Month: June 2016

Mary Francis bounces back from her last banking stint

Banking News – Mary Francis bounces back from her last banking stint
&nbspCould she recoup the money she lost at A&L?
FT.com – Banks – http://www.ft.com/cms/s/0/9c6613f2-3ec6-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

How Flagstar Is Financing Buyback of Tarp-Related Shares

Banking News – How Flagstar Is Financing Buyback of Tarp-Related Shares
&nbspFlagstar Bancorp in Troy, Mich., is paying $371 million to place behind it the residue of its contact with the Uneasy Asset Relief Program.
Union Banking – http://www.americanbanker.com/news/union-banking/how-flagstar-is-financing-buyback-of-tarp-related-shares-1090000-1.html

New Jersey may hike gas tax by 23 cents a gallon

Private Finance – New Jersey may hike gas tax by 23 cents a gallon
 The New Jersey Senate and Gathering argue over which tax cuts should accompany a 23-cent-per-gallon hike in the state’s gas tax. As a result the hike won’t go into effect Friday.
Private finance news – CNNMoney.com – http://rss.cnn.com/~r/rss/money_pf/~3/25mb3_M2Zns/index.html

Janus buys into ex-Pimco manager’s fund

Banking News – Janus buys into ex-Pimco manager’s fund
&nbspInvestment group backs Vineer Bhansali’s hedge fund
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/fefd52ea-3ed6-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Mexico raises rates to shore up peso

Banking News – Mexico raises rates to shore up peso
&nbspCurrency has taken a hitting since Britain voted to leave EU
FT.com – Banks – http://www.ft.com/cms/s/0/0f733fde-3ef7-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

First Bank in N.J. Raises Cash After Nearby Bank Sells

Banking News – First Bank in N.J. Raises Cash After Nearby Bank Sells
&nbspFirst Bank in Hamilton, N.J., has raised $13.7 million by selling common stock.
Union Banking – http://www.americanbanker.com/news/union-banking/first-bank-in-nj-raises-cash-after-nearby-bank-sells-1081790-1.html

Carney warns of ‘post-traumatic stress’

Banking News – Carney warns of ‘post-distressing stress’
&nbspBank hints at more easing as sterling falls and gilts go halfhearted
FT.com – Banks – http://www.ft.com/cms/s/0/ec42a3ba-3ed3-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Hedge Fund Managers and Former Government Official Charged in $32 Million Insider Trading Scheme

Banking News – Hedge Fund Managers and Former Regime Authoritative Charged in $32 Million Insider Trading Scheme
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Lumiere allegedly used fake prices to value assets while investors were led to believe the fund was using real prices from self-determining sources that reflected the market value for those assets. Fiscal professionals who cheat investors and game the system should not expect to get away with it. – Andrew M. Calamari, Boss of the SEC’s New York Regional Office
The Securities and Chat Fee today announced insider trading charges against two hedge fund managers and their source, a former regime authoritative accused of unrepresentatively obtaining confidential in rank from the U.S. Food and Drug Handing out (FDA).  A third hedge fund manager working at the same investment advisory firm as the alleged insider traders was charged with falsely inflating assets in portfolios he managed.
 
The SEC alleges that Sanjay Valvani reaped prohibited profits of nearly $32 million for hedge funds investing in health care securities by insider trading on tips he expected from Gordon Johnston, who worked at the FDA for a dozen years and remained in close contact with former colleagues while working for a trade friendship in place of generic drug manufacturers and distributors.  Johnston concealed his break role as a hedge fund consultant and obtained confidential in rank about anticipated FDA approvals for companies to produce enoxaparin, a generic drug that helps prevent the formation of blood clots.  Johnston allegedly funneled to Valvani the details of his conversations with FDA personnel, counting a close friend he mentored during his time at the agency.  Valvani then traded in advance of public announcements as regards FDA approvals for such companies as Momenta Pharmaceuticals, Watson Pharmaceuticals, and Amphastar Pharmaceuticals.
 
“We allege that Valvani’s formula for trading success was tapping Johnston to abuse his spot of trust as a generic diligence expressive to the FDA and corruptly obtain confidential in rank from his friends and former colleagues at the FDA,” said Andrew J. Ceresney, Boss of the SEC’s Rift of Enforcement. “Valvani and his hedge funds made millions by trading on nonpublic FDA drug praise in rank not void to the rest of the stock market.”

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Lumiere allegedly used fake prices to value assets while investors were led to believe the fund was using real prices from self-determining sources that reflected the market value for those assets. Fiscal professionals who cheat investors and game the system should not expect to get away with it. – Andrew M. Calamari, Boss of the SEC’s New York Regional Office

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Lumiere allegedly used fake prices to value assets while investors were led to believe the fund was using real prices from self-determining sources that reflected the market value for those assets. Fiscal professionals who cheat investors and game the system should not expect to get away with it.
 
The SEC further alleges that Valvani in turn tipped fellow hedge fund manager Christopher Plaford, who is charged in a break protest with insider trading on this nonpublic in rank as well as other notes he expected in private from a former Centers for Medicare and Medicaid Air force authoritative about an impending cut to Medicare refund rates for certain home health air force.  Plaford allegedly made approximately $300,000 by trading based on inside in rank in hedge funds he managed.  He has cooperated with the SEC’s investigation.
 
In a break protest against Stefan Lumiere, the SEC alleges that he and Plaford engaged in a falsified scheme to falsely inflate the value of securities held by a hedge fund advised by their firm.  For an 18-month period, Lumiere used sham broker quotes to mismark as many as 28 securities per month, slyly passing his desired prices along to brokers via his private cell phone or a flash drive delivered by a courier.  The fund consequently reported artificially extravagant returns and monthly net asset values, and paid out more than $5.9 million in extravagant management and routine fees to its investment adviser.
 
“Lumiere allegedly used fake prices to value assets while investors were led to believe the fund was using real prices from self-determining sources that reflected the market value for those assets,” said Andrew M. Calamari, Boss of the SEC’s New York Regional Office.  “Fiscal professionals who cheat investors and game the system should not expect to get away with it.”
 
In analogous actions, the U.S. Attorney’s Office for the Southern Constituency of New York today announced criminal charges against Valvani, Johnston, Lumiere, and Plaford.
 
The SEC’s protest against Valvani and Johnston charges them with violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Chat Act of 1934 and Rule 10b-5 thereunder.  Valvani also allegedly aided and abetted his firm’s violation of Section 204A of the Investment Advisers Act of 1940. 
 
The SEC’s protest against Plaford charges him with violations of Section 10(b) of the Chat Act and Rule 10b-5, and Section 206 of the Advisers Act and Rule 206(4)-8.  He is also charged with aiding and abetting his firm’s violation of Section 204A of the Advisers Act. 
 
The SEC’s protest against Lumiere charges him with committing or aiding and abetting violations of Section 10(b) of the Chat Act and Rule 10b-5 as well as Section 206 of the Advisers Act and Rule 206(4)-8. 
 
The SEC’s complaints, filed in federal court in Manhattan, seek disgorgement of ill-gotten gains plus appeal and penalties as well as stable injunctions against future violations.
 
The SEC’s long-lasting investigation is being conducted by William Conway and Philip Moustakis of the Asset Management Unit and Jason Sunshine, Charles Riely, and Valerie Szczepanik of the New York office.  Assisting the investigation are Brian Fitzpatrick, Neil Hendelman, and Christopher Mele.  The legal action will be led by Alexander Vasilescu, Mr. Moustakis and Mr. Sunshine.  The case is being supervised by Sanjay Wadhwa.  The SEC appreciates the help of the U.S. Attorney’s Office for the Southern Constituency of New York, the Federal Bureau of Investigation, the Sphere of Health and Human Air force Office of Checker General, and the Fiscal Diligence Dictatorial Power.
 

SEC.gov Updates: Press Releases – http://www.sec.gov/news/pressrelease/pullquote-test.html

Brexit: interest rate outlook will shift

Banking News – Brexit: appeal rate outlook will shift
&nbspFuture historians may conclude this is one of the most vital ripple effects of the poll
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/63e265c0-3ebd-11e6-9f2c-36b487ebd80a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Renzi needs a banking plan that will work

Banking News – Renzi needs a banking plot that will work
&nbspItaly’s prime minister is running out of time to recapitalise the sector
FT.com – Banks – http://www.ft.com/cms/s/0/22d2eac0-3ec0-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Student loan interest rates are going down

Private Finance – Student loan appeal rates are going down
 The appeal rate on federal student loans for apprentice students will fall to 3.76% this year from 4.29%.
Private finance news – CNNMoney.com – http://rss.cnn.com/~r/rss/money_pf/~3/f5ZTjrPm-Is/index.html

Italian banks: encore (non)performance

Banking News – Italian banks: encore (non)routine
&nbspThe country’s lenders, and Matteo Renzi, its leader, are running out of options
FT.com – Banks – http://www.ft.com/cms/s/3/e64fd098-3ec1-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Why Brexit is great news for U.S. homebuyers

Private Finance – Why Brexit is fantastic news for U.S. homebuyers
 The average rate of a 30-year fixed finance dropped to 3.48% — the lowest level since May 2013, according to Freddie Mac.
Private finance news – CNNMoney.com – http://rss.cnn.com/~r/rss/money_pf/~3/J_VBLIyeYYY/index.html

Brexit: Europe plots a bank heist

Banking News – Brexit: Europe plots a bank heist
&nbspLondon-based companies may need to go chunks of their affair — but which cities in the EU will benefit most?
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/e0a5af3a-3ddd-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Brexit: Europe plots a bank heist

Banking News – Brexit: Europe plots a bank heist
&nbspLondon-based companies may need to go chunks of their affair — but which cities in the EU will benefit most?
FT.com – Banks – http://www.ft.com/cms/s/0/e0a5af3a-3ddd-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Renters: You’re paying more for less space

Private Finance – Renters: You’re paying more for less space
 The average size of a rental has shrunk 8% in the last 10 years, according to RentCafe.
Private finance news – CNNMoney.com – http://rss.cnn.com/~r/rss/money_pf/~3/ZGUEPWCy93k/index.html

Brexit forex trading bonanza boosts banks

Banking News – Brexit forex trading bonanza boosts banks
&nbspRecord day on foreign chat desks tested stamina and flexibility
FT.com – Banks – http://www.ft.com/cms/s/0/6df0a6b8-3ead-11e6-8716-a4a71e8140b0.html?ftcamp=published_links%2Frss%2Fcompanies_banks%2Ffeed%2F%2Fproduct

Brexit gives Dombrovskis sway over banks

Banking News – Brexit gives Dombrovskis sway over banks
&nbspFormer Latvian PM inherits EU fiscal air force brief sacrificed by UK’s Lord Hill
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/7d43ccd8-3de7-11e6-9f2c-36b487ebd80a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct

Brexit gives Dombrovskis sway over banks

Banking News – Brexit gives Dombrovskis sway over banks
&nbspFormer Latvian PM inherits EU fiscal air force brief sacrificed by UK’s Lord Hill
Fiscal Times – Fiscal Air force – http://www.ft.com/cms/s/0/7d43ccd8-3de7-11e6-9f2c-36b487ebd80a.html?ftcamp=published_links%2Frss%2Fcompanies_financial-air force%2Ffeed%2F%2Fproduct