Domingo Halliburton
Handmade in USA
2 months later hits a yearly high of $3.17.
A lot of volume. Zero news. Something fishy going on.
are there operations all in China? I'm assuming they are with a name like SinoCoking.
Boiler Room: The Official Stock Market Discussion
are there operations all in China? I'm assuming they are with a name like SinoCoking.
dont know about that but amidst the sell off last tuesday I called that we'd hit 2000 by the end of the august. Told the same thing to my homie back in June and he
'd me. This and Under Armour back in May are perhaps two of the best short term calls i ever made no pun intended. Didnt benefit of UA but i've been riding the wave on this one. 2200 is an ambitious ass number but at 10% it's certainly possible
. I have no idea what catalysts could cause it though.Earnings have been relatively mixed across sectors. Maybe one of the brehs with more macro knowledge could chime in. I got some research to do cause after 200 I dont know where I see it going yet
88m3
Fast Money & Foreign Objects
NVESTMENT BANKING | LEGAL/REGULATORY
Caught Backsliding, Standard Chartered Is Fined $300 Million
By BEN PROTESS and CHAD BRAY AUGUST 19, 2014 12:57 PMAugust 20, 2014 1:04 pm 28 Comments
Photo
Standard Chartered’s offices in London. The bank was fined for not abiding by an agreement that settled charges that it worked with blacklisted countries.Credit Matthew Lloyd/Getty Images
Updated, 8:34 p.m. | It took $667 million in fines and a promise to behave for the British bank Standard Chartered to emerge from the regulatory spotlight. All it took to return there was its failure to fully keep that promise.
In a settlement announced on Tuesday by New York State’s financial regulator, Standard Chartered will pay a $300 million fine and suspend an important business activity because of its failure to weed out transactions prone to money-laundering, a punishing reminder of settlements in 2012. Those settlements with state and federal authorities resolved accusations that Standard Chartered, in part through its New York branch, processed transactions for Iran and other countries blacklisted by the United States.
The New York regulator, Benjamin M. Lawsky, has now penalized Standard Chartered for running afoul of the 2012 settlement, which he said required the bank to “remediate anti-money-laundering compliance problems.”
An independent monitor, hired as part of Mr. Lawsky’s 2012 settlement, recently detected that the bank’s computer systems failed to flag wire transfers flowing from areas of the world considered vulnerable to money-laundering, according to Mr. Lawsky’s order. The order did not specify the number of transactions that the bank’s filters failed to identify, but a person briefed on the matter said that it was “in the millions.”
The settlement with Mr. Lawsky, an unwelcome distraction for the bank as it grapples with dwindling profits and a lackluster stock price, represents a rare regulatory strike against corporate recidivism.
Historically, when banks have struggled to keep their regulatory promises, they have returned to business as usual without much of a rebuke. Yet Mr. Lawsky, two people briefed on the matter said, is considering an effort to routinely double-check banks’ transactions for signs of money-laundering, a step that could portend other actions against Wall Street banks.
Photo
Benjamin M. Lawsky, New York's top financial regulator.Credit Mike Segar/Reuters
“If a bank fails to live up to its commitments, there should be consequences,” Mr. Lawsky said in a statement. “That is particularly true in an area as serious as anti-money-laundering compliance, which is vital to helping prevent terrorism and vile human rights abuses.”
At Standard Chartered, which is based in London but earns most of its profit in Asia, Mr. Lawsky’s office traced much of the problem to the bank’s Hong Kong subsidiary and its branches in the United Arab Emirates. The breadth of the errors — and the repeat nature of the case — prompted Mr. Lawsky to take aim at both of those business units.
Under the deal, Standard Chartered’s New York branch must indefinitely suspend its processing of payments in dollars, a crucial function known as dollar clearing, for “high-risk retail business clients” in Hong Kong. The suspension is expected to focus on a universe of about 300 clients, the people briefed on the matter said, not an insignificant number. It is up to the bank’s monitor to determine what constitutes “high risk” based on a number of telltale signs.
The bank, which said on Tuesday that it “accepts responsibility for and regrets the deficiencies in the anti-money-laundering transaction surveillance system at its New York branch,” also agreed to shed some of its “high-risk small- and medium-business clients” in its United Arab Emirates divisions. It is unclear how many clients will fall under that category.
Collectively, the penalties present a reputational threat to the bank even as the financial toll remains uncertain.
The bank, which publicly said on Tuesday that it had “already begun extensive remediation efforts and is committed to completing these with utmost urgency,” privately assured investors that the dollar-clearing suspension would not materially affect its financial performance, another person briefed on the matter said.
And yet in meetings with Mr. Lawsky, the people briefed on the matter said, Standard Chartered fought hard to avoid that fate. The bank also enlisted the support of its regulators overseas: British and Hong Kong authorities raised concerns with Mr. Lawsky about the dollar-clearing penalty, echoing the objections of the bank.
The Hong Kong Monetary Authority, which oversees the banking industry there, issued a statement on Tuesday that seemed aimed at undermining Mr. Lawsky’s concerns on money-laundering controls. “Although we have identified some areas for improvement, they are not issues that cause significant supervisory concerns,” the Hong Kong authority said.
In the settlement with Mr. Lawsky, Standard Chartered was not accused of any criminal wrongdoing. Federal and state prosecutors did not join Mr. Lawsky’s order.
The order — announced a day after Mr. Lawsky reached a separate settlement with the giant consulting firm PricewaterhouseCoopers, accusing it of “improperly altering” a report to regulators — comes at a difficult time for the bank.
Photo
Peter Sands, chief executive of Standard Chartered bank.Credit Philippe Lopez/Agence France-Presse — Getty Images
Photo
Ellen Zimiles, an independent monitor, detected that Standard Chartered failed to flag wire transfers.Credit David Hills
Investors have squeezed Standard Chartered’s stock in recent months after the bank warned in June that its profit would fall sharply in the first half of this year. Rumors also swirled in the media that the company was preparing a succession plan for Peter Sands, its chief executive. The bank dismissed the speculation.
In a conference call with news outlets earlier this month, Mr. Sands, who was named chief executive in November 2006, said that the bank’s shareholders were largely concerned with its recent performance — an area the board and the management team are “focused on.”
Mr. Sands, one of the longest-serving chief executives among European bankers, also declared that he had no interest in leaving the bank. “I have no other plans,” he said.
The company’s stock is off about 8 percent since mid-June but closed up slightly at 12.17 pounds, or about $20.35, in trading in London on Tuesday.
Mr. Lawsky’s investigation posed an additional test to Mr. Sands, who at times played a direct role in the negotiations. Mr. Sands met with Mr. Lawsky at his headquarters in Lower Manhattan a few times, the people said.
The resulting settlement requires the bank to assign a “competent and responsible” executive, who will report directly to Mr. Sands, to oversee “a comprehensive remediation action plan.”
The bank must also extend the duration of the independent monitor’s oversight. The monitor, Ellen Zimiles, a former federal prosecutor in Manhattan who is now head of the consulting firm Navigant’s global investigations and compliance practice, will continue to keep an eye on the bank for two more years.
Should the monitor detect another breach, Mr. Lawsky’s order would allow for another round of punishments.
“Upon a finding of breach,” the order said, Mr. Lawsky’s office has “all the remedies available to it under New York Banking and Financial Services Law.”
http://dealbook.nytimes.com/2014/08...ew-york-regulator/?_php=true&_type=blogs&_r=0
Did they just say fukk it?
On a side note I was reading one of my statements recently and I'm charged 25c a dollar if I go over a certain amount of cash transactions per period. Banks must be really feeling the heat...
Caught Backsliding, Standard Chartered Is Fined $300 Million
By BEN PROTESS and CHAD BRAY AUGUST 19, 2014 12:57 PMAugust 20, 2014 1:04 pm 28 Comments
Photo
Standard Chartered’s offices in London. The bank was fined for not abiding by an agreement that settled charges that it worked with blacklisted countries.Credit Matthew Lloyd/Getty Images
Updated, 8:34 p.m. | It took $667 million in fines and a promise to behave for the British bank Standard Chartered to emerge from the regulatory spotlight. All it took to return there was its failure to fully keep that promise.
In a settlement announced on Tuesday by New York State’s financial regulator, Standard Chartered will pay a $300 million fine and suspend an important business activity because of its failure to weed out transactions prone to money-laundering, a punishing reminder of settlements in 2012. Those settlements with state and federal authorities resolved accusations that Standard Chartered, in part through its New York branch, processed transactions for Iran and other countries blacklisted by the United States.
The New York regulator, Benjamin M. Lawsky, has now penalized Standard Chartered for running afoul of the 2012 settlement, which he said required the bank to “remediate anti-money-laundering compliance problems.”
An independent monitor, hired as part of Mr. Lawsky’s 2012 settlement, recently detected that the bank’s computer systems failed to flag wire transfers flowing from areas of the world considered vulnerable to money-laundering, according to Mr. Lawsky’s order. The order did not specify the number of transactions that the bank’s filters failed to identify, but a person briefed on the matter said that it was “in the millions.”
The settlement with Mr. Lawsky, an unwelcome distraction for the bank as it grapples with dwindling profits and a lackluster stock price, represents a rare regulatory strike against corporate recidivism.
Historically, when banks have struggled to keep their regulatory promises, they have returned to business as usual without much of a rebuke. Yet Mr. Lawsky, two people briefed on the matter said, is considering an effort to routinely double-check banks’ transactions for signs of money-laundering, a step that could portend other actions against Wall Street banks.
Photo
Benjamin M. Lawsky, New York's top financial regulator.Credit Mike Segar/Reuters
“If a bank fails to live up to its commitments, there should be consequences,” Mr. Lawsky said in a statement. “That is particularly true in an area as serious as anti-money-laundering compliance, which is vital to helping prevent terrorism and vile human rights abuses.”
At Standard Chartered, which is based in London but earns most of its profit in Asia, Mr. Lawsky’s office traced much of the problem to the bank’s Hong Kong subsidiary and its branches in the United Arab Emirates. The breadth of the errors — and the repeat nature of the case — prompted Mr. Lawsky to take aim at both of those business units.
Under the deal, Standard Chartered’s New York branch must indefinitely suspend its processing of payments in dollars, a crucial function known as dollar clearing, for “high-risk retail business clients” in Hong Kong. The suspension is expected to focus on a universe of about 300 clients, the people briefed on the matter said, not an insignificant number. It is up to the bank’s monitor to determine what constitutes “high risk” based on a number of telltale signs.
The bank, which said on Tuesday that it “accepts responsibility for and regrets the deficiencies in the anti-money-laundering transaction surveillance system at its New York branch,” also agreed to shed some of its “high-risk small- and medium-business clients” in its United Arab Emirates divisions. It is unclear how many clients will fall under that category.
Collectively, the penalties present a reputational threat to the bank even as the financial toll remains uncertain.
The bank, which publicly said on Tuesday that it had “already begun extensive remediation efforts and is committed to completing these with utmost urgency,” privately assured investors that the dollar-clearing suspension would not materially affect its financial performance, another person briefed on the matter said.
And yet in meetings with Mr. Lawsky, the people briefed on the matter said, Standard Chartered fought hard to avoid that fate. The bank also enlisted the support of its regulators overseas: British and Hong Kong authorities raised concerns with Mr. Lawsky about the dollar-clearing penalty, echoing the objections of the bank.
The Hong Kong Monetary Authority, which oversees the banking industry there, issued a statement on Tuesday that seemed aimed at undermining Mr. Lawsky’s concerns on money-laundering controls. “Although we have identified some areas for improvement, they are not issues that cause significant supervisory concerns,” the Hong Kong authority said.
In the settlement with Mr. Lawsky, Standard Chartered was not accused of any criminal wrongdoing. Federal and state prosecutors did not join Mr. Lawsky’s order.
The order — announced a day after Mr. Lawsky reached a separate settlement with the giant consulting firm PricewaterhouseCoopers, accusing it of “improperly altering” a report to regulators — comes at a difficult time for the bank.
Photo
Peter Sands, chief executive of Standard Chartered bank.Credit Philippe Lopez/Agence France-Presse — Getty Images
Photo
Ellen Zimiles, an independent monitor, detected that Standard Chartered failed to flag wire transfers.Credit David Hills
Investors have squeezed Standard Chartered’s stock in recent months after the bank warned in June that its profit would fall sharply in the first half of this year. Rumors also swirled in the media that the company was preparing a succession plan for Peter Sands, its chief executive. The bank dismissed the speculation.
In a conference call with news outlets earlier this month, Mr. Sands, who was named chief executive in November 2006, said that the bank’s shareholders were largely concerned with its recent performance — an area the board and the management team are “focused on.”
Mr. Sands, one of the longest-serving chief executives among European bankers, also declared that he had no interest in leaving the bank. “I have no other plans,” he said.
The company’s stock is off about 8 percent since mid-June but closed up slightly at 12.17 pounds, or about $20.35, in trading in London on Tuesday.
Mr. Lawsky’s investigation posed an additional test to Mr. Sands, who at times played a direct role in the negotiations. Mr. Sands met with Mr. Lawsky at his headquarters in Lower Manhattan a few times, the people said.
The resulting settlement requires the bank to assign a “competent and responsible” executive, who will report directly to Mr. Sands, to oversee “a comprehensive remediation action plan.”
The bank must also extend the duration of the independent monitor’s oversight. The monitor, Ellen Zimiles, a former federal prosecutor in Manhattan who is now head of the consulting firm Navigant’s global investigations and compliance practice, will continue to keep an eye on the bank for two more years.
Should the monitor detect another breach, Mr. Lawsky’s order would allow for another round of punishments.
“Upon a finding of breach,” the order said, Mr. Lawsky’s office has “all the remedies available to it under New York Banking and Financial Services Law.”
http://dealbook.nytimes.com/2014/08...ew-york-regulator/?_php=true&_type=blogs&_r=0
Did they just say fukk it?
On a side note I was reading one of my statements recently and I'm charged 25c a dollar if I go over a certain amount of cash transactions per period. Banks must be really feeling the heat...
Domingo Halliburton
Handmade in USA
dont know about that but amidst the sell off last tuesday I called that we'd hit 2000 by the end of the august. Told the same thing to my homie back in June and he
2200 is an ambitious ass number but at 10% it's certainly possible
Earnings have been relatively mixed across sectors. Maybe one of the brehs with more macro knowledge could chime in. I got some research to do cause after 200 I dont know where I see it going yet
yeah as soon as I typed that number I was thinking "man that's like another 10%." probably too much
what yall think of Barnes and Noble? I think its earnings release is in a week or so and its in a pivotal place. Bad news will send it back into the 20s but good news and the skys the limit i think
Domingo Halliburton
Handmade in USA
I don't know if I'd say the sky is the limit because I think the retail book store is going to be dead in a few years, is the Nook still around?
they have plans to spin off the Nook business I'm quite sure. What makes you say the retail book store will be dead? Amazon/Google Play...or the business itself?
Sales, profit and cash flow have actually improved this year and there is no debt anymore either.
Domingo Halliburton
Handmade in USA
yeah the internet. I guess now that Borders is gone I could see them holding onto that corner of the market. I still do like going into bookstores but it seems like everything is overpriced.
I think they just launched a new Nook in the last few weeks... I remember seeing an email promo about it
FWIW to me Nook is a much better device than Kindle, but Kindle outsells it by a good margin... crowd mentality I guess
I don't see B&N going out of business per se but I see them scaling back considerably in the next 5 years... they have way too many large buildings and most of the books they sell can be purchased online for pennies on the dollar... it would take a nobel prize winner to figure out a way sustain to their business model... cant be done IMO
why would this be bullish nnews
Futuristic Eskimo
All Star
It beginsBAC settlement done for $17 B. Finally, this thing can get moving.
good thing i got out of twitter and WFM when they failed to pick up steam. the nasdaq been wreckin shyt and theyre stagnant.
media&entertainment and maybe even tech bout to take a fall though.
not sure whether to short specific companies (CBS), the QQQ or anything at all
edit: Got out of the spy calls when the etf was at 199.58. I await them job numbers and yellen tmw
.
media&entertainment and maybe even tech bout to take a fall though.
not sure whether to short specific companies (CBS), the QQQ or anything at all
edit: Got out of the spy calls when the etf was at 199.58. I await them job numbers and yellen tmw
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