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CorpWatch Exclusives

Swiss Bank UBS May Be Suspended From Doing Business In Hong Kong
by Richard SmallteacherCorpWatch Blog
October 31st, 2016
UBS, the Swiss bank, is being investigated by the Hong Kong Securities and Futures Commission for failing to carry out adequate due diligence before working on share offerings for several Chinese companies. The bank says that it is at risk of being suspended from doing business in the city.

Greece Raids UBS Executive's Home In Effort To Uncover Swiss Tax Evasion
by Richard SmallteacherSpecial to CorpWatch
July 18th, 2016
Greek tax investigators have raided the house of Christos Sclavounis, the former head of investment banking for UBS. The crackdown is part of an agreement that the country reached with international lenders in order to reduce tax evasion by Greek elites suspected of hiding their income in Switzerland.

Barclays Traders Jailed In Global Interest Rate Setting Scandal But Not Executives
by Pratap ChatterjeeSpecial to CorpWatch
July 6th, 2016
The UK Serious Fraud Office has notched up another win in the global interest rate setting scandal by sending three Barclays traders to jail. Of the 20 bankers that have been charged to date, five have been found guilty, six have been let go while nine are to face trial.

Citadel's Private Stock Market Platform Under Investigation
by Pratap ChatterjeeSpecial to CorpWatch
May 12th, 2016
The U.S. government is investigating Citadel, a Chicago-based hedge firm and market maker that manages some $25 billion in client money, for allegedly giving smaller investors a bad deal. The Department of Justice wants to know if the firm is taking advantage of the complexity of high-speed trading.

Credit Suisse Condemned For Secret Military Loans To Mozambique
by Richard SmallteacherSpecial to CorpWatch
May 9th, 2016
Activists have condemned Credit Suisse and VTB of Russia for lending $850 million to Mozambique in 2013 that was used mostly to buy military equipment, despite telling the public that the money would be used to buy fishing boats.

Barclays Trial Over Interest Rate Rigging Raises Questions Over Supervision
by Richard SmallteacherCorpWatch Blog
April 8th, 2016
Did a few individual traders in London conspire to rig global interest rates in order to enrich themselves or were they just pawns in an ongoing conspiracy by major banks designed to routinely skim billions from the international financial system?

“Project Omega” Reveals Secrets Of Dark Pools Stock Trading
by Pratap ChatterjeeCorpWatch Blog
August 14th, 2015
Investment Technology Group (ITG), a U.S. stock broker, paid a $20.3 million fine for running a secret operation named Project Omega to take advantage of “dark pools” trading orders made by its clients. Experts say that Barclays and Credit Suisse may also soon pay fines for dark pools trading scams.

Six Banks Pay $5.6 Billion in Fines for Foreign Exchange Manipulation
by Richard SmallteacherCorpWatch Blog
May 22nd, 2015
Six major international banks – Bank of America, Barclays, Citibank, JPMorgan Chase, Royal Bank of Scotland (RBS) and Union Bank of Switerland (UBS) – have agreed to pay $5.6 billion in fines for rigging global foreign exchange markets. Four of the six have pleaded guilty to criminal behavior, an unprecedented admission.

Deutsche Bank Pays $2.5 Billion Fine For Interest Rate Rigging
by Pratap ChatterjeeCorpWatch Blog
April 27th, 2015
Deutsche Bank has agreed to pay out a record $2.5 billion fine to settle U.K. and U.S. government investigations into allegations of fixing global interest rates, just months after six other banks paid out $4.3 billion on similar charges. Activists say that the banks should have faced criminal charges.

Ernst & Young Pays $10 Million To Settle Lehman Brothers Audit Failure Lawsuit
by Pratap ChatterjeeCorpWatch Blog
April 16th, 2015
Ernst & Young, one of the Big Four auditing firms, has agreed to pay a $10 million to New York state to settle a lawsuit for overlooking accounting gimmicks by Lehman Brothers, the defunct Wall Street bank. The scheme allowed Lehman to hide billions of dollars in bad deals.

Details Of Tax Avoidance Schemes For Wealthy HSBC Clients Revealed
by Mayu ChangCorpWatch blog
February 27th, 2015
A cache of secret documents has thrust HSBC, the world’s second largest bank, into the limelight for helping international clients dodge taxes. A series of articles published by the International Consortium of Investigative Journalists is finally pushing reluctant governments to act almost eight years after the original leaks.

U.S. Government Fails to Act on JP Morgan Whistleblower's Evidence
by Richard SmallteacherCorpWatch Blog
December 5th, 2014
A whistleblower has stepped forward to provide evidence that executives at JP Morgan, a major Wall Street bank, were aware that the bank was selling bad mortgages – but she says that the U.S. government has failed to do anything with the evidence that she has provided to them.

Argentina and Belgium Accuse HSBC of Aiding Tax Evasion
by Pratap ChatterjeeCorpWatch Blog
November 28th, 2014
Argentina and Belgium have separately accused HSBC bank's Geneva branch of setting up a network of offshore accounts to help their citizens avoid paying billions of dollars in taxes. The charges are apparently based on a trove of documents provided by Hervé Falciani, a former HSBC employee turned whistleblower.

Major Banks Prepare to Pay Billions For Foreign Exchange Manipulation
by Richard SmallteacherCorpWatch Blog
October 31st, 2014
Multinational banks are preparing to pay out billions of dollars in fines to settle charges of foreign exchange manipulation. Some 19 investigations in ten different legal jurisdictions are now winding their way to completion and analysts says the final tally may hit $41 billion.

Federal Regulators Failed to Police Goldman Sachs, Says Whistleblower
by Pratap ChatterjeeCorpWatch Blog
September 26th, 2014
Carmen Segarra, a former senior examiner with the Federal Reserve Bank of New York, has revealed how government regulators failed to adequately police Goldman Sachs, the Wall Street investment bank. (The Federal Reserve is the central banking system of the U.S. chartered by Congress to supervise private banks)

Bank of America to Pay $16.65 Billion to Settle Mortgage Fraud Charges
by Pratap ChatterjeeCorpWatch Blog
August 21st, 2014
Bank of America has agreed to pay the government $9.65 billion to settle charges of misleading investors over mortgage lending in the run up to the 2008 financial crisis. The bank will also pay out an additional $7 billion to help borrowers and communities affected by the loans.

Argentina Loses Court Appeal Against “Vulture” Fund Manager Paul Singer
by Pratap ChatterjeeCorpWatch Blog
June 20th, 2014
Paul Singer, the billionaire hedge fund manager, has claimed victory in a lawsuit to force Argentina to fork out almost 17 times more than he paid to buy bonds issued by the country.

Hedge Fund Managers Still Making Billions
by Pratap ChatterjeeCorpWatch
May 17th, 2014
David Tepper, the founder of New Jersey-based Appaloosa Management, was the world’s highest earning hedge fund manager for the second year in a row, according to the Rich List published earlier this month. Tepper earned $3.5 billion in 2012, a major increase on his $2.2 billion take home income in 2012.

Barclays Temporarily Backs Down On Somali Money Transfers
by Pratap ChatterjeeCorpWatch Blog
April 21st, 2014
Dahabshiil, a Somali money transfer company, has won a temporary reprieve from Barclays, the last major bank to allow remittances to Somalia. The agreement comes just as a new report estimates that African expatriates lose $1.8 billion a year in transfer fees to companies like Moneygram and Western Union.

Anglo Irish Bankers On Trial For Scheme That Led to National Collapse
by Pratap ChatterjeeCorpWatch Blog
February 12th, 2014
Three top executives at Anglo Irish bank are on trial for a secret scheme to buy their own bank’s shares that eventually triggered the 2008 collapse of the Irish economy. The bankers allegedly hatched the plan to cover up bets made by Sean Quinn, once Ireland’s richest man.

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