2012 ;the Year of the Bent Banks

Merry Xmas

2012; the year of the Bent Banks.

Compiled and researched by Ben Walsh; Reuters.

http://blogs.reuters.com/felix-salmon/2012/12/19/counterparites-2012-the-year-of-bank-fraud/

Additions by Ian Taplin;Whistle Blowers UK.

www.whistleblowersuk.org

21 12 2012.

Bank of America:

the US Justice Department is seeking $1 billion in fines for troubled loans sold to Fannie and Freddie; MBIA’s lawsuit against Countrywide, which was disastrously acquired by BofA, rolls on; BofA is one of five banks participating in the $25 billion national mortgage settlement. (Price to book: 0.56, here and throughout via Yahoo Finance)

Bank of China:

the families of Israeli students killed in a 2008 terrorist attack are suing the BOC for $1 billion “intentionally and recklessly” handling money for terrorist groups.

Bank of New York Mellon:

a subsidiary paid $210 million to settle claims it advised clients to invest in Bernie Madoff’s ponzi scheme; the DOJ continues to investigate possible overcharges for currency trades that it says generated $1.5 billion in revenue. (Price to book: 0.86)

Barclays:

$450 million settlement in the Libor scandal; also fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.72)

BBVA:

settled overdraft suit for $11.5 million. (Price to book: 0.83)

Citigroup:

settled CDO lawsuit for $590 million; one of five banks participating in the $25 billion national mortgage settlement; paid $158 million to settle charges it “defaulted the government into insuring” risky mortgages. (Price to book: 0.62)

Credit Suisse:

sued by NY state for allegedly deceiving investor in the sale of MBS. (Price to book: 0.85)

Deutsche Bank:

settled a DOJ mortgage suit for $202 million; FHFA fraud case is ongoing. (Price to book: 0.56)

Goldman Sachs:

FHFA fraud case is ongoing; after a ruling by federal appeals court, a class action lawsuit over MBS will go forward. (Price to book: 0.91)

Crédit Agricole:

sued by CDO investors two times. (Price to book: 0.35)

HSBC:

settled money laundering charges for $1.9 billion; set aside $1 billion for future settlements related to mis-selling loan insurance and interest rate hedges in the UK; Libor settlement still to be reached. (Price to book: 1.17)

ING:

settled charges that it violated sanctions against Iran, Cuba, etc. for $619 million. (Price to book: 0.5)

JP Morgan Chase:

being sued by NY state for MBS issued by Bear Stearns; class action lawsuit and criminal probe over failed derivatives trades in its Chief Investment Office; one of five banks participating in the $25 billion national mortgage settlement. (Price to book:0.87)

Mitsubishi UFJ:

paid an $8.6 million fine for violating US sanctions on Iran, Sudan, Myanmar and Cuba. (Price to book: 0.54)

Morgan Stanley:

fined $5 million for improper investment banking influence over research during Facebook’s IPO. (Price to book: 0.63)

Royal Bank of Scotland:

$5.37 billion shareholder lawsuit related to 2008 rights issuance; set aside $650 million to cover claims it mis-sold payment protection products; also fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.28)

Santander:

fined by the FSA for mis-sold interest rate hedges. (Price to book: 0.77)

Société Générale:

rogue trader Jerome Kerviel loses appeal his appeal 3-year sentence for trades that generated $6.5 billion in losses. (Price to book: 0.45)

Standard Chartered:

$340 million fine paid to NY state department of financial services for allegedly hiding the identity of customers in transactions with Iran and drug cartels; $327 million paid to the Federal Reserve and US Treasury’s anti-money laundering unit.

State Street:

fined $5 million for lack of CDO disclosure. (Price to book: 1.09)

UBS:

$1.5 billion Libor fine and two traders criminally charged; rogue trader responsible for $2.3 billion loss found guilty of false accounting. (Price to book: 1.12)

Wells Fargo:

Federal lawsuit over mortgage foreclosure practices ongoing; paid $175 million over mortgage bias claims; one of five banks participating in the $25 billion national mortgage settlement. (Price to book: 1.29)

And Lloyds Banking Group ;-

1.FSA investigation on Libor rigging.

2.FSA Investigation for Interest Rate Swaps mis-selling

3 £4bn fines and compensation on Payment Insurance mis-selling.

4.FSA enforcement action over unsuitable incentives in LTSB.

4.Under investigation for HBOS Reading Business lending  ;on allegations of predatory lending and apparent insolvency fraud.

5.Under FSA Investigation on allegations of mis-selling packaged current accounts.

6.Under FSA Investigation for allegedly mis-selling Life Products.

7.Under FSA Investigation for allegedly risking Client Data security .