Lehman to Settle ‘Saphir’ Derivatives Dispute With Perpetual - BusinessWeek

<a href="http://www.businessweek.com/news/2010-11-20/lehman-to-settle-saphir-derivatives-dispute-with-perpetual.html">Lehman to Settle ‘Saphir’ Derivatives Dispute With Perpetual - BusinessWeek</a>: "Bankrupt Lehman Brothers Holdings Inc. reached a settlement in a derivatives dispute with billions of dollars at stake that divided courts in the U.S. and the U.K.<br />The legal fight centered on which entity should be paid first from collateral under two transactions: Lehman or the holder of notes issued by a special-purpose vehicle created by Lehman known as Saphir.<br />Lehman Brothers Special Financing Inc. reached a settlement with the Australian noteholder, Perpetual Trustee Co. Ltd., according to a court document dated Nov. 17. The filing, which Lehman said was made in federal court in Manhattan, couldn’t be confirmed in court records. Kimberly Macleod, a Lehman spokeswoman, declined to comment on the terms of the accord."

Lehman to Settle ‘Saphir’ Derivatives Dispute With Perpetual - BusinessWeek

Lehman to Settle ‘Saphir’ Derivatives Dispute With Perpetual - BusinessWeek : "Bankrupt Lehman Brothers Holdings Inc. reached a settlem...

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Bankrupt Owner of Lipstick Building Can Use Cash Collateral - BusinessWeek

<a href="http://www.businessweek.com/news/2010-11-20/bankrupt-owner-of-lipstick-building-can-use-cash-collateral.html">Bankrupt Owner of Lipstick Building Can Use Cash Collateral - BusinessWeek</a>: "The owner of Lipstick Building, the midtown Manhattan tower where Bernard L. Madoff ran the biggest Ponzi scheme in U.S. history, won interim court permission to use cash collateral of lenders during its bankruptcy.<br />U.S. Bankruptcy Judge Shelley Chapman in Manhattan granted Metropolitan 885 Third Avenue Leasehold LLC’s access to cash, on an interim basis, subject to entry of a final order. She also agreed yesterday to allow Metropolitan to pay pre-bankruptcy claims, bar utilities from discontinuing service, and give protection to lenders.<br />Royal Bank of Canada is Metropolitan’s biggest creditor, under a secured loan of $210 million."

Bankrupt Owner of Lipstick Building Can Use Cash Collateral - BusinessWeek

Bankrupt Owner of Lipstick Building Can Use Cash Collateral - BusinessWeek : "The owner of Lipstick Building, the midtown Manhattan tow...

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Foreclosure Foul-up: Tracking Down Those 'Lost' Mortgages - TIME

<a href="http://www.time.com/time/magazine/article/0,9171,2032110,00.html?xid=rss-mostpopular">Foreclosure Foul-up: Tracking Down Those 'Lost' Mortgages - TIME</a>: "Trevor Douglas, 54, may soon lose his Orlando house. Sure, Douglas hasn't paid his mortgage in more than two years, which is what a Bank of America spokesperson tells me 'is important to remember.' It is. Still, if it happens, I will feel partially responsible. I helped push Douglas closer to eviction. <br />Like many other home loans, Douglas' IOU was bought and sold numerous times and finally packed into a bond. So when his foreclosure notice finally arrived, the entity trying to kick him out was one he had never heard of, something called GSAMP 2005-HE3. Worse, GSAMP said it had lost the original document — called a promissory note — to prove they owned his loan. Douglas hired a lawyer, who got the foreclosure put on hold. And that's when I showed up. Much of the ire focused on the banks recently has been on their use of robo-signers — low-wage workers hired by banks to witness and sign hundreds of thousands of foreclosure notices without verifying that the grounds for the evictions were valid"

Foreclosure Foul-up: Tracking Down Those 'Lost' Mortgages - TIME

Foreclosure Foul-up: Tracking Down Those 'Lost' Mortgages - TIME : "Trevor Douglas, 54, may soon lose his Orlando house. Sure, ...

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Banks Cut Back on Trading With Embassies: Report - ABC News

<a href="http://abcnews.go.com/Business/wireStory?id=12197215">Banks Cut Back on Trading With Embassies: Report - ABC News</a>: "U.S. banks are cutting back their dealings with embassies and other foreign institutions in the United States because of the difficulty of complying with money-laundering rules, the Wall Street Journal reported.<br />Banks have been under pressure to comply with money laundering rules implemented after the September 11 attacks that require them to track the source and purpose of transactions, according to the newspaper.<br />The U.S. State Department told the Journal that the banks' actions have affected about 40 countries, of which 16 are African.<br />JPMorgan Chase & Co told ambassadors in letters dated September 30 that it is closing its division serving diplomatic and foreign government entities, the newspaper reported.<br />Citigroup Inc is also considering cutting some business with embassies, and Bank of America Corp and HSBC Holdings have already done this, the Wall Street Journal reported."

Banks Cut Back on Trading With Embassies: Report - ABC News

Banks Cut Back on Trading With Embassies: Report - ABC News : "U.S. banks are cutting back their dealings with embassies and other fore...

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Ireland's Cowen Says Talks With EU 'Going Well' - WSJ.com

<a href="http://online.wsj.com/article/SB10001424052748704170404575624380650443128.html">Ireland's Cowen Says Talks With EU 'Going Well' - WSJ.com</a>: "As European officials raced to pull together an international bailout of Ireland believed to be worth at least €50 billion ($68 billion), one of the country's largest banks offered a troubling glimpse of the deteriorating bank conditions at the center of the crisis.<br />Allied Irish Banks PLC became the latest in a string of lenders here to warn that it is squeezed for funding as customers withdraw their cash and investors refuse to lend them money, amid concerns about the sector's safety.<br />European and IMF officials hoped to finalize the Irish aid package this weekend, but people involved in the discussions said it was unclear whether they would need more time."

Ireland's Cowen Says Talks With EU 'Going Well' - WSJ.com

Ireland's Cowen Says Talks With EU 'Going Well' - WSJ.com : "As European officials raced to pull together an international ...

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The secret clause in your mortgage contract

<a href="http://www.lovemoney.com/news/make-good-property-decisions/mortgages/the-secret-clause-in-your-mortgage-contract-10381.aspx">The secret clause in your mortgage contract</a>: "How would you feel if you failed to pay your credit card bill and, as a result, your mortgage lender used an obscure clause in your mortgage contract to try to repossess your home?<br />No, I’m not joking. Believe it or not, many lenders, such as Natwest, Royal Bank of Scotland and HSBC, place just such a clause into their mortgage contracts.<br />It’s called an 'All Monies Charge' clause and it allows your mortgage lender to try to repossess your home if you fail to keep up payments for any debt you have borrowed from that lender."

The secret clause in your mortgage contract

The secret clause in your mortgage contract : "How would you feel if you failed to pay your credit card bill and, as a result, your mor...

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Europe financiers still fear euro zone contagion: poll | Reuters

<a href="http://uk.reuters.com/article/idUSTRE6AI1ME20101119">Europe financiers still fear euro zone contagion: poll | Reuters</a>: "rescue package for Ireland would not be enough to prevent contagion of its financial woes to other countries in the euro zone, a poll of participants at a European Banking Congress showed on Friday.<br />In the on-the-spot survey of participants at the congress, most of whom were bankers, almost three quarters said such aid would not prevent contagion. The survey was conducted by the organizers of the event, which had 380 registered attendees.<br />The organizers did not say how many attendees responded.<br />The vast majority -- 88 percent -- expected the European Monetary Union to survive the next 10 years, with 70 percent believing Greece would still be a member of the euro zone in 10 years time.<br />However, 67 percent said Greece would not fully meet its financial obligations in the coming 10 years."

Europe financiers still fear euro zone contagion: poll | Reuters

Europe financiers still fear euro zone contagion: poll | Reuters : "rescue package for Ireland would not be enough to prevent contagion...

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Lottery firm Camelot has record sales for the half-year

<a href="http://www.bbc.co.uk/news/business-11796355">BBC News - Lottery firm Camelot has record sales for the half-year</a>: "National Lottery operator Camelot saw a record £2.72bn spent on its games in the six months to 25 September.<br />Camelot said the 3.6% rise on the same period last year marked its highest half-year sales figure yet.<br />It meant that the returns to good causes rose £27.6m, or just over 3.5%, to £784.8m for the six months."

Lottery firm Camelot has record sales for the half-year

BBC News - Lottery firm Camelot has record sales for the half-year : "National Lottery operator Camelot saw a record £2.72bn spent on i...

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Ireland: AIB crisis shows UK must help bailout to save its own banks | Business | The Guardian

<a href="http://www.guardian.co.uk/business/2010/nov/18/irish-bailout-banking-crisis-dominoes">Ireland: AIB crisis shows UK must help bailout to save its own banks | Business | The Guardian</a>: "€10bn (£8.5bn) has been withdrawn from Bank of Ireland and €600m from Irish Life in recent months. Bank analysts say the outflow of deposits reflects anxiety that even an Irish government guarantee is not enough to reassure customers and explains why the government is being pushed into accepting a bailout to restore confidence in the system.<br />With £140bn of loans linking the former Celtic Tiger's banks to their still-recovering British counterparts, the lack of confidence in Ireland's system is why some analysts believe the British chancellor, George Osborne, is ready to use taxpayers' money to bail out Ireland.<br />The Irish crisis has flared up despite action taken by Dublin since the collapse of Lehman Brothers in September 2008 to bolster the banking system. After controversially guaranteeing savings, the government took stakes in the major players: full control of Anglo Irish Bank, 36% of Bank of Ireland and soon to be 90% of AIB. It also created a so-called bad bank, the National Asset Management Agency, to cushion the losses of the banks' disastrous lending spree to property developers."

Ireland: AIB crisis shows UK must help bailout to save its own banks | Business | The Guardian

Ireland: AIB crisis shows UK must help bailout to save its own banks | Business | The Guardian : "€10bn (£8.5bn) has been withdrawn fro...

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Irish Bailout May Unleash Vigilantes on Portugal: Euro Credit - BusinessWeek

<a href="http://www.businessweek.com/news/2010-11-19/irish-bailout-may-unleash-vigilantes-on-portugal-euro-credit.html">Irish Bailout May Unleash Vigilantes on Portugal: Euro Credit - BusinessWeek</a>: "resolution of the Irish debt crisis may shift the burden of speculation to Portugal.<br />While officials such as European Central Bank Vice President Vitor Constancio predict a bailout of Ireland will reduce financial pressures in the euro region, analysts from Citigroup Inc. and Nomura International Plc say any relief would be short-lived as investors turn their focus to the next-weakest peripheral nation.<br />The markets indicate that country is Portugal with 10-year bond yields of 6.88 percent, compared with 8.26 percent in Ireland and 11.62 percent in Greece, which received rescue funds in May from the European Union and International Monetary Fund. Portuguese Finance Minister Fernando Teixeira dos Santos said Nov. 15 that while “there is a risk of contagion,” that doesn’t mean the country will seek financial aid.<br />“Portugal isn’t in the situation that it is now because of Ireland,” said Steven Mansell, director of interest-rate strategy at Citigroup Global Markets Ltd. in London. “If Ireland reaches an agreement to tap the European Financial Stability Facility or some other mechanism to support its banking sector, I don’t think that will alleviate the pressure on Portugal.”"

Irish Bailout May Unleash Vigilantes on Portugal: Euro Credit - BusinessWeek

Irish Bailout May Unleash Vigilantes on Portugal: Euro Credit - BusinessWeek : "resolution of the Irish debt crisis may shift the burde...

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Bailout talks start in crisis-hit Ireland

<a href="http://www.google.com/hostednews/afp/article/ALeqM5iD5XoMMmt3si6EEq4m3EVRmGOT1g?docId=CNG.019256bfe6ccb3a315e27f0faf7bcd07.191">AFP: Bailout talks start in crisis-hit Ireland</a>: "International financial experts and Irish officials began tough negotiations on Friday on a possible bailout for a debt-ridden economy at the heart of fears about the future of the eurozone.<br />Reports said the talks would focus on shoring up the crisis-hit banks and, in an indication that a deal was edging closer, the euro rose against the dollar.<br />The mission from the European Union, the European Central Bank and the International Monetary Fund will subject Ireland's books to forensic analysis, looking at the reasons for the collapse of the one-time 'Celtic Tiger' economy.<br />The Irish press focused on fears that a bailout that would lead to a loss of sovereignty for this country of 4.5 million people.<br />The Irish Daily Mail said it was about to be 'humiliated', while the Irish Times said the nation's destiny was no longer in its own hands as the EU pushed one of the smaller members of the 16-country eurozone to accept support.<br />The 'potentially enormous decisions' to be taken in the days ahead would have effects that will be 'felt far into the future', the newspaper said.<br />Prime Minister Brian Cowen's government is determined that any deal will not require compromise on Ireland's long-cherished 12.5-percent rate of corporation tax, which has helped it to encourage companies to re-locate to the republic."

Bailout talks start in crisis-hit Ireland

AFP: Bailout talks start in crisis-hit Ireland : "International financial experts and Irish officials began tough negotiations on Frida...

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GM's Bailout Is a Financial Disaster

<a href="http://www.foxnews.com/opinion/2010/11/18/gms-bailout-financial-disaster/">FoxNews.com - GM's Bailout Is a Financial Disaster</a>: "Only the government would consider it a success to buy stock at $43.84 a share and sell it at $33. -- But President Obama and those who supported his bailout of General Motors and Chrysler are claiming just that today.<br />First, the alternative to the government bailout wasn't to 'give up' as Obama claimed on Thursday at his press conference. Bankruptcy didn't mean that all jobs were going to be lost. It didn't mean that all the factories producing cars would be closed. <br />Yet, the president made that claim in his announcement again today and he continually misstates what would have happened in a normal bankruptcy. Courts don't just close down bankrupt companies. In fact, that rarely occurs. Any part of a company that can continue operating profitably continues to do so. <br />Some are pointing out that just a year and a half ago GM stock was trading at just $1 a share and claim that today's closing price of $34.19 is proof of the bailout's success. It simply doesn't account for the over $50 billion in direct bailout funds and the tens of billions of dollars in other breaks President Obama gave the company and its unions."

GM's Bailout Is a Financial Disaster

FoxNews.com - GM's Bailout Is a Financial Disaster : "Only the government would consider it a success to buy stock at $43.84 a shar...

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Ireland's Cowen losing support amid financial crisis

<a href="http://www.washingtonpost.com/wp-dyn/content/article/2010/11/18/AR2010111806372.html">Ireland's Cowen losing support amid financial crisis</a>: "Ireland, whose economic woes are riling global markets, may be facing the prospect of yet another problem: a political crisis. <br />Prime Minister Brian Cowen's rapidly draining support at home comes as Ireland is closing in on a multibillion-euro bailout with the International Monetary Fund and the European Union. Amid signs that its hard-hit banks are losing deposits and may need a fresh lifeline that the cash-strapped government cannot afford, Irish officials began rescue talks in Dublin on Thursday with an emergency team of IMF, E.U. and European Central Bank negotiators. <br />At the same time, Cowen is sustaining blistering attacks from the opposition, as well as from some of his own backers, who are charging him with mishandling the crisis and misleading the nation about pending international aid. Observers said it was uncertain whether his governing coalition, with the slimmest of majorities in parliament, could muster enough support to win a key vote on new austerity measures over the next two weeks. Its failure, analysts say, could bring down the government and complicate any bailout deal."

Ireland's Cowen losing support amid financial crisis

Ireland's Cowen losing support amid financial crisis : "Ireland, whose economic woes are riling global markets, may be facing the p...

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Creditors accept deal for fraction of $490m owed by Craig Gore | News.com.au

<a href="http://www.news.com.au/business/creditors-accept-deal-for-fraction-of-490m-owed-by-craig-gore/story-e6frfm1i-1225956311627">Creditors accept deal for fraction of $490m owed by Craig Gore | News.com.au</a>: "FALLEN Gold Coast businessman Craig Gore has avoided another personal bankruptcy after creditors yesterday overwhelmingly accepted a deal in which they will recover just a fraction of the $490 million owed to them. <br />Creditors voted for a resolution approving a Part X personal insolvency agreement for Mr Gore which allows him to make payments of less than 1¢ in the dollar without going bankrupt.<br />Under the scheme, Mr Gore must pay just $3 million over three years, with $300,000 due immediately and another $83,333 a month paid out over 36 months. He must also turn over 30 per cent of the net profits earned by one of his unit trusts."

Creditors accept deal for fraction of $490m owed by Craig Gore | News.com.au

Creditors accept deal for fraction of $490m owed by Craig Gore | News.com.au : "FALLEN Gold Coast businessman Craig Gore has avoided an...

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: Massachusetts Fines UBS $100,000 In Hedge-Fund Hotel Case - WSJ.com

<a href="http://online.wsj.com/article/BT-CO-20101118-711676.html">UPDATE: Massachusetts Fines UBS $100,000 In Hedge-Fund Hotel Case - WSJ.com</a>: ")--Massachusetts fined UBS Securities LLC $100,000 to settle a complaint the firm didn't enforce the full disclosure of its arrangements with hedge fund advisers. <br />UBS Securities, a unit of UBS AG (UBS, UBSN.VX), settled the allegations without admitting or denying wrongdoing, a spokesman for Massachusetts Secretary of the Commonwealth"

: Massachusetts Fines UBS $100,000 In Hedge-Fund Hotel Case - WSJ.com

UPDATE: Massachusetts Fines UBS $100,000 In Hedge-Fund Hotel Case - WSJ.com : ")--Massachusetts fined UBS Securities LLC $100,000 to se...

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decision may end up bankrupting Ireland.

<a href="http://www.nytimes.com/2010/11/19/business/19norris.html?_r=1">In Irish Bank Crisis, a Texas-Style Solution Is Unlikely - NYTimes.com</a>: "Texas may not look much like Ireland. But at different times, each was deemed a model of rapid economic growth, envied and resented by neighbors. During those boom times, each had banks that went crazy, making so many speculative loans that the banking system was doomed when the bubble burst. <br /> The difference was in what happened after the fall. The United States let the Texas banking industry collapse, with out-of-state banks picking up the pieces as the national deposit insurance fund suffered substantial losses. Ireland instead decided to bail out the banks and nurse them back to health as institutions based in Ireland, not controlled in some other country, and there was no European burden-sharing. <br />That decision may end up bankrupting Ireland. It certainly has led to a deep and enduring recession."

decision may end up bankrupting Ireland.

In Irish Bank Crisis, a Texas-Style Solution Is Unlikely - NYTimes.com : "Texas may not look much like Ireland. But at different times,...

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Irish Finance Minister Lenihan Admits Country's Banks Need Bailout

<a href="http://www.businessinsider.com/lenihan-irish-bank-bailout-2010-11">Irish Finance Minister Lenihan Admits Country's Banks Need Bailout</a>: "Minister for Finance Brian Lenihan has all but admitted that Ireland will ultimately accept a bailout from the International Monetary Fund and European Central Bank – saying the banking sector needed external assistance in order to stay in operation.<br />Speaking on RTÉ’s Six One News this evening, Lenihan said Ireland faced a massive difficulty because “the banks grew to such a size that they became unmanageable for the state itself. That’s why we have to consider external assistance to stabilise our banking system. And we do have to.<br />“We have to find a resolution to our banking difficulties, with whatever external assistance is appropriate,” the minister said."

Irish Finance Minister Lenihan Admits Country's Banks Need Bailout

Irish Finance Minister Lenihan Admits Country's Banks Need Bailout : "Minister for Finance Brian Lenihan has all but admitted that ...

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Florida Bank Hit With Rare Verdict in Securities-Fraud Trial - Law Blog - WSJ

<a href="http://blogs.wsj.com/law/2010/11/18/florida-bank-hith-with-rare-verdict-in-securities-fraud-trial/">Florida Bank Hit With Rare Verdict in Securities-Fraud Trial - Law Blog - WSJ</a>: "Miami jury issued a verdict in a securities-fraud suit against BankAtlantic Bancorp. The jury concluded that officers of the Florida bank misrepresented the risks that the bank faced with a 2007 real estate loan portfolio.<br />The jury further found that some investors who bought stock in in 2007 overpaid by $2.41 per share, according to the winning plaintiffs’ lawyers at Labaton Sucharow. (The plaintiffs were also represented by the Barroway Topaz firm.)<br />The ruling represents one of the first jury verdicts arising out of the financial crisis and, according to plaintiffs’ lawyers, underscores the potential risks faced by banks that issued mortgages and loans that are now underwater.<br />In an interview, Labaton partner Mark Arisohn said the verdict could equal “millions” in damages, depending on how many shareholders come forward to claim their share of the winnings. “The verdict means that a federal jury was willing to hold a bank and its management liable for misrepresenting to shareholders the lending risk it was taking,” he said."

Florida Bank Hit With Rare Verdict in Securities-Fraud Trial - Law Blog - WSJ

Florida Bank Hit With Rare Verdict in Securities-Fraud Trial - Law Blog - WSJ : "Miami jury issued a verdict in a securities-fraud suit...

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Irish banks' debt maturing in 2010/2011 | Reuters

<a href="http://uk.reuters.com/article/idUKTRE6AH48M20101118">Factbox - Irish banks' debt maturing in 2010/2011 | Reuters</a>: "Following are details on Irish banks' corporate bonds maturing in the remainder of this year and 2011.<br />BANK OF IRELAND PLC:<br />Debt whose original term is greater than one year maturing in 2011: 5 billion euros<br />Around 100 million euros of debt is maturing before the end of 2010.<br />ALLIED IRISH BANKS PLC:<br />Term funding maturing in 2011: 4.5 billion euros<br />Of which 2.5 billion euros in covered bonds.<br />ANGLO IRISH BANK<br />No data on the full year 2011 is available but the bank has around 3 billion euros maturing between now and June 2011.<br />IRISH LIFE & PERMANENT PLC:<br />Debt maturing 2011: less than 2 billion euros Has 1 billion euros in debt maturing in February.<br />IRISH NATIONWIDE<br />Debt maturing in 2011: 4 billion euros due in March and a further 0.6 billion in June.<br />No further debt due to mature in 2010.<br />EBS BUILDING SOCIETY"

Irish banks' debt maturing in 2010/2011 | Reuters

Factbox - Irish banks' debt maturing in 2010/2011 | Reuters : "Following are details on Irish banks' corporate bonds maturing i...

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Germany and Switzerland have signed an agreemen

Germany and Switzerland have signed an agreement which will make it easier for Berlin to get information about - and tax revenue from - German tax evaders.<br /><br />The agreement, signed by German Finance Minister Wolfgang Schaeuble and his Swiss counterpart, Hans-Rudolf Merz in Berne, brings to an end years of discord between the two countries. The German government believes many of its wealthy citizens have invested millions of euros in Swiss banks, and thus avoided paying tax on them.<br /><br />The new dual taxation agreement is one of a series of bilateral deals that Switzerland has signed to comply with tougher international standards and new rules set out by the Organization for Economic Cooperation and Development (OECD).<br /><br />The agreement will grant Berlin greater access to information on the Swiss bank accounts of Germans suspected of tax fraud.

Germany and Switzerland have signed an agreemen

Germany and Switzerland have signed an agreement which will make it easier for Berlin to get information about - and tax revenue from - Germ...

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