Article: BLM Threatens Legal Action Against One Of Their Own Activists After Call For Probe Into Finances

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BLM Threatens Legal Action Against One Of Their Own Activists After Call For Probe Into Finances

TYLER DURDEN, 15 April 2021

As we highlighted yesterday, Hawk Newsome, who heads up a Black Lives Matter group in Greater New York City, made the call for an investigation, telling the New York Post “If you go around calling yourself a socialist, you have to ask how much of her own personal money is going to charitable causes.”

Newsome said “black firms and black accountants” should conduct an audit on BLM Global Network Foundation to “find out where the money is going.”

“It’s really sad because it makes people doubt the validity of the movement and overlook the fact that it’s the people that carry this movement,” Newsome added. Continue reading “Article: BLM Threatens Legal Action Against One Of Their Own Activists After Call For Probe Into Finances”

Article: The Big Texas Shootout: Where Did The Deep Freeze Money Go?

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The Big Texas Shootout: Where Did The Deep Freeze Money Go?

Llewellyn King, 15 March 2021

The shootout is a deeply revered piece of Texas mythology, even though the most famous shootout of all was in Arizona at the O.K. Corral. In fact, only half a dozen public disputes which were settled with the gun took place in Texas, but the myths endure and are cherished.

A shootout of another type has started in Texas — one which will last longer than any brief gunplay and will substitute legal briefs for bullets. This dispute is over the exorbitant charges for power generated during the mid-February deep freeze.

The first to draw was Brazos, the state’s oldest and largest electric power cooperative, which filed for bankruptcy. Some think it will be the first in a long column. Then Denton, the municipally owned utility, sued the Texas grid manager, the Electric Reliability Council of Texas (ERCOT), contesting a $200-million electric charge during the winter storm.

On March 12, San Antonio’s CPS Energy, the largest municipally owned utility in Texas, drew a bead on ERCOT and fired off a number of heavy rounds in a complaint that pitted the otherwise progressive and low-key utility against ERCOT.

‘Illegal Wealth Transfers’
The complaint, filed in the District Court of Bexar County, seeks immediate and permanent injunctive relief. It states: “CPS Energy sues ERCOT its officers and directors, who are presiding over one of the largest illegal wealth transfers in the history of Texas.”

The lawsuit states that CPS Energy plans to conduct discovery under the Texas civil code and its purpose is to protect its customers from “excessive and illegitimate power and natural gas costs.”

CPS Energy President and CEO Paula Gold-Williams said at a press conference, “We are fighting to protect our customers from the financial impacts of the systemic failure of the ERCOT market, and the outrageous and unlawful costs associated with that failure.”

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Article: Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation

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Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation

Ben Butler, 23 September 2020

Westpac has agreed to pay a record penalty of $1.3bn to settle legal action over money laundering and child exploitation allegations levelled against it by the financial intelligence agency, Austrac.

The $1.3bn figure is $400m more than the $900m the bank had previously set aside as an estimate of the penalty it would have to pay and comes after the bank said an additional 250 customers made transactions consistent with child exploitation – a dramatic increase on the 12 over which the regulator originally took action.

In a further concession to Austrac, Westpac has also agreed to additional contraventions of anti-money laundering and counter-terror finance laws, the company told the stock exchange on Thursday. Continue reading “Article: Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation”

Article: HSBC scandal further erodes credibility of UK banking industry

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HSBC scandal further erodes credibility of UK banking industry

AFP, 22 July 2012

London: A scandal erupting at Europe’s biggest bank HSBC has added to concerns over the state of Britain’s financial sector amid the Barclays rate rigging affair and as the industry faces a major shake-up.

HSBC last week apologised and its head of compliance David Bagley resigned after US lawmakers accused the London-based bank of failing to apply anti-laundering rules, benefitting Iran, terrorists and drug dealers.

The HSBC affair follows hot on the heels of the Libor interest rate rigging scandal that has brought down top executives at Britain’s Barclays bank — most notably its chief executive Bob Diamond and chairman Marcus Agius.

Regulators are reportedly investigating HSBC, as well as Credit Agricole, Deutsche Bank and Societe Generale, over alleged manipulation of the Libor rate after Barclays was recently fined £290 million (Dh1.66 billion) over the affair.

Britain’s financial regulator, the Financial Services Authority (FSA), has said its Libor probe is looking at seven groups, which are not only British institutions.

Bank of England governor Mervyn King has meanwhile proposed that central bank governors and regulators discuss Libor reform at their upcoming meeting in Basel, Switzerland, on September 9.

Barclays has admitted attempting to manipulate the Libor and Euribor rates between 2005 and 2009.

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Article: Credit Suisse Is Accused of Defrauding Investors in 4 Resorts

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Credit Suisse Is Accused of Defrauding Investors in 4 Resorts

Jim Robbins

New York Times, 4 January 2010

Investors at four high-end resorts have filed a class-action lawsuit against Credit Suisse and the real estate services company Cushman & Wakefield, contending that they conspired to inflate the value of the properties so they could take them over.

The suit, outlined in an 84-page complaint filed Sunday in federal court in Boise, Idaho, details what it calls a sweeping loan-to-own scheme. Credit Suisse, according to the complaint, raked in huge fees on loans against the properties, which it syndicated and sold to hedge fund managers. If the resorts could not pay back the hundreds of millions of dollars in loans, based on the inflated values, Credit Suisse could either assume ownership as the agent for the creditors or sell the resorts.

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Article: $24 billion lawsuit filed against Credit Suisse

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$24 billion lawsuit filed against Credit Suisse

Rebecca Boone

The Seattle Times, 4 January 2010

Property owners at four struggling and bankrupt resorts in Idaho, Montana, Nevada and the Bahamas have filed a $24 billion federal lawsuit against Credit Suisse Group, saying the banking giant gave predatory loans to the resorts’ investors as part of a scheme to take over the properties.

Property owners at Idaho’s Tamarack Resort, the Yellowstone Club in Montana, Nevada’s Lake Las Vegas resort and the Ginn Sur Mer Resort in the Bahamas contend that Credit Suisse set up a branch in the Cayman Islands to skirt U.S. federal bank regulations and appraised the resorts at artificially inflated values as part of a plan to foreclose.

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