Aruna's Feed
Aug 29, 2014

Ex-ArthroCare executive sentenced to 20 years in prison

WASHINGTON, Aug 29 (Reuters) – A U.S. judge sentenced the
former chief executive of surgical device maker ArthroCare to 20
years in prison and its finance chief to 10 years after a jury
convicted the pair of orchestrating a $750 million securities
fraud scheme, the U.S. Department of Justice said on Friday.

A federal judge in Austin, Texas, sentenced former CEO
Michael Baker to 20 years, and former CFO Michael Gluk to 10
years. The government had request a 30-year prison term for
Baker and 20 years for Gluk.

Aug 27, 2014

Iraqi victims tried to flee Blackwater, U.S. says as case goes to jury

WASHINGTON (Reuters) – Four former security guards for Blackwater Worldwide “took something that didn’t belong to them, the lives of 14 human beings,” in September 2007 when they fired on civilians in a Baghdad traffic circle, a U.S. prosecutor told jurors on Wednesday.

Several victims were shot in the back as they tried to flee, federal prosecutor Anthony Asuncion noted. Summing up the government’s case against the guards, he also recounted the testimony of relatives who had given emotional accounts of their loved ones’ gory deaths.

Aug 21, 2014

Bank of America settles mortgage probes for $16.65 billion

WASHINGTON/NEW YORK (Reuters) – Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) reached a record $16.65 billion settlement with the U.S. government to settle charges that it and companies it bought misled investors into buying troubled mortgage-backed securities, helping the bank close a major chapter tied to the financial crisis.

The settlement announced on Thursday by the U.S. Department of Justice calls for the second-largest U.S. bank by assets to pay $9.65 billion in cash to resolve more than a dozen federal and state investigations, and provide $7 billion in help to struggling homeowners and communities.

Aug 19, 2014

‘Anonymous’ hackers plead guilty to minor charge in U.S. for cyberattacks

By Aruna Viswanatha

ALEXANDRIA Va. (Reuters) – Four members of the hacking group Anonymous pleaded guilty to a misdemeanor charge on Tuesday after a judge had earlier questioned whether prosecutors had treated the defendants too harshly for their crimes.

The hackers, part of a group that gained notoriety for frequent cyber-battles with U.S. authorities, each pleaded guilty via telephone to one misdemeanor charge of conspiring to intentionally cause damage to a protected computer.

Aug 18, 2014

Ex-Rabobank trader second to plead guilty to Libor rigging

WASHINGTON (Reuters) – A former senior trader at Rabobank [RABN.UL] pleaded guilty on Monday to participating in a scheme to manipulate the yen Libor rate, becoming the second employee of the Dutch-based lender to admit guilt in a U.S. probe into alleged manipulation of interest rate benchmarks worldwide.

Paul Robson, a British citizen who also submitted Rabobank’s rates used to calculate the Japanese Yen London InterBank Offered Rate, conspired to manipulate the submissions to benefit trading positions between 2006 and 2011, the U.S. Department of Justice said.

Aug 6, 2014

BofA said to be near $16 billion deal with U.S. over mortgage bonds

By Aruna Viswanatha, Karen Freifeld and Jonathan Stempel

(Reuters) – Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz) is close to a deal with the U.S. Department of Justice to pay more than $16.5 billion to end investigations into mortgage securities that the bank and companies it bought sold in the run-up to the financial crisis, a person familiar with the matter said on Wednesday.

A settlement would likely cap more than four years of work by Brian Moynihan, the bank’s chief executive, to rid Bank of America of nearly all of the massive mortgage liabilities it took on through the acquisitions of Countrywide Financial Corp and Merrill Lynch & Co by his predecessor, Kenneth Lewis.

Aug 4, 2014

GM unit gets subpoena over subprime auto loans

WASHINGTON/NEW YORK (Reuters) – The U.S. government is investigating General Motors Co’s (GM.N: Quote, Profile, Research, Stock Buzz) auto financing arm over subprime auto loans it made and securitized since 2007, the company disclosed on Monday.

General Motors Financial Co Inc said it was served with a subpoena from the Department of Justice directing it to turn over documents related to underwriting criteria.

Aug 3, 2014

U.S. senator: CIA interrogation tactics helped get bin Laden

WASHINGTON (Reuters) – Republicans on the U.S. Senate Intelligence Committee will soon release a minority report asserting that the CIA’s use of harsh interrogation techniques helped bring down Osama bin Laden and other terrorists, the panel’s top Republican said Sunday.

“Information gleaned from these interrogations was in fact used to interrupt and disrupt terrorist plots, including some information that took down bin Laden,” Georgia Senator Saxby Chambliss said on CBS’s “Face the Nation.”

Jul 30, 2014

Exclusive – Cuomo intervened in BNP deal to get $1 billion more for New York state fund

By Karen Freifeld and Aruna Viswanatha

(Reuters) – Only days before U.S. authorities reached a landmark $8.97 billion (£5.30 billion) settlement with BNP Paribas over the bank’s dealings with countries subject to U.S. sanctions, New York Governor Andrew Cuomo intervened to ensure the state government got a much bigger share of the proceeds, according to three people familiar with the situation.

One of these people said Cuomo called Cyrus Vance, the Manhattan District Attorney, on June 27 to seek a big chunk of the $2.2 billion that was going to be available to Vance to tap for law enforcement projects.

Jul 30, 2014

Exclusive: Cuomo intervened in BNP deal to get $1 billion more for NY state fund

By Karen Freifeld and Aruna Viswanatha

(Reuters) – Only days before U.S. authorities reached a landmark $8.97 billion settlement with BNP Paribas over the bank’s dealings with countries subject to U.S. sanctions, New York Governor Andrew Cuomo intervened to ensure the state government got a much bigger share of the proceeds, according to three people familiar with the situation.

    One of these people said Cuomo called Cyrus Vance, the Manhattan District Attorney, on June 27 to seek a big chunk of the $2.2 billion that was going to be available to Vance to tap for law enforcement projects.