The former director of Citigroup’s collateralized debt obligation structuring group misled investors in the deal at the center of the bank’s proposed $285 million settlement with the Securities and Exchange Commission, an agency lawyer told jurors.
By Kate Faulds, a solicitor specialising in employment law at UK legal firm Shepherd and Wedderburn LLP
The Securities and Exchange Commission charged the U.S. investment banking subsidiary of Japan-based Mizuho Financial Group and three former employees with misleading investors in a collateralized debt obligation (CDO) by using 'dummy assets' to inflate the deal’s credit ratings.
There's not a lot of love around at the moment.
Here we go again.
The trade minister, Lord Green, has been drawn into the HSBC money laundering scandal after Labour warned that he has 'serious questions' to answer about the way the bank laundered money for drug cartels, terrorists and pariah states while he was at the helm.
Written Testimony for Senate Permanent Subcommittee on Investigations July 17, 2012 - Irene Dorner President and CEO; HSBC Bank USA and HSBC North America Holdings, Inc.
The very thought!
Bank of America, shaking off some of the drag caused by faulty mortgages, swung to a second- quarter profit as losses in real estate narrowed and the company set aside less for bad loans.