Study: mortgages limited by credit model

More than 72,000 people nationally would qualify for a mortgage if the Federal Housing Finance Agency adopted an updated credit scoring model, according to estimates by VantageScore Solutions, a Stamford company that offers credit scoring services. VantageScore says the two mortgage lenders lock in credit models based on sample dates from between 1995 and 2000, […] [Read More]
Categories: Banking, General

Report: DOJ mines metal manipulation

The Wall Street Journal is reporting that the Department of Justice is investigating Goldman Sachs, JPMorgan Chase, UBS and several other prominent banks on whether they rigged prices for gold, silver, platinum and palladium. The U.S. Commodity Futures Trading Commission has a separate civil investigation, the Wall Street Journal reported, citing a disclosure by HSBC […] [Read More]
Categories: Banking

WSJ: UBS under new tax probe

UBS reportedly is under renewed examination by the Department of Justice into whether wealthy clients used the bank to shield assets from U.S. taxes, and whether bank employees attempted to cover up any wrongdoing. The Wall Street Journal reported the newest probe, with UBS having paid $780 million more than five years ago to settle […] [Read More]
Categories: Banking

RBS to cut hundreds of jobs in U.S., according to reports

RBS will eliminate hundreds of jobs in its U.S. trading divisions as the company braces for regulatory changes that will result in more oversight from the Federal Reserve, according to separate stories that appeared online Tuesday in the Wall Street Journal and Financial Times. Both the Wall Street Journal and Financial Times cited people familiar […] [Read More]
Categories: Banking, General, RBS, Stamford

RBS slapped with $50M fine in Conn.

A federal judge in Connecticut this week sentenced the Royal Bank of Scotland with paying $50 million as part of a plea agreement following charges that its Japanese subsidiary manipulated interest rates. Altogether, RBS accumulated $612 million in penalties for the actions of 20 traders found to have been rigging the Japanese Yen London Interbank […] [Read More]
Categories: Banking, RBS, Wall Street
Edward Lampert is the founder of ESL investments, a hedge fund with offices on Greenwich Avenue, and chairman of Sears Holdings Corp. through his fund's controlling investment in the retail chain's parent company.
Photo: Contributed Photo, ST

Ex-Greenwich hedge funder suffers tough week

Updated to correct two typos noted by alert reader “William”: Last week wasn’t pretty for one billion-dollar name in Fairfield County hedge funding: Edward S. Lampert. The founder of ESL Investments — who caused a stir last year when he moved his firm’s HQ from Greenwich to Bay Harbour, Fla. — disclosed that for the […] [Read More]

Shelton High grad turned Citigroup CEO garnering praise

He was brought in, in part, to get Citgroup out from under the regulators’ microscope. He was brought in, perhaps, to be a little boring. Today, former Shelton High football star Michael L. Corbat — whom we profiled this past summer — got some rather unconventional praise in a New York Times piece that ran […] [Read More]

Attorney thinks SAC trader looking safe in trial

Today begins the latest step in the government’s probe of Stamford-based hedge fund SAC Capital Advisors — money manager Michael Steinberg goes on trial at Manhattan federal courthouse for insider trading charges. We at Financial Mines got an email from Chicago securities attorney Andrew Stoltmann, who thinks prosecutors face an uphill climb and are unlikely […] [Read More]