William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

International Financial Law Professor headlines of Aug 22

Posted by William Byrnes on August 22, 2014


Economic Financial Crimes Commission Recovers N5 Billion Oil Subsidy Fund

The Daily Times Nigeria reports, amazingly that an Oil Fraud is being prosecuted. “While underlining the importance the Commission places on transparency and corruption issues in the oil sector, Uwujaren noted that the Commission presently has a full fledged section…

Bank of America Pays $16.65 Billion for Financial Fraud – Total Exceeds $23 Billion

The DOJ has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history ­— to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. Total now over $23 billion.

Former Rabobank LIBOR Submitter Pleads Guilty in Scheme to Manipulate Yen LIBOR

The FBI in a press release discusses the guilty plea by Paul Robson, a citizen of the United Kingdom. According to the press release, “Paul Robson is the second employee at Rabobank, one of the world’s largest banks, to plead…

BOA’s Securities Fraud Settlement with SEC for shifting the risk for toxic waste losses to investors

The Securities and Exchange Commission today announced a settlement in which Bank of America admits that it failed to inform investors during the financial crisis about known uncertainties to future income from its exposure to repurchase claims on mortgage loans.

Credit Suisse Caught up in Espírito Santo Mess

According to numerous stories, it is reported that Credit Suisse helped sell billions of dollars of securities that were issued by offshore investment vehicles and then sold to retail customers of Portugal’s Banco Espírito Santo SA. According to the Wall…

Too Little Bank Reform

In a recent commentary in the Independent, “Bank of England’s Governor, Mark Carney (in his capacity as chairman of the Financial Stability Board), the Senior Supervisor’s Group reported: ‘Firms’ progress toward consistent, timely and accurate reporting of top counterparty exposures…

Standard Chartered Bank Pays $300 Million Penalty For Newest AML Failures, Suspends Dollar Clearing For Hong Kong ‘High Risk’ Clients

Under the order, SCB will suspend dollar clearing through its New York Branch for high-risk retail business clients at its SCB Hong Kong subsidiary; exit high-risk client relationships within certain business lines at its branches in the United Arab Emirates; not accept new dollar-clearing clients or accounts across its operations without prior approval from DFS; pay a $300 million penalty; as well as take other remedial steps.

Is it OK to Pick Up Stock Tips at Alcoholics Anonymous?

McGee breached duties of trust and confidence that he owed to a PHL Y senior executive (the “Insider”) – with whom he had a long-term relationship through Alcoholics Anonymous (“AA”) — by misappropriating material nonpublic information about the merger negotiations from the Insider.

How One “Sack Of S**t” Mortgage-Backed Security Came To Define The Financial Crisis

The history of SACO 2006-8, as told through court documents dating back more than six years, provides a view into how the mortgage-backed security industry was built up and spectacularly collapsed. For JPMorgan, it has become the mortgage-backed security from hell.

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