The U.S. Attorney’s Office in Massachusetts has settled with another banking giant for its role in the financial crisis. The court announced yesterday that will collect a payment of $4.9 billion from The Royal Bank of Scotland Group, resolving federal civil claims that RBS Group’s subsidiaries in the U.S. misled investors in the underwriting and issuing of residential mortgage-backed securities between 2005 and 2008. The penalty is the largest imposed by the Justice Department for financial crisis-era misconduct at a single entity under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which allows the Justice Department to seek civil penalties for violations of criminal statutes. These are allegations only, which RBS disputes and does not admit, and there has been no trial or adjudication or judicial finding of any issue of fact or law. “This resolution – the largest of its kind – holds RBS accountable for defrauding the people … [Read more...] about The Royal Bank of Scotland Pays Settlement for Financial Crisis-Era Misconduct
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Funding Death: Arizona Families Sue Banks for Financing Iranian Attacks on U.S. Soldiers
Part 2 revolves around who paid for those bombs. The U.S. government went after a string of prominent European banks, accusing them of conspiring to launder hundreds of billions of dollars for Iranian interests, knowing some of that money funded terrorism. The banks paid more than $4 billion in fines to U.S. regulators and admitted responsibility rather than face criminal prosecution. Based on those actions, dozens of families of killed or wounded soldiers, soldiers like Ryan Haupt and Robert Bartlett of Arizona sued those banks and the government of Iran. Those lawsuits have not reached trial yet. This is the story of how they came to be. On May 3, 2005, Sergeant Robert Bartlett of Gilbert rode inside an armored Army Humvee traveling along “Route Pluto” on Baghdad’s northern edge. He was a sniper. His Army squad headed to its third mission of the day to clear an area of threats. As the Humvee approached a security barrier along the palm-lined road, it slowed. Nobody … [Read more...] about Funding Death: Arizona Families Sue Banks for Financing Iranian Attacks on U.S. Soldiers
Funding Death: Arizona Families Sue Banks Accused of Financing Attacks on U.S. Soldiers
Part 2 revolves around who paid for those bombs. The U.S. government went after a string of prominent European banks, accusing them of conspiring to launder hundreds of billions of dollars for Iranian interests, knowing some of that money funded terrorism. The banks paid more than $4 billion in fines to U.S. regulators and admitted responsibility rather than face criminal prosecution. Based on those actions, dozens of families of killed or wounded soldiers, soldiers like Ryan Haupt and Robert Bartlett of Arizona sued those banks and the government of Iran. Those lawsuits have not reached trial yet. This is the story of how they came to be. On May 3, 2005, Sergeant Robert Bartlett of Gilbert rode inside an armored Army Humvee traveling along “Route Pluto” on Baghdad’s northern edge. He was a sniper. His Army squad headed to its third mission of the day to clear an area of threats. As the Humvee approached a security barrier along the palm-lined road, it slowed. Nobody … [Read more...] about Funding Death: Arizona Families Sue Banks Accused of Financing Attacks on U.S. Soldiers
UK sells 7.7 percent stake in Royal Bank of Scotland
0 View Comments LONDON (AP) — The British government sold a 7.7 percent stake in Royal Bank of Scotland on Tuesday, taking a tentative step toward returning the bank to private ownership almost a decade after it was bailed out at the height of the financial crisis. The government sold the shares for 271 pence each, raising 2.5 billion pounds ($3.3 billion), the Treasury said in a statement. That's 46 percent less than the 502 pence-a-share the government invested in 2008 and 2009, spurring criticism from opposition leaders who said taxpayers would "incur an enormous loss." The U.K. pumped 45.5 billion pounds into RBS as it sought to protect the nation's financial system during the financial crisis, ultimately acquiring more than 84 percent of the bank. The government still owns 62.4 percent of RBS, more than a year after the Treasury sold the last of its shares in rival Lloyds Banking Group. "This sale represents a significant step in returning RBS to full private ownership … [Read more...] about UK sells 7.7 percent stake in Royal Bank of Scotland
British Lord Who Helped Stem the Financial Crisis Now Fishing in Scotland
By Alistair MacDonald Alistair MacDonald The Wall Street Journal BiographyAlistair MacDonald @macdonaldajm [email protected] May 4, 2018 10:00 a.m. ET 0 COMMENTS A decade after the financial crisis, The Wall Street Journal has checked in on dozens of the bankers, government officials, chief executives, hedge-fund managers and others who left a mark on that period to find out what they are doing now. Today, we spotlight former policy makers Daniel Tarullo and Alistair Darling. Alistair Darling, the former U.K. Treasury chief who led his country’s response to the credit crisis, is one of the few public figures associated with the financial crisis to emerge with a burnished reputation. When British lender Northern Rock ran out of funds in 2007, Mr. Darling authorized Bank of England support and a state-backed guarantee to depositors, stemming Britain’s first bank run in 150 years. As the credit crisis raged, Mr. Darling’s Treasury … [Read more...] about British Lord Who Helped Stem the Financial Crisis Now Fishing in Scotland