Grabfest

U.S. seeking $6 billion from JPMorgan to settle mortgage claims

"U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. The FHFA litigation is among a raft of legal issues JPMorgan is trying to work through in addition to investigations over its $6.2 billion 'London Whale' derivatives loss of last year. The FHFA, which oversees Fannie Mae and Freddie Mac, sued JPMorgan over some $33 billion of securities two years ago and also sued at least 16 other financial institutions. Fannie Mae and Freddie Mac were seized by the government in 2008 and received $187.5 billion to stay afloat." Continue reading →

Continue ReadingU.S. seeking $6 billion from JPMorgan to settle mortgage claims

JP Morgan fines may hit $600 million

"JP Morgan's penalties to resolve various probes of the 'London whale' trading fiasco are expected to total $500 million to $600 million, according to people close to the situation. US and UK officials for months have been considering the possibility of a global settlement that would resolve all the probes at once, said another person familiar with the matter. Exact terms aren't known and no final decisions have been reached. Any settlement might include the filing of civil charges alleging that JP Morgan failed to supervise adequately former traders responsible for the bets and lacked sufficient controls to prevent an alleged cover-up of the losses, people close to the investigations said." Continue reading →

Continue ReadingJP Morgan fines may hit $600 million

A Finicky Thief of the Finest Silver Is Arrested Again

"Even before someone carefully removed a windowpane from a secluded Buckhead home here one rainy June night and slipped away with a 1734 silver mug that had belonged to George II, it was clear to detectives that a meticulous thief with a singular obsession was stealing the great silver pieces of the Old South. For months, exquisite sterling silver collections had been disappearing, taken in the dead of night from historic homes in Charleston and Belle Meade, Tenn. The police did not at first connect the thefts, some of which initially went unnoticed even by the owners. But as the burglaries piled up, a retired New Jersey detective watching reports on the Internet recognized a familiar pattern." Continue reading →

Continue ReadingA Finicky Thief of the Finest Silver Is Arrested Again

‘Robin Hood’ band of ‘left-wing activists’ nabs school supplies from shop

"A Robin Hood-style band of Spanish left-wing activists openly stole cart-loads of school supplies from a supermarket on Friday, promising to distribute them to needy children. More than 200 members of the Sindicato Andaluz de Trabajadores (Andalusian Union of Workers) emerged from a Carrefour supermarket in the southern city of Seville pushing about 10 shopping carts brimming with exercise books, pens, felt-tips and dictionaries. They loaded the back-to-school supplies into vans and left. School materials 'expropriated' this time would be given to needy families in the next few days, the union said in a statement, describing it as a 'symbolic act for equal opportunity'." Continue reading →

Continue Reading‘Robin Hood’ band of ‘left-wing activists’ nabs school supplies from shop

Fast food workers strike in 50 cities to demand wages of $15/hour, right to unionize

"The protest movement first began in New York last November with a strike by 200 workers but quickly spread across the country with strikes in July taking place in Chicago, Detroit, Flint, Kansas City, Milwaukee and St Louis. On Thursday organizers said the strike will hit some 1,000 major fast-food restaurants, including Burger King, Wendy’s, Taco Bell, Pizza Hut and KFC. 'Hold the burgers, hold the fries, make worker wages supersize!' read a tweet from Fight for 15, a workers organizing committee. 'Many of these workers have children and are trying to support a family,' said Mary Kay Henry of the Service Employees International Union, which is supporting the strike." Continue reading →

Continue ReadingFast food workers strike in 50 cities to demand wages of $15/hour, right to unionize

South African labor unrest spreads, gold, construction strikes loom

"Tens of thousands of construction workers prepared to down tools next week and unions in the gold sector also signaled their intention to call a strike over wages. NUM represents about 64 percent of the roughly 140,000 miners in the South African gold industry, where major operators include AngloGold Ashanti, Gold Fields, Harmony and Sibanye Gold. Seshoka also announced that NUM's 90,000 members in the construction industry would go on strike from Monday. South Africa's faltering economy is already losing an estimated $60 million a day to a strike by 30,000 workers in the car manufacturing sector that accounts for 6 percent of gross domestic product." Continue reading →

Continue ReadingSouth African labor unrest spreads, gold, construction strikes loom

Candy maker Hershey pays $4 million for price-fixing

"US candy maker Hershey on Friday pleaded guilty to participating in a chocolate price-fixing scheme and paid a CAN$4 million (US$4.2 million) fine. The company entered the plea at the Ontario Superior Court and, according to the Competition Bureau of Canada, received lenient treatment in exchange for its cooperation in an antitrust investigation. Earlier this month, Canadian authorities also charged Nestle, Mars and a network of independent wholesale distributors in the case after a whistle-blower tipped authorities to the scheme. The alleged price-fixing involved popular brands such as Kit Kat, Coffee Crisp, Aero, Twix, Snickers, Bounty and M&Ms." Continue reading →

Continue ReadingCandy maker Hershey pays $4 million for price-fixing

Oil and gas drillers use complex schemes to stiff retired landowners for royalties

"From Pennsylvania to North Dakota, a powerful argument for allowing extensive new drilling has been that royalty payments would enrich local landowners, lifting the economies of heartland and rural America. The boom was also supposed to fill the government’s coffers, since roughly 30 percent of the nation’s drilling takes place on federal land. Over the last decade, an untold number of leases were signed, and hundreds of thousands of wells have been sunk into new energy deposits across the country. But manipulation of costs and other data by oil companies is keeping billions of dollars in royalties out of the hands of private and government landholders." Continue reading →

Continue ReadingOil and gas drillers use complex schemes to stiff retired landowners for royalties

Attorney General hits up Donald Trump for donations while probing his school

"Attorney General Eric Schneiderman’s campaign hit up Donald Trump and his pals for contributions while he was investigating the real-estate mogul’s for-profit trade school for illegal business practices. The investigation began in May 2011 and, for more than two years, Trump aides claim Schneiderman’s office told them the case was 'very weak' and would 'go away.' While the probe was under way, Trump aides said their boss, his family and his associates were repeatedly approached for thousands of dollars in campaign donations by Schneiderman’s political operation. Trump aides say now they’re being informed Schneiderman’s office is filing a civil suit against the school." Continue reading →

Continue ReadingAttorney General hits up Donald Trump for donations while probing his school

German beer brewers in decades-long price fixing scandal

"Bosses of large breweries in the country have admitted to investigators that a number of firms arranged to raise prices of their premium beer brands, according to reports in German magazine Focus. Until now, it was believed the price-fixing arrangements spanned only a two-year period from 2006 to 2008. Documents seen by Focus reveal that during an interrogation in January, Volker Kuhl, head of the Veltins brewery, said large breweries would pass the price-rising agreements along to smaller producers. The companies involved now face fines in the hundreds of millions of euros, Focus reported." Continue reading →

Continue ReadingGerman beer brewers in decades-long price fixing scandal