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RBS Faces 10 Years Without Profits

first_img The Best Markets For Residential Property Investors 2 days ago  Print This Post About Author: Dean Terrell October 27, 2017 1,439 Views Home / Daily Dose / RBS Faces 10 Years Without Profits Christy Goldsmith Romero Deirdre M. Daly FBI Special Agent in Charge of New Haven Division Fraud Patricia M. Ferrick RBS Reuters RMBS SIGTARP Special Inspector General for the Troubled Asset Relief Program U.S. Attorney for Connecticut 2017-10-27 Dean Terrell The Week Ahead: Nearing the Forbearance Exit 2 days ago in Daily Dose, Featured, Government, Journal Tagged with: Christy Goldsmith Romero Deirdre M. Daly FBI Special Agent in Charge of New Haven Division Fraud Patricia M. Ferrick RBS Reuters RMBS SIGTARP Special Inspector General for the Troubled Asset Relief Program U.S. Attorney for Connecticut Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Previous: Treasury Reports Regulation Improvements Next: Pending Home Sales: National Update Demand Propels Home Prices Upward 2 days ago Subscribe Servicers Navigate the Post-Pandemic World 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago RBS Faces 10 Years Without Profits Share Save The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Based on a release from the District of Connecticut’s U.S. Attorney’s Office, the Royal Bank of Scotland (RBS) has agreed to pay a monetary penalty of $35 million and an additional $9 million to customers impacted by residential mortgage-backed securities fraud. This also includes firms affiliated with recipients of federal bailout funds through the Troubled Asset Relief Program. Prior to the settlement, the bank released a statement to Reuters: “RBS has zero tolerance for market misconduct,” the bank said. “We are pleased to be able to resolve this issue as we continue to build a simpler, stronger bank that is fully focused on serving our customers well.” RBS employees were convicted for defrauding customers through several methods, which included misleading buyers about a seller’s asking price on RMBS and keeping the difference of the price paid by the buyer and by misrepresenting bonds held in RBS’s inventory by claiming they were from a false third-party seller.  “For years, RBS fostered a culture of securities fraud,” said Deirdre M. Daly, the U.S. Attorney for Connecticut. By agreeing to a non-prosecution agreement, RBS Inc.’s is only addressing its corporate criminal liability and not any potential criminal charges for individuals. “RBS was able to avoid criminal charges in this case only because of its voluntary self-reporting and extraordinary cooperative efforts. By entering into this agreement, RBS has admitted the seriousness of its past criminal conduct and made a clean break” Daly said. According to Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Christy Goldsmith Romero, RBS’s cooperation led to the convictions of an RBS trader and RBS supervisor. “RBS’s cooperation in SIGTARP’s investigation and subsequent actions to right this wrong are the correct response when federal law enforcement shows up” she said.RBS would have faced much worse consequences if they hadn’t cooperated for their conduct,  according to FBI Special Agent in Charge of New Haven Division Patricia M. Ferrick. “It is incredibly troubling that RBS supervisors participated in and encouraged lower level employees to commit securities fraud, then took steps to prevent honest employees from reporting their concerns,” Ferrick said. “The U.S. Attorney’s Office, SIGTARP and the FBI have forged a formidable partnership in our investigation into fraud in the RMBS and related markets” he said.The full release from the U.S. Attorney’s office can be found here. Data Provider Black Knight to Acquire Top of Mind 2 days agolast_img read more

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Subglacial geology and geomorphology of the Pensacola‐Pole Basin, East Antarctica

first_imgThe East Antarctic Ice Sheet (EAIS) is underlain by a series of low‐lying subglacial sedimentary basins. The extent, geology and basal topography of these sedimentary basins are important boundary conditions governing the dynamics of the overlying ice sheet. This is particularly pertinent for basins close to the grounding line wherein the EAIS is grounded below sea level, and therefore potentially vulnerable to rapid retreat. Here, we analyze newly acquired airborne geophysical data over the Pensacola‐Pole Basin (PPB), a previously unexplored sector of the EAIS. Using a combination of gravity, magnetic and ice‐penetrating radar data, we present the first detailed subglacial sedimentary basin model for the PPB. Radar data reveal that the PPB is defined by a topographic depression situated ~500 m below sea level. Gravity and magnetic depth‐to‐source modeling indicate that the southern part of the basin is underlain by a sedimentary succession 2–3 km thick. This is interpreted as an equivalent of the Beacon Supergroup and associated Ferrar dolerites that are exposed along the margin of East Antarctica. However, we find that similar rocks appear to be largely absent from the northern part of the basin, close to the present‐day grounding line. In addition, the eastern margin of the basin is characterized by a major geological boundary and a system of overdeepened subglacial troughs. We suggest that these characteristics of the basin may reflect the behavior of past ice sheets and/or exert an influence on the present‐day dynamics of the overlying EAIS.last_img read more

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Premier League to fund coach scheme

first_img Press Association A meeting of 20 club chairmen on Thursday agreed unanimously to fund a scheme that every year will see six of 23 coach apprentice places reserved for coaches from BME backgrounds. A further three places will be given to female coaches and the scheme will aim to boost the number of new coaches with the UEFA Pro Licence qualification generally, and from the BME communities as well. It comes after increasing pressure on football to respond to alarming figures about the low number of black coaches and managers in the game. A report carried out by the Sports People’s Think Tank on Monday revealed BME coaches fill only 3.4 per cent of positions in England, despite making up 25 per cent of professional players. The report said English football should set a target of at least 20 per cent of professional coaches being from BME backgrounds by 2020 and should consider introducing a form of the ‘Rooney rule’ which would oblige clubs to have at least one BME candidate on shortlists for every coaching vacancy. The Football Association is also preparing measures to drive towards its target of 10 per cent of coaches coming from a BME background. Jimmy Floyd Hasselbaink this week became only the third black manager in the Football League alongside Huddersfield’s Chris Powell and Carlisle’s Keith Curle. Anti-discrimination body Kick It Out welcomes the announcement of the measures. It said in a statement: “Kick It Out is also pleased to see the commitment made towards increasing coaching opportunities for women and black and ethnic minorities through the elite coaching apprenticeship scheme, and the formation of an advisory board to help guide this process and to support all candidates. “During the last decade, we have supported clubs throughout the Premier League and Football League towards achieving levels of the Equality Standard, and have seen Arsenal and Aston Villa take the lead in embedding equality practices across their day-to-day operations. “We look forward to continuing to contribute towards the implementation of Football’s Equality Standard using the skills and expertise we have in this area, and seeing rapid progress made by clubs towards attaining, and excelling beyond, the required levels.” center_img The Premier League is to fund a scheme which aims to significantly boost the number of coaches from black and ethnic minority (BME) communities. last_img read more

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“Full Phase One” Reopening Underway in Florida, What about “Phase Two?”

first_imgNow that the full phase one reopening of Florida is underway including Broward and Miami Dade counties, Gov. Ron DeSantis is now preparing most of the state to enter Phase Two reopening.In Phase Two, people from vulnerable populations would still be asked to self-isolate, groups of up to 50 would be permitted, albeit with social distancing still in play.Phase Two would also allow increased restaurant capacity, as well as the reopening of gyms, schools, and bars with social distancing and diminished occupancy.The Governor stressed these are modest changes.“Phase Two really isn’t that different from what Florida’s done already … basically about opening up bars and some of those things.”The Governor expressed enthusiasm for gyms reopening.“Sanitation” is one key, as well as gym users being ‘in shape,’ the Governor said, citing the importance of “access to gyms” and “exercise.”DeSantis lauded his decision not to crack down on golfing during the coronavirus-driven economic shutdowns of the last two months.“Outdoors is our friend,” the Governor said. “The Villages had a record amount of tee sheets and zero people from the Villages are in that UF hospital right now.”“Daycares,” DeSantis noted, have been “open the whole time.”Though South Florida may still be on a slower path, the Governor notes that Florida is a “diverse state,” and he won’t “(roll) back the entire state if there’s an outbreak in Hialeah.”“Outside prisons and nursing homes,” the Governor noted, there are “very few cases.”last_img read more

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