The 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]
And here’s what he’s doing about it! Read more »
The Russian president neither knows nor cares about what you’d call his country’s current self-inflicted economic malaise. You want to use the word “crisis”? Go ahead—especially if you’re outside of the jurisdiction of his secret police. Just know that he’s not a big fan of that word. He’d call it something more like a temporary unpleasantness brought about by the unjust actions of everyone who is not Vladimir Putin. Read more »
Having his DNA, in all of its many forms, all over American Apparel isn’t enough for its former CEO. So even if the last alternative investor he worked with to take the power back disappointed him with a pink slip, he’s not going to let it stop him from trying again. Read more »
The next president of the United States—and many of her colleagues up on Capitol Hill—don’t think much of New York Fed President Bill Dudley. When they look at his goofy smile, all they see is a lack of “rigorous accountability for conflicts of interest and failures of oversight.” Someone “essentially… hired by the people” he’s regulating; someone who might be best put out to pasture.
A $531 million divorce judgment in a case that has riveted Britain appears poised to stand after the ex-wife of a hedge fund manager said she would not appeal the decision. In late November, a London high court judge ordered Chris Hohn, the hedge fund manager who founded the Children’s Investment Fund, to pay that sum, thought to be the largest divorce award in Britain. At the time, Jamie Cooper-Hohn, Mr. Hohn’s ex-wife, appeared to indicate through her lawyer at a hearing that she might seek more. [Dealbook]
A closed-end fund designed to profit from the end of the U.S.’s 53-year-long hissy-fit in Cuba’s direction—one with the enviable ticket symbol “CUBA,” no less—seems like a reasonable play following the president’s decision yesterday to normalize relations with our estranged neighbor. An energy-drink purveyor with less than $10,000 in sales last quarter that was trading for 1.59 cents on Tuesday afternoon, and absolutely no link whatsoever to certain islands 90 miles off the coast of Florida but which contains the magic four letters, in the correct order? Well, why haven’t you placed that buy order yet? Read more »