Episode 183 -- Review of the Deutsche Bank FCPA and Spoofing Fraud Case
Compliance into the Weeds: Deutsche Bank Fined Over Epstein Accounts
Daily Compliance News: March 3, 2020, the Devil’s Advocate edition
On February 7, a group of 30 investors, representing over $1.5 trillion of assets under management, wrote to the CEOs and board chairs of five major European banks “urging them to stop directly financing new oil and gas...more
Jobs Report Friday again. Here’s what we’re watching, including the possibility of scary low numbers thanks to the only-recently-resolved GM strike....more
Ride-hailing giant Uber laid off 350 workers on Monday as part of an ongoing effort to pare costs that now represents 1000 jobs cut since July....more
The announcement itself isn’t a shock, but given the potential players, it’s headline-worthy anyway: the DOJ announced yesterday that it’s officially opening an antitrust probe into Big Tech companies and “whether they had...more
Financial institutions M&A sector trends: payments — H1 2019 and outlook for H2 2019 - CURRENT MARKET - Consistent, very high activity levels. WE ARE SEEING - Demand from keen investors: - Trade...more
We managed to miss Jobs Report Friday because of the holiday break, so here’s the lowdown on a very strong set of numbers—224,000 jobs added—and the seemingly incongruous market reaction to the good news (it’s all about the...more
On May 2, 2019, Judge Colleen McMahon of the Southern District of New York ruled that the government effectively outsourced a portion of its ongoing investigation of LIBOR manipulation at one financial institution (the Bank)...more
Massive pharma news to start the day, with AbbVie announcing that it’s reached a deal to buy Allergan for roughly $63 billion. The tie-up is seen as giving AbbVie a “dominant position in the $8 billion-plus market for Botox...more
Real Property Update - Foreclosure / Paragraph 22: bank failed to introduce sufficient evidence to prove default letter was sent to borrower pursuant to paragraph 22 of the mortgage where bank's witness never testified that...more
Federal regulators moved this week to “ease oversight of Wall Street firms by scaling back two major mechanisms that were imposed to scrutinize big financial companies in the wake of the financial crisis.” ...more
PM May will live to fight another day after surviving Wednesday’s no-confidence vote. But her prospects of getting the controversial Brexit plan through the UK parliament are still poor, at best....more
Deutsche Bank settled with BlackRock and other RMBS investors in New York federal (BlackRock Balanced Capital Portfolio (Fi) v. Deutsche Bank National Trust Company, S.D.N.Y., No. 1:14-cv-09367) and California state...more
Unbowed by personal attacks from the White House, Fed Chair Jerome Powell delivered remarks to the Economic Club of New York on Wednesday that markets used as an excuse to jump nearly 600 points by the closing bell. ...more
In order to comply with European antitrust rulings against it earlier this year, Google announced that for the first time it will begin charging telephone handset manufacturers to install Gmail, Google Maps, and other popular...more
The latest round of big bank stress tests are in, and the Fed has rejected the capital plan of Deutsche Bank and limited the payouts of Goldman Sachs and Morgan Stanley....more
A couple of big-time SCOTUS opinions released yesterday will leave their mark on the financial world— First, the High Court found that internet retailers can be “required to collect sales taxes in states where they have no...more
Coach is looking to appeal to a younger generation (hint, big sales running nearly all the time would help), and it’s decided that buying is the way to go, announcing yesterday that it’s snapping up Kate Spade for $2.4...more
It’s been far from a smooth ride for Uber over the past few weeks. And Friday’s revelation that the ride-sharing company’s been using a tool called “Greyball” to mine and use app data to “deceive the authorities in markets...more
Unfortunately enough for Deutsche Bank, 2017 isn’t starting off much better than the previous year. The German banking giant has agreed to pay a $425 million fine to NY state authorities (and another $204 million to the UK’s...more
The recent US rejection of the TPP will have wide-reaching effects in Asia. Among them is the strong likelihood of 80s-style trade warring between Japan and the US....more
The Journal reported yesterday that more than 6,000 Wells Fargo branches were routinely tipped off to inspections by internal risk monitors, a practice that allowed the bank’s sham-account scandal to go undetected for years....more
Deutsche Bank and the DOJ have put the finishing touches on the deal to resolve the investigation into DB’s role in its sale of toxic RMBS. The bank will fork over $7.2 billion in total, including a $3.1 billion civil penalty...more
Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more
On December 23, 2016, Deutsche Bank AG (“Deutsche Bank“) announced that it had reached a settlement in principle with the United States Department of Justice (“DOJ“) to resolve possible civil claims arising from Deutsche...more
Federal regulators are on the verge of creating a brand new type of banking license specifically for fintech. Called “special purpose national bank charters,” the licenses are intended to enable fintech companies that accept...more