Saturday 10 August 2013
Friday 9 August 2013
The shady side of coal seam industry investment in Australia 2013
"He that lieth down with dogs shall rise up with fleas"
Attributed: Poor Richard’s Almanack
The Sydney Morning Herald 9 August 2013:
US banking giant JPMorgan Chase is facing parallel civil and criminal investigations over its sale of mortgage-backed securities before the financial crisis.
In a securities filing on Thursday, JPMorgan said it was notified in May by the civil division of the US Attorney’s Office for the Eastern District of California that it had preliminarily concluded that the bank ‘‘violated certain federal securities laws’’ in connection with the subprime mortgage-backed securities offered over 2005-2007.
The filing described a federal criminal inquiry in parallel to the civil investigation, but did not provide further details…
The company last week agreed to pay $US410 million to resolve US charges that it manipulated power prices in California and the Midwest…
Bloomberg.com ( Au8gust 2013:
JPMorgan, led by Chief Executive Officer Jamie Dimon, is seeking to resolve U.S. and U.K. probes after botched trades by its chief investment office fueled more than $6.2 billion of losses last year. Senate investigators concluded in March that the bank dodged regulators and misled investors amid souring bets by Bruno Iksil, a trader dubbed the London Whale because his positions were so big.
The Huffington Post 8 August 2013:
JPMorgan -- once a darling in Washington -- on Wednesday disclosed a raft of expected enforcement actions that have been broadly mentioned by the bank and its chief executive and chairman, Jamie Dimon, but never before in such detail. Once finalized, the enforcement orders may further damage the bank’s already-battered reputation and lead to heightened scrutiny of its practices.
The Consumer Financial Protection Bureau is investigating JPMorgan's collection and sale of delinquent consumer credit card debt, including its use of sworn documents to pursue bad debts. Kamala Harris, California attorney general, has sued the bank over similar practices.
The Office of the Comptroller of the Currency told JPMorgan it will punish the lender for its credit card collections practices and use of allegedly dubious documents, including for potentially cheating active-duty members of the military under the Servicemembers Civil Relief Act. JPMorgan has previously settled cases under the servicemembers act related to home mortgages.
In addition, the OCC and CFPB have told JPMorgan that they will formally discipline the bank for “unfair or deceptive” practices related to identity theft products it previously sold to consumers.
Perhaps in anticipation of expected settlements, the bank increased its estimate of possible legal losses in excess of its reserves by $800 million to $6.8 billion…
According to www.jpmorgan.com:
J.P. Morgan’s
Oil & Gas Investment Banking group provides investment banking services to
the oil and gas industry on a global basis. Our clients include many of the
world’s leading players and producers. The group is headquartered in New York,
with additional offices in Houston, Calgary, Toronto, Europe, Latin America and
Asia Pacific….
The
Oil & Gas Investment Banking group covers the complete oil and gas value
chain, which includes exploration and production, natural gas processing and
transmission, refining and marketing, and oilfield services.….
Through its subsidiary, JP Morgan Nominees Australia Ltd, JP Morgan Chase is one of the top shareholders in many companies involved in the Australian coal seam gas industry, including Metgasco Limited and ERM Power Limited.
It would appear that all the dogs have fleas when it comes to coal seam gas.
What on earth is Abbott doing?
This is Australian Opposition Leader Tony Abbott allegedly aiming a kiss at a baby and missing the mark this week.
On seeing the photograph I immediately recalled this report in the First Nations Telegraph earlier this year:
On seeing the photograph I immediately recalled this report in the First Nations Telegraph earlier this year:
On March 6 the
mulit-award-winning author was having a working breakfast with two work
colleagues at Borcellis Café in Adelaide when she alleged the Federal
Opposition Leader approached her table and without making eye contact
inappropriately rubbed his finger up and down her bare arm.
You be the judge.
* Photograph from The Sydney Morning Herald
* Photograph from The Sydney Morning Herald
The shallow end of the Liberal Party pool
Opposition Shadow Treasurer Joe Hockey might mistake the ethnic background* of one of the Liberal Party candidates during a press conference, but another candidate James Diaz doesn’t even know the contents of that shallow party document Real Solutions.
* The original transcript of Joe Hockey’s 3 August 2013 press conference has disappeared from the Liberal party’s webpage but could still be found as a Google cache for a short time.
Now this press conference transcript can be found on Scribd. Hat tip to politicalalert.
Now this press conference transcript can be found on Scribd. Hat tip to politicalalert.
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