushner’s company took out $370 million in new loans in October 2016, giving it $74 million more than the purchase price a year earlier. Along with $285 million from Deutsche Bank, Kushner’s firm received $85 million from SL Green Realty, where Kushner had once worked as an intern. SL Green spokesman Rick Matthews said the deal made sense because the building has been mostly leased, giving it “increased value.”

[January 4 Preet Bharara was fired and Prevezon case was dropped. Trump helping Russians? ]

Prevezon is a holding company with links to Russian elites that has been accused of laundering hundreds of millions of dollars through New York City real estate. It’s also part of Hermitage Capital, an investment fund that was being investigated by Magnitsky (the Russian lawyer who was killed in a Moscow prison in 2009) more than 10 years ago.
Several months after Trump takes office, the Prevezon case is dismissed. So what happened? The U.S. attorney was carefully preparing a case against Prevezon Holdings. They were all set to go forward, and then suddenly the case was settled. Prevezon’s own lawyers were kind of shocked. We know they paid something like $6 million, which is a fraction of what the lawsuit was about. So they were extremely happy about it.
But it’s not even necessary for him to have any direct connections here. They’re only asking for some relief in this case, in return for certain compromising documents. So the interesting thing for me [Seva Gunitsky, politics professor at the University of Toronto] is, was there pressure placed on the U.S. Attorney’s Office by the administration, by the Department of Justice? What we know is that Preet Bharara, the attorney in charge of the case, was fired in early March, and shortly thereafter the Prevezon case was dropped.

Congressional Democrats have openly expressed concerns about what happened here. They want to know why it was settled so quickly. Was pressure being applied from above? In any case, we can see the possible motivations of the people approaching Trump for favors. When I say the collusion starts with financial interests, this is what I mean.

It’s not that obstructing democracy wasn’t important; it’s that it was potentially a happy byproduct of these financial relationships.

I’m not saying the political dimension is unimportant — surely it is. But if we’re talking about the roots of the collusion, we have to look at where Trump’s links with Russia begin. And it begins with money. [These roots] don’t start with the election; they start with money, and namely Russian oligarch money. This doesn’t start with the election; it starts with Russian oligarch money pouring into Trump’s real estate and casino businesses. Many of them Trump has been working with for years, well before he developed any serious political ambitions. And we’re not talking about small change here; we’re talking about hundreds of millions of dollars. Possibly even enough to keep Trump out of another bankruptcy.

We know because they’ve told us. We can talk about specific cases in a minute, but Donald Trump Jr. has already admitted the importance of Russian money to their business ventures. He said publicly in 2008 that “Russians make up a pretty disproportionate cross-section of a lot of our assets. We see a lot of money pouring in from Russia.” It doesn’t get much clearer than that.

[January 4 Fire and Fury Deutsche Bank ]

Stephen Kevin Bannon,media executive, political activist, and former investment banker, speaking to author Michael Wolff, “It’s as plain as a hair on your face.”

Last month it was reported that federal prosecutors had subpoenaed records from Deutsche Bank, the German financial institution that has lent hundreds of millions of dollars to the Kushner property empire. Bannon continues: “It goes through Deutsche Bank and all the Kushner shit. The Kushner shit is greasy. “
Fire and Fury: Inside the Trump White House,

[ December 5 2017 Learn money laundering via Trump ]

[August 21]

trump20tower20batumi

Robert Mueller has assembled a team of sixteen lawyers. One of them is fluent in Russian, and five have extensive experience investigating and prosecuting cases of money laundering, foreign corruption, and complex financial conspiracies. The path from Trump to Putin, if one exists, might be found in one of his foreign real-estate deals.
A stalled 2011 plan to build a Trump Tower in Batumi, a city on the Black Sea in the Republic of Georgia, has not received much journalistic attention. The deal, for which Trump was reportedly paid a million dollars, involved unorthodox financial practices that several experts described to me as “red flags” for bank fraud and money laundering; moreover, it intertwined his company with a Kazakh oligarch who has direct links to Russia’s President, Vladimir Putin. As a result, Putin and his security services have access to information that could put them in a position to blackmail Trump. (Sekulow said that “the Georgia real-estate deal is something we would consider out of scope,” adding, “Georgia is not Russia.”)

The developer that had paid Trump and invited him to Georgia—a holding company known as the Silk Road Group—had been funded by a bank that was enmeshed in a giant money-laundering scandal.

Trump Tower Batumi was going to be funded not by Trump but by businesses with ties to Kazakh oligarchs, including Timur Kulibayev, the son-in-law of Kazakhstan’s autocratic ruler, Nursultan Nazarbayev, and a close ally of Putin.

The Financial Action Task Force, headquartered in Paris, is led by representatives from thirty-seven nations. In 2007, the task force issued a report about the use of real-estate projects for money laundering. The report makes note of several red flags. It warns of “complex loans” in which businesses “lend themselves money, creating the appearance that the funds are legitimate.” It also warns of the use of offshore shell companies and tangled corporate legal structures, especially those in which third parties are hired to administer a company and conceal its true ownership. These intertwined companies can then trade property among themselves, in order to create inflated valuations: “An often-used structure is, for example, the setting up of shell companies to buy real estate. Shortly after acquiring the properties, the companies are voluntarily wound up, and the criminals then repurchase the property at a price considerably above the original purchase price. This enables them to insert a sum of money into the financial system equal to the original purchase price plus the capital gain, thereby allowing them to conceal the origin of their funds.”
The report states that money launderers often find that “buying a hotel, a restaurant or other similar investment offers further advantages, as it brings with it a business activity in which there is extensive use of cash.” Casinos—like the one planned for the Trump Tower Batumi—are especially useful in this regard. The casino was to be owned by the Silk Road Group and its partners.
Alan Garten, the chief legal officer for the Trump Organization, declined to describe the due diligence behind the Batumi tower. When the deal was signed, the general counsel for the Trump Organization was Jason Greenblatt, who is now President Trump’s envoy to negotiate Middle East peace. (The White House declined to comment for this story, referring me instead to Sekulow, Trump’s lawyer, who also declined to discuss the specifics of the Batumi deal.)

Ross Delston, a prominent anti-money-laundering attorney in Washington, D.C., told me that, if one of his clients approached him with the possibility of entering a licensing relationship with the people involved in the Batumi deal, he “would tell him not to walk away but to run away—to run like hell.” He explained, “There are too many aspects of the deal that don’t make sense, and there’s no way, as an outsider, that you could conduct sufficient due diligence to figure out if it is criminal.”
So many partners of the Trump Organization have been fined, sued, or criminally investigated for financial crimes that it is hard to ascribe the pattern to coincidence, or even to shoddy due diligence. In criminal law, there is a crucial concept called “willful blindness”: a person can be convicted of a crime even if he was unaware of certain aspects of the crime in which he was engaged. In U.S. courts, judges routinely explain to juries that “no one can avoid responsibility for a crime by deliberately ignoring what is obvious.” (When the Trump Organization cancelled the Batumi deal, it noted that it held the Silk Road Group “in the highest regard.”)

http://www.newyorker.com/magazine/2017/08/21/trumps-business-of-corruption

[June 5 2016 Hank Greenberg can be sued for hiding insurance company’s losses]

AIG Broadway

American International Group

The New York Court of Appeals ruled that state officials can try to recover millions of dollars in bonuses and interest from Former American International Group CEO Maurice “Hank” Greenberg , 91, and his co-defendant, Howard Smith, 71, former AIG chief financial officer.In 2005, then-Attorney General Eliot Spitzer accused Greenberg and Smith of using fraudulent transactions to hide the insurance company’s losses and mislead investors about its financial condition.

Greenberg’s lawyer, David Boies, later tried to get the charges dismissed, arguing that a $115 million settlement between AIG executives such as Greenberg and a group of shareholders should have ended the case. But the court rejected that argument and ordered the trial to proceed. More than $55 million may be at stake. In addition, the court said the state could seek to ban Greenberg and Smith from the securities industry and from serving as officers or directors of public companies. The U.S. government in a separate case last August appealed a judge’s ruling that sided with Greenberg on a legal claim over AIG’s bailout and found that the Federal Reserve exceeded its authority in the insurer’s bailout.
The case centers on a transaction with General Re, a unit of Warren Buffett’s Berkshire Hathaway. The New York suit claims Greenberg orchestrated a $500 million transaction that boosted loss reserves without transferring risk. A second transaction, with Capco Reinsurance Co, allegedly hid a $210 million underwriting loss in an auto-warranty program
The People of the State of New York by Eric T. Schneiderman v. Maurice R. Greenberg

[April 4 Americans in Panama Papers: ‘Wait. Just look at what’s coming…’ ]

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Americans later

Jen Mills for Metro.co.uk   But weirdly, considering it’s the world’s largest economy, there was nobody from the USA   .Stefan Plöchinger, digital editor of German newspaper Süddeutsche Zeitung which obtained the leaks, shot out this teaser earlier today, saying: ‘Wait. Just look at what’s coming…’

[August 17 2015 Carlos Hank Rhon and Banamex under DoJ subpoenas ]

Justice Department is examining anti-money laundering practices at Banco Nacional de Mexico, Citigroup’s Mexico unit known as Banamex, to see if any of its clients were involved in money laundering, Justice wanted Citigroup (C.N) to provide information on accounts tied to four businesses affiliated with Hank Rhon, two units each of Grupo Financiero Interacciones SA (GFINTERO.MX) and Grupo Hermes SA, which are controlled by Hank Rhon and his family as well as a fifth firm, Banco Monex, that’s not connected to Hank Rhon. Hank Rhon, a businessman involved in banking, construction and heavy industry, is the son of Carlos Hank Gonzalez, a longtime force in Mexico’s ruling party who died in 2001.
more Banamex

Carlos Hank Rhon’s fortune includes assets in the financial, industrial, real estate and transportation industries. His best-known company is bank holding company Grupo Financiero Interacciones, where he and his family own a 74% stake. In 2014 his son, Carlos Hank González, left the company when he became chairman of the board of another banking conglomerate, Grupo Financiero Banorte, in which his mother’s family has a 12% stake. In addition to Interacciones, Hank Rhon owns Grupo Hermes, an industrial conglomerate with interests in construction, infrastructure projects, energy, transportation, tourism and auto dealerships. He is the son of one of Mexico’s best-known politicians, the late Carlos Hank Gonzalez, who held several key government positions including Mexico City mayor, Secretary of Agriculture and governor of his home state of Mexico. [Clear?]
Jorge Hank Rhon (born January 28, 1956) is a Mexican politician, businessman and owner of Mexico’s largest sports betting company, Grupo Caliente. An eccentric and controversial personality, he served from December 2004 to February 2007 as the president of the municipality of Tijuana. He is the son of former Mexico City mayor Carlos Hank González and Guadalupe Rhon.Hank has long been target of diverse rumors and accusations. Tijuana

[August 17 Doral Bank pair charged with $2.35 million wire fraud and money laundering]

 Doral search was being conducted by the white-collar crime unit regarding a federal offense

Doral search was being conducted by the white-collar crime unit regarding a federal offense

Doral could possibly be taken over by the FDIC Friday, people with knowledge of the matter told. A federal grand jury returned a 13-count indictment Feb. 18 charging Defendant Annelise I. Figueroa and Defendant Rolando Rivera Solis with financial institution fraud, misapplication of $2.35 million in bank funds, wire fraud and money laundering.9whavqzz

[December 26 2014 Doral Bank raid connected to 2011 unsolved murder?]
Federal Bureau of Investigation agents entered the Doral Bank’s offices about 8:15 a.m december 23. in San Juan to collect information including computers and documents, the Doral search was being conducted by the white-collar crime unit regarding a federal offense. However, she said she wouldn’t exclude the possibility that the probe may also relate to the 2011 murder of a Doral executive, Maurice Spagnoletti. The raid took place at the bank’s information technology offices in Hato Rey.
Spagnoletti, 56, was shot while driving home from work to the fashionable Condado beach front district in rush-hour traffic in June 2011 after leaving the Bank, in what authorities said was a professional execution. At that time, the man was Executive Vice President of Doral Bank, a position he occupied for six months.
Following the execution of Spagnoletti, his widow and daughter, Marisa and Lucy , respectively, filed a lawsuit civil at the federal level in 2013 for “wrongful death” or death by negligence, involving officers of the Bank, including its President Glen Wakeman. However, they withdrew the demand in January 2014.
In the lawsuit, the relatives of Spagnoletti claimed that he received threats after he found fraudulent bank transactions and advised President Glen Wakeman should dismiss Annelisse Figueroa, who was Executive Vice President of operations together with the head of security Jose Robles and Vice President, Chief compliance and Chief Legal, Enrique Ubarri Baragaño, defendants in the action.

Since 2012, Doral Bank has been operating under a consent agreement with the Federal Deposit Insurance Corp. and parallel sanction by the Federal Reserve Bank of New York, which required the directors to set policies and closely monitor the bank’s financial reporting, among other things, according to the complaint.
But the company ended up surprising investors on March 18 when it said it could not file its Form 10-K report for 2013 on time because it discovered material weakness in its accounting controls, Fair View said in its complaint. The bank subsequently revised its reported loss for the quarter ending Sept. 30 to $2.57 per share from $1.49 a share, it said.
Spagnoletti was president of Greenville-based Carolina First Bank, a subsidiary of The South Financial Group Inc., from April 2006 to June 2008.
fraud

[October 15 Citigroup Inc. fined $2 million in Oceanografía- Banamex]

Luis Robles and Javier Arrigunaga

Luis Robles and Javier Arrigunaga

The Mexican regulator, the CNBV, said October 15 that in its review of Oceanografía’s relationship with Banamex, it found actions that could be considered crimes. it has fined the local unit of Citigroup Inc.a little more than $2 million for failing to prevent an alleged fraud against the bank by a client, oil-services firm Oceanografía.
The regulator also said that Banamex should have had better internal controls in place to prevent such losses.The incident also has led to the departure of high-level employees at the bank, with Citigroup announcing this month that Banamex Chief Executive Javier Arrigunaga had resigned.

[June 30 BNP “perpetrating what was truly a tour de fraud,” pleads guilty]

BNP’s general counsel, Georges Dirani, in a Manhattan court on June 30.

BNP hid the names of Sudanese and Iranian clients when sending transactions through its New York operations and the broader American financial system. In the bank’s Geneva office, “there was policy to strip, amend and omit” information identifying Sudanese clients. “This conspiracy was known and condoned at the highest levels of BNP,” Edward Starishevsky, an assistant district attorney in Manhattan, said in court on Monday when the bank pleaded guilty to one count of falsifying business records and one count of conspiracy. BNP agreed to pay an $8.9 billion penalty

http://www.glassdoor.com/Salary/BNP-Paribas-New-York-City-Salaries-EI_IE10342.0,11_IL.12,25_IM615.htm
[June 21]

French bank BNP Paribas and the U.S. government are close to settling the criminal investigation of the bank for between $8 billion and $9 billion.
According to U.S. prosecutors, the bank conducted at least $30 billion of illegal transactions on behalf of companies and government agencies in Sudan over a period of five years, violating U.S. sanctions. In addition to paying a record fine, the bank is expected to plead guilty to conspiring to violate the International Emergency Economic Powers Act and agree to a temporary prohibition on its ability to conduct transactions in U.S. dollars. Although the fine seems huge compared with those paid by other banks in comparable cases, prosecutors feel that it’s justified because of the severity of the misconduct as well as the fact that BNP didn’t cooperate as fully as the government would have liked.
The bank conducted at least $30 billion of illegal transactions on behalf of companies and government agencies in Sudan over a period of five years, violating U.S. sanctions. In addition to paying a record fine, the bank is expected to plead guilty to conspiring to violate the International Emergency Economic Powers Act and agree to a temporary prohibition on its ability to conduct transactions in U.S. dollars.

[April 30]
A development could produce the first guilty plea to criminal charges from a major bank in more than two decade. A lack of criminal prosecutions of banks and their leaders fueled a public outcry over the perception that Wall Street giants are “too big to jail.” The decision is to seek guilty pleas in two of the most advanced investigations: one into Credit Suisse for offering tax shelters to Americans, and the other against France’s largest bank, BNP Paribas, over doing business with countries like Sudan that the United States has blacklisted. The approach applies to American banks, though those investigations are at an earlier stage.

Preet Bharara, the United States attorney in Manhattan, has opened his own criminal investigations into a fraud at Citigroup’s Mexican affiliate and other American banks. And in the recent speech, Mr. Bharara warned, “You can expect that before too long a significant financial institution will be charged with a felony or be made to plead guilty to a felony, where the conduct warrants it.”

BNP’s shares are down less than 4%–a steep fall, but hardly calamitous. And its CDS have hardly budged, actually trading roughly one basis point tighter, at 64 basis points, according to data provider Markit. So much for banks being too big to indict.

[April 3]

There was valid documentation for $185 million of work, Citigroup said, but Banamex had advanced Oceanografía a total of $585 million. Some of Oceanografía’s invoices, Citigroup said, “were falsified to represent that Pemex had approved them. A Banamex employee processed them.”

There was valid documentation for $185 million of work, Citigroup said, but Banamex had advanced Oceanografía a total of $585 million. Some of Oceanografía’s invoices, Citigroup said, “were falsified to represent that Pemex had approved them. A Banamex employee processed them.”

A criminal investigation, overseen by the F.B.I. and prosecutors from the United States attorney’s office in Manhattan has opened as to whether holes in Citigroup Inc’s internal controls contributed to the fraud in Mexico. The question for investigators is whether Citigroup — as other banks have been accused of doing in the context of money laundering — ignored warning signs.
At Citigroup’s Grupo Financiero Banamex, Oceanografía became one of Banco Nacional de Mexico (Banamex)’.s largest corporate clients.
Under a short-term lending arrangement, Banamex would advance money to Oceanografia SA de CV, whose existence hinged almost entirely on government contracts. Banamex issued the loans with the understanding that Oceanografía had received contracts from Petróleos Mexicanos (Pemex), the state-owned oil monopoly. Once the work was completed, Pemex would repay the loan to Banamex.
Oceanografía’s financial problems became apparent in January 2014, when it announced that it would not be able to pay interest on a debt of $335 million contracted in 2008. Mexican authorities suspended Oceanografía from obtaining additional government contracts for several months. Shortly after, Banamex discovered a fraud.
There was valid documentation for $185 million of work, Citigroup said, but Banamex had advanced Oceanografía a total of $585 million. Some of Oceanografía’s invoices, Citigroup said, “were falsified to represent that Pemex had approved them. A Banamex employee processed them.”
Banamex accounts for 13 percent of Citigroup’s revenue.
At first glance, Citigroup appeared to be the victim of the fraud involving the Mexican oil services company Oceanografía. After all, the bank lost millions of dollars.
But the F.B.I. and prosecutors are questioning whether Citigroup was equal parts victim and enabler.
For one, it is unclear whether the wrongdoing at Citigroup was actually limited to a single Banamex employee, as early reports indicated. The authorities are investigating whether the scheme involved co-conspirators at the bank’s offices in the United States.
Banamex, acquired in 2001, is the biggest unit in Citigroup’s Latin America operations, which account for about 20 percent of total revenue. Profit at the subsidiary almost quintupled in the past decade, burnishing its reputation as well-managed and shielding the Mexico City-based bank from corporate interference.
The fraud allegations and a disclosure this week that Banamex USA received subpoenas in the U.S. related to money laundering now tarnish the unit’s image. The probes also could put pressure on Citigroup co-President Manuel Medina-Mora, whose job includes oversight of Mexican operations, and Banamex Chief Executive Officer Javier Arrigunaga, 50.

[September 15 2011]

Kweku Adoboli, a 31-year old trader on UBS’ exchange-traded-fund desk in London, has been arrested by City of London police in connection with rogue trading that has cost the Swiss banking giant an estimated $2bn (£1.3bn). The landlord at Mr Adoboli’s former £1,000-a-week apartment in Shoreditch, east London, described him today as a “nice guy”. a trader on UBS’ exchange-traded-fund desk in London. His title is listed as “Director ETF and Delta1 Trading at UBS Investment Bank.”

Investment banks’ Delta One operations trade securities that attempt to track an asset closely. Details are not yet known about what Adoboli traded.

Delta One can be considered the last domain of prop trading in the banking sector, where via market-making activities, traders can still get away with taking ample risks.

This is one of the few divisions in the banking community which is still hiring.

 

Things are looking down: Harvey Weinstein (above) was photographed on Thursday afternoon in Arizona, standing on the edge of what looked to be a parking garage

Harvey in AZ January 4 afternoon

[December 2 2010 Applehead Pictures Deal Affirmed]

picture13375478249164

A New York appeals court says Revlon cosmetics magnate Ronald Perelman owes more than $3 million to a movie production company he started with ex-wife Ellen Barkin. The ruling Thursday upholds a lower court decision.
The actress and Perelman divorced in 2006. During the marriage, the couple and Barkin’s brother George launched Applehead Pictures. A decision by the state Appellate Division says the billionaire Revlon head has to fork over the $4.3 million he agreed to pay the “Sea of Love” star’s production company, despite his contentions that he didn’t have to because she’d violated their divorce deal.
In a unanimous decision, the appeals court said the agreements Perelman signed with Barkin and her production company are completely separate – and there’s no evidence she violated the divorce agreement anyway.