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Nomura: Last Time We Checked, It Wasn't Against The Law To Offer A Completely Bullsh*t Opinion About The Riskiness Of A Loan

You've heard the argument "It's not a lie if you believe it," yes? Apparently it's also not a lie if you don't believe it but file it under an "opinion" versus a "fact."
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Apparently the Federal Housing Finance Agency (and the judge presiding over this case) missed the week in law school where they taught you that as long as you say something is just your opinion, you can lie to people's faces with impunity.

Nomura, the Japanese bank fighting allegations it duped the Federal Housing Finance Agency during the 2008 financial crisis, told a federal court judge on Thursday that it didn’t need to have an “honestly held view” of the risky home loans underlying the securities it sold to Uncle Sam. Because the bank expressed only an opinion that the underlying home loans weren’t risky — rather than stating it as a fact — it should be judged by a more lenient legal standard, David Tulchin, a Nomura lawyer, told Judge Denise Cote. Tulchin’s argument seems to stump Cote — who interrupted him during his summation to make sure she understood his argument. “I must find not only that the representation was false but also that Nomura understood it to be false?” she asked “Correct,” Tulchin said. “That Nomura did not believe the statement that’s set forth there, that view expressed was not an honestly held view,” Tulchin said during the summation.

So...we cool?

Japanese bank says it only gave an ‘opinion’ on risky home loans [NYP]


Layoffs Watch '12: Nomura

Employees are said to be expecting something resembling a massacre tomorrow around 10 or so, depending on when people roll into the office. From the front lines: "Nomura London cuts happening tomorrow starting 10ish. It's going to be a bloodbath."

Layoffs Watch '12: Nomura

London employees are not the only ones being sat down for uncomfortable conversations. "FYI: Heavy cuts at Nomura across banking and equities today in the US as well."

Layoffs Watch '12: Nomura

The company is still in the firing phase of the rebuilding process. Nomura Holdings cut a team of London proprietary traders focused on stocks as Japan’s largest brokerage scales back in Europe, said two people with knowledge of the matter. The group of about five traders was part of Nomura’s Angel Lane Principal Strategies, a unit that makes speculative wagers on markets with capital provided by the Tokyo-based bank, according to the people, who declined to be identified because the job cuts haven’t been announced. The team departing this week was led by Anthony Medina, a volatility trader who used options to bet on fluctuations in the prices of stocks, the people said. The departures are part of Nomura’s plan to reduce costs by $1 billion, with almost half the savings coming from Europe. The revamp in strategy follows a four-year struggle to build a business overseas following the purchase of Lehman Brothers Holdings Inc.’s European and Asian units in 2008. Nomura Said To Cut Team Of Proprietary Traders Focused On Stocks [Bloomberg]

Layoffs Watch '13: Nomura

Cuts are said to have gone down across the pond earlier today.

Layoffs Watch '15: Nomura

The firm is said to be giving a whole bunch of employees the heave-ho.