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Thursday, December 31, 2015

The Financial Conduct Authority, one of Britain’s banking sector regulators, indicated it has decided to drop an inquiry into banking culture, including practices and payment of banking staff. The inquiry was intended to review “whether culture change programmes in retail and wholesale banks are driving the right behaviour, in particular focusing on remuneration, appraisal and promotion decisions of middle management, as well as how concerns are reported and acted on”.

A spokesman for the Financial Conduct Authority stated: “A focus on the culture in financial services firms remains a priority for the FCA[…] There is currently extensive ongoing work in this area within firms and externally. We have decided that the best way to support these efforts is to engage individually with firms to encourage their delivery of cultural change as well as supporting the other initiatives outside the FCA.”

The Shadow Chancellor, Labour’s John McDonnell, said shutting down the inquiry would be a “dangerous and costly mistake” and said: “This will be a huge blow to customers and taxpayers who are all still paying the price for the failed culture in the banking sector that’s been widely attributed to be among the main causes of the crash and the scandals over Libor and price-fixing”.

Members of the Treasury Select Committee have also been critical of the cancellation of the review. On Twitter, Labour MP John Mann stated the “FCA surrender to big banks today is entirely from pressure from Treasury and Osborne”. Conservative MP Mark Garnier, told the BBC: “There has always been this great argument that perhaps the Treasury is having more influence over the regulator than perhaps it ought to and certainly, if I was looking for a Machiavellian plot behind what’s happened here and the tone of the regulator, then I suppose I would start looking at the Treasury.”

Richard Lloyd from the consumer group Which? expressed disappointment at the cancellation of the report: “It’s disappointing that the regulator has decided against publishing this report on the culture of banking. Cultural change doesn’t happen overnight, so despite signs of improvement, the FCA must not take their eye off the ball and should continue to clean up the industry”

The FCA has had no leader since Martin Wheatley resigned in July following an expression of no confidence by George Osborne, the Chancellor of the Exchequer.

Monday, July 4, 2011

Officials announced that a treasure containing sacks of diamonds and gold coins as well as golden idols, jewelry and other riches has been discovered in the secret subterranean vaults of Sree Padmanabhaswamy temple, in the southwestern state of Kerala, India. Estimates of its worth have been rising and it is now thought to be worth US$20 billion.

The Hindu temple was built in the 16th century by the kings of the then Kingdom of Travancore to serve as a royal chapel for the rulers of Travancore. The six vaults containing the treasure have been undisturbed for over a century. Assessment of the treasure began on June 27 after a lawyer concerned about the security of the treasure petitioned India’s Supreme Court, which then appointed a seven-member panel of experts to inventory the treasure. The panel does not have the power to determine to whom the treasure will belong. Estimates of the treasure’s worth are rising, provoking a heated debate as to how the treasure will be used in a country that has 450 million poverty-stricken people.

The chief minister of Kerala, Oommen Chandy, announced on Sunday the treasure would remain with the temple, and security matters would be decided in consultation with the Travancore Royal Family, the temple management, and the temple priest.

“The gold was offered to the lord. It is the property of the temple. The government will protect the wealth at the temple,” Oommen Chandy said. Meanwhile, hundreds of armed police have been deployed around the temple to protect the treasure.

However, the view that the treasure should remain at the temple has been disputed. Among the dissenters is eminent jurist V R Krishna Iyer, who said the treasure should be put in a national trust for the peoples’ benefit. “God’s wealth belongs to the people, not to the king. It’s meaningless to say that it belongs to Hindus or any particular religious community,” said Iyer. “A mechanism should be devised to ensure that the benefits of it reach the poor and the needy and not the rich.”

Five of the six vaults of the Sree Padmanabhaswamy Temple have been inventoried.

On Saturday, reports leaked to the press revealed that the treasure, including a golden idol of Mahavishnu and a golden ‘anki’, were found in one of the vaults, estimated to weigh 30 kilograms, along with precious stones, silver, two coconut shells of pure gold and another golden idol as well as other jewels and valuable coins. The panel hopes to find more treasure when the sixth and final vault is opened, but the attempt was suspended on Monday because the iron door inside presented “technical problems” requiring further consultation before opening. This vault is thought to contain the bulk of the wealth.

Keralan officials in a preliminary estimate said that the treasure was worth over US$11.2 billion; those estimates have now risen to US$20 billion. Historians say that the temple’s location on a site through which passed lucrative trade routes support the higher evaluations.

“Traders, who used to come from other parts of the country and abroad for buying spices and other commodities, used to make handsome offerings to the deity for not only his blessings but also to please the then rulers,” said P.J. Cherian, the director of Kerala Council for Historic Research

Some suggest that the profit from the sale of the treasure would be enough to wipe out the entire public debt of Kerala and fund future Kerala projects such as seaports, airports and highways.

Tuesday, October 8, 2013

Unlike some parts of the US Federal Government, the Consumer Financial Protection Bureau (CFPB) has been open during the federal government shutdown and recording a record-low number of complaints submitted by consumers against mortgage companies, credit card companies, student loan providers, banks, money transfer providers, companies who provide credit reports, and other companies providing consumer loans.

With data not available for yesterday, the first four days of the shutdown had daily totals of 37, 16, 13, and 3 complaints. With the exceptions of September 29 with 15 complaints and September 28 with 23, it is the lowest daily total since March 16 of this year when 36 total complaints were recorded and February 23 of this year with 14. The total complaints are also down from the same dates last year, when the total complaints per day for the first four days of October 2012 were 272, 298, 288, and 225.

Of the 69 filed complaints recorded so far this month, 27 were complaints about mortgage companies, 21 were about bank accounts and 10 were about credit card companies. 40% of credit card companies complaints, 42.9% of bank account complaints and 48.1% of mortgage complaints are currently listed as still in progress. Most of the rest have been closed with an explanation.

Bank of America leads all companies in terms of total complaints filed this month with 9. Bayview Loan Servicing, LLC andJPMorgan Chase have 7 complaints each. Ally Bank, Sovereign Bank, and Wells Fargo have 4 each. Flagstar Bankand Equifax have 3 each. Citibank, Nationstar Mortgage, TD Bank, Amex, and FirstMerit Bank have 2 complaints each. 18 financial services companies have 1 complaint each filed against them.

During the government shutdown, some CFPB staff have voiced their opinions on Twitter. Dan Munz, deputy assistant director for consumer engagement at the CFPB, tweeted, “Boy, shutdown week has really created a sudden bumper crop of amateur federal management experts.”; “Also, seems like Boehner is singlehandedly undoing whatever progress he’d made in portraying this as a Dem [Democratic Party] shutdown.”; and “Basically, there’s now a strong incentive to fill legislation with minor symbolic things you can bargain away later to protect the core.”

The agency has been able to stay open during the government shutdown because it is funded by the Federal Reserve. According to Amanda Terkel at the Huffington Post, Republican members of the United States House of Representatives have put closing the CFPB on their wish list of items in negotiating for a new debt ceiling limit. Party members have previously stalled the appointment of Richard Cordray as the CFPB boss as a way of hindering it from engaging in oversight of financial organizations in the the US.

Thursday, November 23, 2006

Today an injunction that was filed in the High Court yesterday to stop the Auckland City Council and Auckland Regional Council from telling the Government which stadium they prefer has failed. The decision is over a new stadium located on the waterfront of Auckland, New Zealand or an upgrade of the already existing, Eden Park, Auckland. The stadium is for the final of the Rugby World Cup 2011, which New Zealand is hosting.

The injunction was filed by a group of five Aucklanders who believe that the decision is being rushed. The injunction was filed in the name of a private citizen to represent a group of five Aucklanders. Rodney Hide, leader of the ACT party and Member of Parliament (MP) and MP for the Green party, Keith Locke, are helping the fight for the injunction as they believe the Aucklanders have a strong case.

Justice John Priestley said that the group did not need this injunction because they could fight the stadium decision in the future by different means. A second injunction has already been filed for two days, starting December 11.

Mayor of Auckland, Dick Hubbard, said: “The council’s advisors have informed that processes have been proper and appropriate.”

Rodney Harrison, Queens Counsel (QC), said: “The group that lodged the injunction were Auckland ratepayers, residents and concerned citizens but none of whom could be called high profile. I have no idea what those decisions might be. Exactly how the defendants (local government) react to central Government requests or pressure is a matter for them.”

ARC chairman, Mike Lee attacked his own counsel Brian Latimore for failing to follow instructions at today’s High Court injunction hearing. The instruction were “not to oppose any injunction, merely to assist the court by explaining what was going on and leave the argument to the judge and the other parties.”

Mr Lee said: “We were there as peacekeepers not combatants and it seems this guy has gone in and opened fire.”

Patrick McGuire, one of the five Aucklanders who had sought the injunction, said that Mr Hide had introduced all of them to each other after they each wrote a letter to him with their concerns. Mr McGuire said it requires “public input”.

Mr Hide said that he “had acted as a middle-man, arranging for the members of the group to meet with lawyers.” Mr Locke and Mr Hide are working together because they are concerned the legal processes of the decision over which stadium will be chosen and how the decision will be made. Mr Hide said he did not like the waterfront stadium, “I’m not a lawyer but the legal advice we have had is that the injunction has a high chance of succeeding.”

The two councils, Auckland City and Auckland Regional, have been consulting the affected groups to see which decision they should go with. The Auckland City Council is currently in a meeting discussing the stadium decision and the Regional Council will do it tomorrow.

If the waterfront stadium was chosen then the stadium will be located on Ports of Auckland land and they want a guarantee that their running of the ports will not be affected. Denis Carlisle, president of the local Maritime union, said: “The Ports of Auckland are asking for guarantees that they will not suffer any financial loss from the stadium project, and likewise the Maritime Union will be seeking compensation for our members for any loss of work. The issue was about safeguarding Port of Auckland’s role as a major working port.”

“[The Ports of Auckland] is one of the key gateways between New Zealand and the global economy.”

Saturday, January 28, 2006

After seven weeks in the Southern Ocean disrupting the Japanese whaling fleet, a Canadian registered anti-whaling ship, the Farley Mowat, has been detained by South African authorities.

The Sea Shepherd Conservation Society vessel, its captain Paul Watson, and his crew, have been detained indefinitely. The South African Maritime Safety Authority (SAMSA) have placed a guard on the gangplank and are patrolling the ship.

The Farley Mowat, which sailed from Melbourne, Australia on December 6, was detained in Cape Town harbour, following a request from the Canadian government. A SAMSA official said the ship did not have the required certification.

“They don’t have the right certificates for the skipper, the first-mate or the chief engineer,” an official said. According to SAMSA, the detention adheres to Canadian maritime laws and followed correspondence from Canada, who requested that the authorities check the ship.

According to Scoop Independent, the ship and crew have been detained due to the International Maritime Organization’s ISPS Code. Under Canadian maritime law, both the captain and first officer should be Canadian nationals. Captain Paul Watson is Canadian, First Officer Alex Cornelissen is Dutch.

SAMSA claims that the Farley Mowat was not in possession of an international ship security certificate or a ship security plan.

This means the ship allegedly does not comply with the International Ship and Port Facility Security Code (ISPS Code) – a comprehensive set of measures to enhance the security of ships and port facilities. The code was developed in response to the perceived maritime threats to ships and port facilities in the wake of the 9/11 attacks in the United States.

The official said the detention was in line with Canadian maritime laws and followed correspondence from Canada requesting the authorities check the ship.

However, Captain Paul Watson says political pressure from Japan is behind the detention of the boat. He says he does not have the necessary documentation required by officials as the boat is registered as a yacht and not a commercial vessel.

Monday, April 17, 2006

Kevin Ray Underwood, the suspect in the murder of 10-year-old Jamie Rose Bolin of Purcell, Oklahoma, reportedly kept a weblog in which he joked about cannibalism, discussed the effects of not taking his prescribed medicine, and talked about “dangerously weird” fantasies.

Underwood was arrested Friday after investigators searched his apartment and found Jamie’s body in a plastic bin in his bedroom closet. Also reportedly found in his apartment were barbecue skewers and meat tenderizer, which law enforcement officials believe he intended to use to eat the girl’s flesh.

People who knew Underwood reported that he was a relatively unassuming man, seemingly trustworthy. His mother described him as “a wonderful boy” and said of Jamie, “I would like to be able to tell her family how sorry we are. I just feel so terrible.”

In the profile of his blog, entitled “Strange Things are Afoot at the Circle K” ([1]), Underwood described himself as “Single, bored, and lonely, but other than that, pretty happy.” Also on his profile page, he poses the question, “If you were a cannibal, what would you wear to dinner?” and answers, “The skin of last night’s main course.”

In an entry dated September 8, 2005, Underwood reportedly described 1998 as “the year that a large part of me died” and “the longest year of my life.” He reported losing contact with most of his friends, making an online acquaintance only to lose her again, and suffering panic attacks from being around people at college. Two of his friends also were involved in a car accident, one fatally injured.

He reported in that entry that in the last year he found himself becoming more and more detached from the world, never leaving his apartment except to go to work or his parents’ apartment. In an entry dated September 24, 2004, he reported that his fantasies were “just getting weirder and weirder. Dangerously weird. If people knew the kinds of things I think about anymore, I’d probably be locked away. No probably about it, I know I would be.”

In an entry dated February 4, 2006, he said that he had hardly left the apartment in almost two months, and that “a week or so ago, I spent my day off sitting here at the computer, barely moving from the chair, for 14 hours.”

His last blog entry was dated Thursday, April 13, 2006, one day after authorities believe Underwood killed Jamie Bolin.

Tuesday, August 10, 2010

Former US Senator Ted Stevens, 86, and former NASA administrator Sean O’Keefe, 54, were on an airplane that crashed in southwest Alaska, the Associated Press reports. A family spokesperson later confirmed that Stevens died in the crash, following earlier conflicting reports about his status. Both O’Keefe and his teenage son survived, according to a former NASA spokesperson.

In addition to the former Senator and former NASA chief, there were seven other passengers, The New York Times reports. Of those, five were reported to have died. The plane was heading to a fishing lodge near Lake Aleknagik when it crashed. Senator Stevens’ body has been recovered.

The Alaska National Guard was called in at 7:00 p.m. AKDT (0300 UTC) Monday, and arrived at the crash site about 7:30 a.m. AKDT (1530 UTC) Tuesday. Severe weather has made finding the crash site difficult for rescue personnel. The National Transportation Safety Board, or NTSB, said it was sending a team of investigators to the crash site, which is unusual for crashes of private aircraft.

As of 10:00 a.m. AKDT (1800 UTC), three of the survivors have been airlifted from the site by the United States Coast Guard.

Ted Stevens was born on November 18, 1923 in Indianapolis, Indiana. He began serving as a US Senator for Alaska in 1968, and held the postition until 2009, when he was defeated in a reelection bid by Mark Begich. He was also facing corruption charges at the time, which were later dropped after an initial conviction when it was found that prosecutors had withheld evidence from Stevens’ defense attorneys. In 1978, Stevens survived a plane crash in Anchorage, although the incident claimed the life of his first wife, Ann.

Sean O’Keefe was nominated as a NASA administrator in 2001 by then-president George W. Bush, and led the space organization through shaky times, such as the Space Shuttle Columbia disaster. He resigned in 2005 to become the chancellor of Louisiana State University.

Thursday, December 22, 2005

Electrical power generator Calpine Corporation declared bankruptcy on Tuesday. The San Jose, California based company filed for Chapter 11 bankruptcy protection in U.S. Federal Court, to facilitate debt restructuring and to allow for normal operations to continue. Calpine has obtained secured debtor-in-possession financing from Deutsche Bank and Credit Suisse First Boston totaling $2 billion. The company announced that some of its Canadian subsidiaries would also file for creditor protection under the Companies’ Creditors Arrangement Act. Calpine and its subsidiaries operate natural gas and geothermal electricity generating plants in 21 U.S. states and 3 Canadian provinces.

The recent rise in natural gas prices due to Hurricanes Rita and Katrina has pushed Calpine’s cost significantly above the locked in selling price for its long-term contracts. Calpine has asked the court to void eight long term contracts, including a 20-year contract entered into with the State of California‘s Department of Water Resources and Pacific Gas and Electric Company in 2001.

The company received permission on December 21 from the Federal Bankruptcy Court for the Southern District of New York to use $500 million of its financing to continue operating and to keep paying its employees’ salaries and benefits.