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Monday, December 3, 2018

On Friday, German police investigators continued their previous day’s search of the headquarters of Deutsche Bank in Frankfurt, Germany, for evidence of money laundering and other wrongdoing in connection to the group of leaked financial documents called the Panama Papers. A police spokesperson explained the roughly 170 searchers, including officers, prosecutors and tax experts, encountered such a volume of material the matter could not be concluded in one day.

The allegations are that, from 2013 onward, two employees of Deutche Bank helped clients to avoid taxes and other regulations by creating offshore companies. Bank officials announced Thursday they were cooperating with authorities but made no further comment.

The stock value of Deutsche Bank dropped roughly by half over the course of 2018. Last year, the governments of the United States and United Kingdom fined Deutsche Bank US$630 million for laundering money from Russia through its offices in Moscow and London. This fall, BaFIN, a German regulator, sent a special representative to order Detusche Bank to improve its anti-money-laundering practices and see that it did.

“Panama Papers” is an umbrella term for roughly ten million documents from Panamanian law firm Mossack Fonseca, leaked to the press in spring 2016. The documents showed fourteen banks helped wealthy clients hide billions of US dollars of wealth to avoid taxes and other regulations. British newspaper The Guardian suggested Deutsche Bank controlled roughly a third of the 1200 shell companies used to accomplish this. There were protests worldwide, several criminal prosecutions, and the leaders of the governments of Iceland and Pakistan both resigned.

Ava Lee of anti-corruption organization Global Witness said, “Almost three years on, and law enforcement are still relying on the Panama Papers for their work. It shows how investigative journalism has been at the forefront of opening the door on a morass of morally dubious — and sometimes illegal — activity by banks[.]”

Daphne Caruana Galizia, a Maltese journalist who played a prominent role in investigation based on the Panama Papers, was killed in a car bombing last year.

Sunday, January 22, 2006

19-year-old Canadian citizen Omar Ahmed Khadr attended a pre-trial hearing on Wednesday, January 11, in front of a military tribunal at the U.S. naval base in Guantánamo Bay in his case involving charges of murder, attempted murder and aiding the enemy.

Khadr was 15 when on July 27, 2002, following the U.S. invasion of Afghanistan, he was present in a compound near Khost which was surrounded by US soldiers. After a fierce firefight and U.S. bombings of the compound, U.S. special operations forces Sgt. Christopher Speer, who has training as a medic, led a group of US soldiers searching the compound in the belief that everybody inside had been killed. According to U.S. army reports, Omar Khadr, who was wounded by the bombings and the only survivor in the compound, fired his pistol and threw a grenade which killed Christopher Speer and wounded three others. In response, Khadr was engaged by U.S. forces and shot three times, which left him nearly blind in one eye.

While still 15 years old, Khadr was transferred to the U.S. detention facility at Guantánamo Bay, where he was kept together with adult detainees, separate from other children who received better treatment and some formal education. Now Khadr is 19 and is facing the tribunal operated exclusively by the US military.

The tribunal is referred to by different media organizations as a “war crimes court”, a “military commission” or a “military tribunal“. Its legality is presently under dispute. The USA has not ratified the international treaty creating the International Criminal Court, so the nature of the tribunal under international law is unclear. The Miami Herald reports that “military defense lawyers and legal observers [condemn] the so-called military commissions as stacked against the defendants”, but that the chief Pentagon prosecutor, Air Force Col. Morris “Moe” Davis defended the tribunal, stating that the purpose of the tribunals is to provide a fair trial while addressing an enemy whose actions had not been anticipated under the Geneva Conventions. “We have nothing to be ashamed of, and I’m proud of everybody involved in the process,” he said.

The Supreme Court of the US is expected to decide on the constitutionality of this type of military tribunal in the next few months, with oral arguments in March, to consider charges that the “tribunals” violate US obligations under the Geneva Conventions.

Khadr has requested an upgrade to his legal team. The military defense lawyer appointed to him by the tribunal is a 31-year-old army captain, who has never before handled a trial defense and just recently returned from his tour of duty in Iraq.

Thursday, October 3, 2013

A review this week by Wikinews of US Consumer Financial Protection Bureau (CFPB) complaints about mortgages in the United States shows Bank of America leads all lending institutions in complaints.

Since mortgages complaints were recorded in December 2011, 77,622 total have been added to CFPB’s database. 29.2% of these complaints involved Bank of America, with the second most received by Wells Fargo, accounting for 15.5% of all complaints. JPMorgan Chase ranked third by volume of complaints with 9.8%. Ocwen was fourth with 8.7% and Citibank was fifth with 4.8%. Nationstar Mortgage; Green Tree Servicing, LLC; HSBC; PNC Bank; U.S. Bancorp; OneWest Bank; SunTrust Bank; Flagstar Bank; and Select Portfolio Servicing, Inc. each had between 1.0 and 3.8% of total complaints. The remaining 14.4% of all complaints about consumer mortgages were divided between about 530 other lending institutions.

The Motley Fool reported last month that for the past fiscal quarter, the biggest US based mortgage lenders were from first to fifth Wells Fargo, JPMorgan Chase, Bank of America, Quicken Loans and U.S. Bancorp.

According to the US Federal Reserve, debt for family residences stands at US$10.706 trillion for the second quarter of 2013. As of the end of June of this year, Bank of America is the United States’s second largest commercial bank with US$1.343 trillion in domestic assets. Wells Fargo is the fourth largest commercial bank with US$1.251 trillion in domestic assets. JPMorgan Chase is the largest US commercial bank with US$1.329 trillion in domestic assets and US$1.947 trillion in total assets.

The mortgage complaints in the CFPB report include several subproducts. Conventional fixed mortgages account for 27.1% of all complaints. Conventional adjustable mortgages account for 10.0%. FHA mortgages account for 7.7% of all complaints. Home equity loans or lines of credit account for 3.8% of all complaints. VA mortgages are 1.4% of all complaints. Second mortgages and reverse mortgages each account for 0.6% of complaints. The remaining 48.7% of complaints are about other mortgages or other mortgage issues. A few years ago, FHA loans accounted for about 10% of all US mortgages while VA loans accounted for about 3%. Prime loans accounted for over 75% of the market and the rest were subprime mortgages.

California leads all states by volume of complaints with 14768. It is followed by Florida, New York, Georgia and Texas. When complaints are divided by a state’s total population, New Hampshire leads. The state is followed by Washington D.C., Maryland, Georgia and Florida. Complaints do not correlate with national rankings for August’s foreclosure rate by state where Nevada topped the list, followed by Florida, Ohio, Maryland and Delaware.

Two zip codes account for over 1,000 total complaints between them. 565 complaints originated in the 48382 zip code, which is in Commerce Township, Michigan, located in suburban Detroit. 553 complaints originated in the 33071 zip code, in Coral Springs, Florida. According to real estate website Zillow, there are currently 1,033 properties in foreclosure in Coral Springs while Commerce Township only has 131 properties currently in foreclosure. Four other zip codes have 100 plus complaints originating from them. 91730, in Rancho Cucamonga, California, had 158 complaints. 33409, in West Palm Beach, Florida, had 132. 92626, in Costa Mesa, California, had 125 complaints. 92660, in Newport Beach, California, had 122 complaints. Respectively, the towns had 534, 1,068, 153, and 134 properties currently in foreclosure. These numbers are higher than for the cities of a few sampled zip codes where there was only one complaint, such as Gold Hill, Oregon which has 4 properties in foreclosure, and Decatur, Illinois which has 6 properties in foreclosure.

The CFPB categorizes complaints into six categories: “Loan modification, collection,foreclosure” or problems when a person is unable to pay; “Loan servicing, payments, escrow account” or problems with making a payment; “Application, originator, mortgage broker”; “Credit decision / Underwriting”; “Settlement process and costs”, and “Other”. The CFPB says the complaint types indicate consumers “appear to be driven by a desire to seek agreement with their companies on foreclosure alternatives. The complaints indicate that consumer confusion persists around the process and requirements for obtaining loan modifications and refinancing, especially regarding document submission timeframes, payment trial periods, allocation of payments, treatment of income in eligibility calculations, and credit bureau reporting during the evaluation period.” Currently, 59.6% of all complaints against lenders deal with being unable to pay. 25.1% deal with problems in making a payment. 7.0% have to do with the application process.

Of the complaint-heavy zip codes, for 48382 in Commerce Township, Michigan, 98.9% of all complaints have to deal with being unable to pay. Accounting for 23.4% of all mortgage complaints in Commerce Township, 132 of the complaints for being unable to pay were made regarding Bank of America, accounting for 97.8% or all but 3 complaints against them from the zip. 121 of the Bank of America responses in Commerce Township were closed with explanation and 12 were closed with non-monetary relief. 33071 in Coral Springs is different, with 537 of the 553 complaints being categorized under other. Only 11 complaints relate to foreclosure and issues with being able to pay. 92626 in Costa Mesa, where 32% of the mortgage complaints were about Bank of America and 26.4% were about Wells Fargo, had 93.6% of its complaints dealing with being unable to pay. 5 total complaints dealt with payment issues and 3 dealt with applications.

Beyond regional variance in complaint types lodged, the top five mortgage lenders by volume of complaints all had being unable to pay as their top complaint category, ranging between 55.8% for Citibank and 69.4% for Bank of America. Problems with payment accounted for the second largest area of complaints, with Ocwen having the largest percentage of complaints at 31.9% and Bank of America having the smallest at 18.8%. Foreclosure was the top area of complaints for a number of other lending institutions including 1st Alliance Lending, OneWest Bank, Ally Bank, Banco Popular de Puerto Rico, Bank of the West, BMO Harris, BOK Financial Corp, Caliber Home Loans, Inc, Capital One, Deutsche Bank and EverBank.

Nationally, complaints reached a high of 5,840 for January 2013, 1,107 more than the next highest month of April 2013. The total emerging for September is the second lowest since records were first kept in December 2011. On a state by state level, this pattern largely repeats with a major exception for Florida which saw a peak of 849 complaints in June 2012. Then, as now, Florida was one of the top five states in the nation in its foreclosure rate. The national January spike came as the Qualified Mortgage standard required by the The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 came into play. It required mortgage lenders to take steps to insure borrowers could repay their mortgages.

Bank of America’s complaint volume follows the national trend, with a spike in January 2013 with 1,925 total complaints. Unlike nationally, the next month by volume of complaints was February of this year with 1,598 complaints. Prior to that, the highest month was May 2012 with 1,418 complaints. The lowest volume of complaints is September this year with 334.

Wells Fargo matched national trends for volume of complaints by month, with the exception of the current month being the lowest on record for number of complaints with 197 compared to the next lowest month, December 2011, when they had 221. JPMorgan’s complaint volume by month spiked in January and March of this year with 504 complaints. April of this year was the next highest month with 493 complaints, edging out May of last year with 488 complaints. September this year is on track to be the lowest month by complaint volume.

The federal government shutdown is unlikely to impact the current mortgage situation in the United States directly for most consumers, though mortgage processing by the Federal Housing Administration could be slower, resulting in fewer mortgages processed.

Sunday, January 27, 2008

Viktor Schreckengost, the father of industrial design and creator of the Jazz Bowl, an iconic piece of Jazz Age art designed for Eleanor Roosevelt during his association with Cowan Pottery died yesterday. He was 101.

Schreckengost was born on June 26, 1906 in Sebring, Ohio, United States.

Schreckengost’s peers included the far more famous designers Raymond Loewy and Norman Bel Geddes.

In 2000, the Cleveland Museum of Art curated the first ever retrospective of Schreckengost’s work. Stunning in scope, the exhibition included sculpture, pottery, dinnerware, drawings, and paintings.

Sunday, September 28, 2008

Four people have been arrested on terrorism charges in Islington, London, England, after a suspected petrol bombing on the house of Martin Rynja, owner of book publishing company Gibson Square.

His company recently sparked controversy after buying the rights to publish The Jewel of Medina, a work of fiction by Sherry Jones depicting the Muslim prophet Muhammad and his child bride, Aisha.

The bombing, which occurred in the early hours of Saturday morning, led to the evacuation of the £2.5 million property in Lonsdale Square. Three men, aged 22, 30 and 40, were arrested at 2:25am BST by armed officers, two in Lonsdale Square, and one after being stopped near Angel tube station.

Police comments suggested that the trio had been under surveillance, and that they had advance knowledge of the plot and simply waited for the arsonists to strike, before arresting them.

On Saturday, a woman was arrested for obstructing police during their searches of four addresses – two in Walthamstow, and two in Ilford and Forest Gate.

Speaking earlier this month, Mr Rynja said that “The Jewel of Medina has become an important barometer of our time. As an independent publishing company, we feel strongly that we should not be afraid of the consequences of debate.” Ms Jones commented that she did not intend for her novel to be offensive to Islam. She noted that she “[has] deliberately and consciously written respectfully about Islam and Muhammad.” She “envisaged that [her] book would be a bridge builder” between Islam and the western world.

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Thursday, August 25, 2005

Created by the Brampton Arts Council and the City of Brampton, the Studios of Brampton studio tour will allow residents a chance to view works by dozens of local artists at twelve locations.

The tour will run October 1 & 2 from 10 pm until 4 pm ET.

On the tour are the personal studios of watercolourist Jack Reid, sculpture Marion Bartlett, woodworker Rick Bino, ceramicist Eric Wong, calligrapher and fashion illustrator Rosemarie Gidvani, abstract painter Karen Darling, oil painter John Cutruzzola, stain-glass artist Darlene Robichaud, and watercolourist Gordon Stuart.

Also on the tour is the Art Gallery of Peel, which will be exhibiting Sydney Drum, a Canadian artist based in New York, and Kelly McNeil.

Visual Arts Brampton and Beaux-Arts Brampton will both have line-ups of local artist members. VAB has confirmed displays by William Band, Bridget Doughty, Betty Jean Evans, Marguerite Finlayson, Conrad Mieschke, Keith Moreau, Mary Noble, Olga Rudge, and Elizabeth Patrick.

Sample works representing each location on the tour will be shown at the Brampton City Hall’s Atrium Gallery.

Friday, May 6, 2005

The Mars Rover MER B, better known as Opportunity, is stuck in a sand dune about 30 centimeters tall in Meridiani Plunum. The Rover had just discovered a pair of tiny craters when its six wheels got stuck in the dune and the Rover stopped dead.

Opportunity ground control is now taking its time getting Opportunity free. They also want to discover what is so different about this soil so that this kind of event may be avoided in the future.

“A note to all you Opportunity fans: Get used to the current scenery, because we’re going to be here awhile,” Steve Squyres, lead scientist on the Rover team at Cornell University in Ithaca, New York wrote in his blog. “We are very optimistic that we’ll be able to get out of here, but we’re really going to take our time doing it.” Squyres also noted: “We’ve gotten dug in before and gotten out just fine, so this isn’t cause for immediate concern.”

Opportunity is one of two rovers (along with its twin Spirit, which landed on Mars on 3 January 2004) designed to explore the surface of Mars and radio back data to Earth. Squyres promises to keep the public updated of any changes through his blog.