March 5th, 2010 
Before You Invest When Franklin Roosevelt started his first term in the White House in 1933, he inherited a nation in the depths of the Depression. A record 13 million Americans were unemployed and businesses were drowning in red ink.
Perhaps even more pressing was the head-spinning string of bank failures that had triggered a frantic run on the nation’s savings vaults.
Posted in Finance Fraud 
Tags: Bank Failures, Bank Holiday, Banking Act, Banking System, Banks, Breach, Brink Of Disaster, Closure, Depositors, Financial Transactions, Franklin Roosevelt, Liquid Assets, Red Ink, Roosevelt Bank, Roosevelt Franklin, Source History, Vaults, Wall Street, Wall Street History, Withdrawals 
Comments Off January 30th, 2010 Before You Invest Thomas Peterffy, CEO at Interactive Brokers Group, said a tax on financial transactions could cause volume on the stock market to drop 90%. “The mother of all creators of havoc on Wall Street is this looming transaction tax,” Peterffy said. “Trading volumes would plunge by about 90%, markets would become illiquid and tens of thousands of people would lose their jobs.”
Posted in Finance Fraud Tags: Amp, Apps, Ceo, Creators, Financial Transactions, Havoc, Insider, Interactive Brokers Group, Jobs, Pid, Plunge, Sid, Stock Market, Tens Of Thousands, Thomas Peterffy, Transaction Tax, Wall Street Comments Off December 21st, 2009 Before You Invest Credit Suisse Securities is suing one of its former vice presidents over allegations that he stole its method for valuing companies and then tried to patent it as his own invention.
David Trainer left the company in October 2000 to set up his own research company and received a $168,000 severance package from the financial institution.
Credit Suisse claims that he broke the terms of the deal by using its own research model for his new private equity firm, Trainer and New Constructs.
The case centres around the Valuesearch product, which gives clients who use it an advantage over their competitors by focusing only on the most reliable market data.
Earlier this week, Credit Suisse agreed to pay a $536 million settlement in relation to allegations that the company illegally helped clients in countries under US sanctions to carry out financial transactions with American companies.
Prosecutors told Reuters that the company had been involved in the practice for decades, helping companies from Iran, Libya and Sudan.
Posted in Finance Fraud Tags: Allegations, Confidential Credit, Confidential Information, Credit Suisse, Decades, Exec, Financial Institution, Financial Transactions, Information Credit, Invention, Iran, Libya, Patent, Private Equity Firm, Prosecutors, Research Model, Reuters, Severance Package, Sudan, Vice Presidents No Comments » December 4th, 2009 Before You Invest Sen. Tom Harkin of Iowa and Rep. Peter DeFazio of Oregon led a group of congressional Democrats in proposing to tax large financial transactions. The Obama administration remains cool to the idea, and the financial industry has voiced opposition. “As we’ve said before, a transaction tax on nearly all securities is the wrong policy at the wrong time.
Posted in Finance Fraud Tags: Advocacy, Amp, Apps, Bentsen, Congressional Democrats, Economic Recovery, Executive Vice, Financial Transactions, Job Creation, News Release, Obama, Opposition, Peter Defazio, Pid, Public Policy, Rep Peter Defazio, Sifma, Tom Harkin, Transaction Tax, Wrong Time No Comments » November 19th, 2009 Before You Invest Lawmakers are considering a House proposal that would impose a tax on stock trades and over-the-counter derivatives transactions. Key lawmakers, however, are not lending their support to such a tax, and many market participants are opposed. “Imposing a tax on financial transactions is the wrong idea at the wrong time,” said Ken Bentsen, executive vice president of public policy and advocacy at SIFMA. “It would directly and detrimentally affect millions of Americans by imposing a tax on their savings such as mutual funds, just as they are seeing their investment assets regain value.”
Posted in Finance Fraud Tags: Advocacy, Amp, Derivatives, Executive Vice, Financial Transactions, Investment Assets, Ken Bentsen, Lawmakers, Market Participants, Mutual Funds, Pid, Proposal, Public Policy, Sid, Sifma, Stock Trades, Transaction Tax, Vice President, Wrong Idea, Wrong Time No Comments » November 9th, 2009 Before You Invest Treasury Secretary Timothy Geithner voiced disapproval with a proposal from U.K. Prime Minister Gordon Brown for a tax on financial transactions. Geithner said he would not support the tax but appeared to soften his stance later, saying the International Monetary Fund would be responsible for coming up with possibilities.
Posted in Finance Fraud Tags: Borders, Contingent Capital, Finance Minister, Financial Transaction, Financial Transactions, Gordon Brown, Imf, Insurance Fee, International Monetary Fund, Levy, Mr Brown, Opponents, Possibilities, Prime Minister Gordon Brown, Proposal, Proposals, Systemic Risk, Treasury Secretary, Voiced Disapproval, Volatility No Comments » October 12th, 2009 Before You Invest The Economic Policy Institute suggested taxing financial transactions, such as stock trades but not consumer transactions, to raise as much as $150 billion annually. Lawmakers, labor unions, the International Monetary Fund and others support taxing financial transactions as a way reduce budget deficits or fund initiatives, such as health care.
June 10th, 2009 Before You Invest An investment fund manager has pleaded guilty to charges of fraud and money laundering in relation to an $80 million Ponzi scheme.
Federal prosecutors in Philadelphia said Joseph Forte had duped around 80 investors between 1996 and 2008 by claiming their money would be used to trade stock index futures.
According to the Business Journal, Mr Forte claimed his backers would receive returns of between 18 percent and 38 percent.
Posted in Finance Fraud Tags: Backers, Business Journal, Church Business, Donations, Federal Prosecutors, Financial Transactions, Fraud, Investment Firm, Investment Fund, Investment Manager, Investors, Joseph Forte, Kahn, Local News Service, Money Laundering, Philadelphia, Profits, Salary, Stock Index Futures, Trades No Comments » June 1st, 2009 Before You Invest The global financial crisis has presented organized crime syndicates with a “unique opportunity” to penetrate the financial system by buying up assets ranging from real estate to casinos, the head of the United Nations Office on Drugs and Crime (UNODC) has warned.
Speaking ahead of a meeting of G8 interior ministers in Rome, Antonio Maria Costa told Reuters that the freeze in interbank lending meant crime gangs were the “only ones left holding large amounts of cash”.
In 2005, he said organized crime syndicates held an estimated $322 billion in cash and last year, a raid on a suspected drug trafficker’s home in Mexico City recovered $206 million in bank notes – thought to be the largest cash seizure in history.
“We are talking about … syndicates which have become a threat to security in a number of regions,” he stated.
Mr Costa said regulatory reform presented an opportunity to expand anti-money laws beyond financial transactions to cover “vulnerable” sectors such as real estate, gambling and the hotel industry.
UNODC was established in 1997 by the merger of the Centre for International Crime Prevention and the United Nations Drug Control Programme.
Posted in Finance Fraud Tags: Antonio Maria, Crime Gangs, Crime Syndicates, Downturn, Drug Trafficker, Drugs And Crime, Financial Transactions, Global Financial Crisis, Hotel Industry, Interbank, Interior Ministers, International Crime Prevention, Maria Costa, Mexico City, Money Launderers, Regulatory Reform, Reuters, United Nations Drug Control, United Nations Office, Unodc No Comments » March 6th, 2009 Before You Invest When Franklin Roosevelt started his first term in the White House in 1933, he inherited a nation in the depths of the Depression. A record 13 million Americans were unemployed and businesses were drowning in red ink. Perhaps even more pressing was the head-spinning string of bank failures which had triggered a frantic run on the nationÝs savings vaults.
Posted in Finance Fraud Tags: Bank Failures, Bank Holiday, Banking Act, Banking System, Banks, Breach, Brink Of Disaster, Closure, Depositors, Financial Transactions, Franklin Roosevelt, Liquid Assets, Red Ink, Roosevelt Bank, Roosevelt Franklin, Vaults, Wall Street, Wall Street History, White House, Withdrawals Comments Off
