Banks

  • 19 Dec 2014 at 3:53 PM

Bonus Watch ’14: Countrywide Whistleblowers

angelo_moziloThe total payouts to whistle-blowers in the federal government’s $16.65 billion settlement with Bank of America over its mortgage business may approach $170 million. Edward O’Donnell, a former executive at Countrywide Financial, and Robert Madsen, a former property appraiser for the bank already have been identified as two of the whistle-blowers that federal prosecutors gave credit to in the settlement agreement with Bank of America. The other two whistle-blowers entitled to a share of the settlement dollars being paid out by Bank of America are Shareef Abdou, an executive in the bank’s operations group, and the firm Mortgage Now, a New Jersey mortgage lender, according to court filings. The filings did not disclose the value of the settlement payouts, but the whistle-blowers, all of whom filed complaints under the Federal False Claims Act, are collecting payments equal to 16 percent to 17 percent of specific portions of the $16.65 billion, according to court filings and people briefed on the matter but not authorized to speak publicly. [Dealbook]

jefferiesAnd here’s what he’s doing about it! Read more »

  • 19 Dec 2014 at 11:32 AM
  • Banks

UBS Pretty Sure Its Human Rights Are Being Violated

We're Swiss!!!From where it sits (Zürich), it seems pretty damned inhumane to the former Union Bank of Switzerland to make it fork over €1.1 billion for doing what a Swiss bank does. And it’s not afraid to say so. Read more »

  • 18 Dec 2014 at 9:30 AM

Bonus Watch ’14: Citigroup

Citigroup Everyone at the House of Corbat is being asked to make sacrifices for the team this year, though some more than others. Read more »

  • 17 Dec 2014 at 12:49 PM

Sage Kelly Bids Jefferies Adieu

sage kellyAfter taking a timeout earlier this year to deal with matters related to coke, shrooms, Molly, wife-swapping, toilets, ketamine, more coke, and, in a twist, being named father of the year, Sage Kelly has decided to make this thing permeant. Read more »

Here to help.And it’s going to do it the hard way: Not by buying someone else’s ETF platform, both because that wouldn’t really be a GOLDMAN SACH ETF platform and because there’s no sport in it, but by doing it all themselves. Maybe with a little help from on high. Read more »

  • 17 Dec 2014 at 9:45 AM

Bonus Watch ’14: Jefferies

jefferiesHopefully Jefferies employees enjoyed last year’s bonuses because there’s reportedly a lot more where that came from. Read more »

  • 16 Dec 2014 at 10:00 AM
  • Banks

Layoffs Watch ’14: Citi Mailroom

Lost in the mail.Given all of the shit that Mike Corbat’s had to deal with this year from all corners—Mexico, Argentina, subprime lending, Jed Rakoff, paying lawyers—he really doesn’t need to be cutting $3 million checks because someone forgot to throw a few hundred thousand prospectus in the mail. Read more »