Tag: RBS

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1…………> Crooked Bank: RBS

 

The Justice Department announced today a $4.9 billion settlement with The Royal Bank of Scotland Group plc (RBS) resolving federal civil claims that RBS misled investors in the underwriting and issuing of residential mortgage-backed securities (RMBS) 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 authorizes the federal government to seek civil penalties against financial institutions that violate various predicate criminal offenses, including wire and mail fraud.

“Many Americans suffered lasting economic harm as a result of the 2008 financial crisis,” said Acting Associate Attorney General Jesse Panuccio.

“This settlement holds RBS accountable for serious misconduct that contributed to that financial crisis, and it sends an important message that the Department of Justice will pursue financial institutions that illicitly harm the American economy and our consumers.”

The settlement includes a statement of facts that details – using contemporaneous calls and emails of RBS executives – how RBS routinely made misrepresentations to investors about significant risks it failed to disclose about its RMBS. RBS was unable to communicate systemic problems with originators’ loan underwriting. RBS’s reviews of loans backing its RMBS (known as “due diligence”) confirmed that loan originators had failed to follow their underwriting procedures and that their processes were ineffective at preventing risky loans from being made. As a result, RBS routinely found that borrowers for the investments in its RMBS could not repay and that appraisals for the properties guaranteeing the loans had materially inflated the property values. RBS never disclosed that these material risks both existed and increased the likelihood that investments in its RMBS would default. RBS changed due diligence findings without justification. RBS’s due diligence practices did not remove fraudulent and high-risk loans from its RMBS.

 

https://www.justice.gov/opa/pr/royal-bank-scotland-agrees-pay-49-billion-financial-crisis-era-misconduct

 

 

 

 

2…………> Goodbye Dollar, Welcome SDR: World’s Currency

 

The use of the U.S. dollar to put pressure on other countries will lead to the creation of an alternative world currency, costing the dollar its world currency status. 

“But today the U.S. administration is doing everything for the creation of a new world currency. More and more countries are considering transactions in national currencies. Meanwhile, the BRICS countries, which Turkey seems to be interested in joining, are discussing the possibility of creating a new currency for payments within the BRICS,” a Russian politician said, referring to the bloc of Brazil, Russia, India, China, and South Africa.

The deputy said a BRICS currency would have good prospects because the bloc possesses half of the world population, 30% of the world’s industry, and 40% of the world’s agriculture as well as the most prominent natural resources deposits.

“The process of creating an alternative world currency can be completed within five years. It will depend on Washington, as the more the U.S. uses the dollar to exert pressure, the more motivation other countries will have to deny payments in the dollar,” he concluded.

 

https://www.aa.com.tr/en/economy/new-world-currency-will-topple-dollar-russian-deputy/1232020

 

 

 

 

3…………> Hacker Attack: World Banks

 

A cyber attack on an Indian bank turned out to be a carbon copy of an alert from the Federal Bureau of Investigation (FBI), as Cosmos Bank said hackers stole about $13.5 million in a matter of minutes over the weekend from withdrawals in 28 countries in an ATM cash-out attack.

“The transactions were carried out using fake debit cards,” Cosmos Bank Chairman Milind Kale said in a statement.

“The deposit of account holders is safe and intact. However, as a precautionary measure, we have stopped the online system for two days.

The bureau issued an alert that cybercriminals are planning an attack on payment card processors and banks, by cloning debit cards and use them at ATMs around the world at the same time to steal millions of dollars. The scheme is known as an ATM cash-out. 

 

http://v.aa.com.tr/1231479

 

 

 

 

4…………> Back To “Uncle Adolf”: Sen. Anning

 

Senator Fraser Anning used his first speech to Parliament to argue that all Muslims should be banned from migrating to Australia, saying there should be a national vote to decide who can enter Australia, calling this the “final solution.”

The term came to prominence when Hitler’s lieutenant Hermann Goering wrote to Heinrich Himmler’s deputy Reinhard Heydrich and commissioned him with carrying out what the Nazis called “the final solution of the Jewish question.”

“That was in a sense the commencement of what we today refer to most commonly as the Holocaust,” historian Dr. Bonnell explained.

The following January, the notorious Wannsee Conference was convened by the leaders of Nazi and German state agencies. There, they discussed how to implement the final solution and coordinate their efforts towards the mass deportation of Jews to extermination camps and killing fields that led to the death deaths of an estimated 6 million Jews. 

 

http://www.abc.net.au/news/2018-08-15/fraser-anning-history-of-the-nazi-phrase-final-solution/10122812

 

 

 

 

5………….> Russian Mystery Satelity: A Space Weapon?

 

“A Russian [mystery] satellite that was launched in October last year exhibits behavior on-orbit inconsistent with anything seen before from on-orbit inspection or space situational awareness capabilities, including other Russian inspection satellite activities”, said State Department assistant secretary Yleem Poblete at a conference in Switzerland.

“Russian intentions concerning this satellite are unclear and are a very troubling development,” she added, citing recent comments made by the commander of Russia’s Space Forces, who said adopting “new prototypes of weapons” was a key objective for the force.

Is the mystery object a “space weapon” that can use lasers or microwave emissions that could just stop [a satellite] working for a time, either disable it permanently without destroying it or disrupt it via jamming? Stand by.

 

https://www.bbc.com/news/technology-45194333

 

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