Welcome to Inner City Press’ Bank Beat. We aim to scrutinize the industry, from high to low. Our other Reporters cover Community Reinvestment, the Federal Reserve, and other beats. ICP has published a (double) book about the Bank Beat-relevant topic of predatory lending - click here for sample chapters, an interactive map, and ordering information. The Washington Post of March 15, 2004, calls Predatory Bender: America in the Aughts "the first novel about predatory lending;" the London Times of April 15, 2004, "A Novel Approach," said it "has a cast of colorful characters." See also, "City Lit: Roman a Klepto [Review of 'Predatory Bender']," by Matt Pacenza, City Limits, Sept.-Oct. 2004. The Pittsburgh City Paper says the 100-page afterword makes the "indispensable point that predatory lending is now being aggressively exported to the rest of the globe." Click here for that review; click here to Search This Site. Click here for Inner City Press' weekday news reports, from the United Nations and elsewhere, which include bank-related topics.
Click here for Inner City Press' weekday news reports, from the United Nations and elsewhere. Click here for a recent BBC piece on Inner City Press' reporting from the United Nations. New: Follow us on TWITTER BloggingHeads.tv Click for March 1, 2011 BloggingHeads.tv re Libya, Sri Lanka, UN Corruption by Inner City Press. Until next time, for or with more information, contact us.
June 18, 2018
Citigroup
LIBOR Scam Yields $100M
Settlement to 42 States While
Deutsche Did $220M to 45
By Matthew
Russell Lee, Video
UNITED NATIONS,
June 15 – When Citigroup
managing director Michael
Eckhart appeared at the UN on
June 4, it was to talk about
renewable energy with the UN
Environment Program. Inner
City Press asked Eckhart about
Citigroup's role in the Dakota
Access Pipeline. But that is
one only of Citigroup's many
scams. Today on June 15 it is
announced that Citigroup will
be paying $100 million to 42
states for having manipulated
LIBOR, the London Interbank
Offered Rate. In fairness,
there are other scammers too.
Deutsche Bank, currently
rumored to be mulling a merger
with Commerzbank, in October
2017 had to pay $220 million
to 45 states. The predators
continue.
Back on June 4
Eckhart paused and admitted it
was a lender, than said that
the outcry against the
pipeline, on indigenous human
rights and other issues, was
entirely unexpected. He said
they had not protested early
enough. Video here.
But what about free prior
informed CONSENT? Is silence
consent? Or, as is too often
the case, is the UN a place of
hypocrisy?
As Inner City Press has shown, UNEP paid money to Volvo Ocean Races, and appears to have engaged in pay-for-prize with MoBikes. Inner City Press also asked about the UN bribery scandal in which China Energy Fund Committee - oil money - bribed UN President of the General Assembly Sam Kutesa, but CEFC remains in special consultative status with UN ECOSOC. Video here. We'll have more on this - and on Citigroup. Watch this site.
June 11, 2018
Redliner BancorpSouth Wants Icon Bank of Texas Amid Deregulation at CFPB and Fed, FFW Challenges
By Matthew R.
Lee, Patreon
June 4, 2018
Citizens Financial Group proposes to buy the assets of Franklin American Mortgage in Franklin, Tennessee...
May 28, 2018
Fifth Third trying to buy MB Financial? We'll be there. Watch this site.
May 21, 2018
UN
Bribery
Indictee
Patrick Ho
Paid Through
HSBC, Stanbic,
Mashreq and
Deutsche Bank,
UN To Charge?
By Matthew
Russell Lee, Video,
Q&A,
HK here
May 14, 2018
Another merger, and one note:
May 3, DC-area: Fairfax-based First Virginia Community Bank proposes to acquire Colombo Bank, a century-old Rockville bank primarily serving Montgomery County
Delaware Place Bank, first item below, recently had a rare Needs to Improve CRA rating...
May 7, 2018
Some mergers we're looking at:
May 2, Illinois: Wintrust Financial Corporation says it proposes to acquire Chicago Shore Corporation, the parent company of Delaware Place Bank, an Illinois state-chartered bank;
April 30, 2018
On
UN Pension Fund, Investments
in HSBC and Shell Smell Bad,
SG Passes Buck to GA,
UNanswered
By Matthew
Russell Lee
April 23, 2018
At IMF Spring Meetings, Inner City
Press Asked About Yemen and IMF Response,
Here
By Matthew
Russell Lee, Audio
April 16, 2018
The Federal Reserve Bank of Atlanta has asked some questions of Ameris, on Hamilton - without addressing or acting on Ameris' false statements in the other still pending proceeding. We'll have more on this.
April 9, 2018
As
BancorpSouth Pays $13M To
Shareholders Misled on
Redlining & Money
Laundering, Pay To Play
By Matthew R. Lee
South Bronx, New York, April 3 – The lack of seriousness in US bank regulation, the mechanical repeating of whatever a challenged bank says, has been exemplified by the gambit by BancorpSouth, which Inner City Press / Fair Finance Watch challenged on disparities and which settled racial redlining charges, to drop its Federal Reserve charter and evade regulation. Now BancorpSouth is paying $13 million to settle a lawsuit in Federal court by shareholders who say the bank misled them about not only money laundering but also its fair lending record. Pay to continue to play. We'll have more on this. ICP/FFW timely protested that application to the FDIC: "Dear Regional Director Elmquist, Ass't Regional Director Finnegan and others at the FDIC: "This is a first timely comment opposing, requesting hearings and an extension of the comment period on BancorpSouth's cynical application to evade regulation after its redlining and settlement. Inner City Press / Fair Finance Watch protested the applications of BancorpSouth to merge with Ouachita Bancshares Corporation and thereby indirectly acquire Ouachita Independent Bank, and with Central Community Corporation, and thereby indirectly acquire First State Bank Central Texas, Austin, Texas. - based on racial discrimination in lending... Now BancorpSouth makes this application, and its CEO Dan Rollins states that it wants to “alleviate... regulatory oversight,” and become the “only state-chartered bank not a part of the Federal Reserve system.” We oppose this cynical evasion, particularly by one of the few banks having settled redlining charges.April 1, 2018
ICP Asked IMF About US - S
Korea Bilateral Deal on Foreign Exchange,
Here, Myanmar Q
By Matthew Russell Lee
UNITED NATIONS, March 29 – When the International Monetary Fund held its biweekly embargoed briefing on March 29, Inner City Press submitted questions about South Korea, Myanmar and Jamaica, see below. Spokesman Gerry Rice read out Inner City Press' South Korea question. From the IMF transcript: "on South Korea. This is from Matthew Lee. The U.S. says it's Treasury Department is finalizing an understanding with South Korea to avoid practices that provide an unfair competitive advantage. What does the IMF think of such bilateral forex arrangements? There are other questions on trade, so let me just take that. On the U.S.-Korea discussions on trade, I don't have the details of that. So, you know, I wouldn't speculate on that. What I would say more generally is that we believe bilateral and regional agreements can bring important benefits by building on a strong multilateral trade system that promotes transparency and includes well-enforced trade rules that promote even-handed competition, is what I would say on that one." Rice spent much of the briefing trying to correct "commentary" - that is, coverage - of Madame Lagarde's CFC proposal; he added as the final online question that an IMF team will be in Brazzaville in early April. This comes after the IMF praised another long time family run government in Gabon. He promised very "products and events" for the upcoming Spring meetings. Inner City Press asked: 1) "In the IMF's Myanmar statement it is said that “the direct economic impacts of the humanitarian crisis in Rakhine state have been largely localized.” Can you explain? How local? 2) In Jamaica, the Tourism Enhancement Fund (TEF) says it was following the orders of the IMF when it cut off funding to the Nuh Dutty Up Jamaica Campaign implemented by the Jamaica Environment Trust (JET), leaving its future in doubt. What is the IMF's response?" Watch this site - the IMF has yet to respond on some previous questions. On Cameroon, with the government continuing to cut and/or slow the Internet in the Anglophone parts of the country amid border incursions into Nigeria and "refoulement" of refugees there, what is the IMF's estimate of the costs, and comment on continuing to support and this government and its actions? On March 7 Inner City Press asked an IMF press conference about the Nigerian economy this question: "What does the IMF think the economic impact will be of CITES' inquiry into the irregular export of endangered rosewood to China, and new restrictions imposed on such exports from Nigeria?" We'll have more on this. (Inner City Press also asked Amine Mati, Senior Resident Representative and Mission Chief for Nigeria and Lucie Mboto Fouda, "On the Nigerian banking sector, did the IMF consider the allegations of fraud, from the account in First Bank Nigeria Plc of NNPC and Agip, to the non-payment of interest by Standard Chartered Bank, Fidelity Bank, Stanbic IBTC, Access Bank, FCMB, Skye Bank, Sterling Bank, Zenith Bank and Unity Bank after the sale of Power Holding Company of Nigeria? Separately, what about Nigerian banks' service to SMEs?"March 26, 2018
In Florida, another one bites the dust: "Less than two years after an investor group took control, Premier Community Bank of Florida is selling to an out-of-state buyer. The parent of National Bank of Commerce, based in Birmingham, Alabama, announced late Tuesday that it would acquire Premier, a $236 million-asset lender with four offices in Manatee and Sarasota counties. Following recession-era bank failures and more recent acquisitions, Premier is the only community bank still headquartered in Manatee County."
March 19, 2018
Some mergers we are looking at:
March 12, 2018
On
North Korea
Sanctions
Violations,
Ship Was
Funded By Bank
of Maldives,
Ex-Prez
Nasheed Says
By Matthew
Russell Lee, Full
Exclusive, Video
March 5, 2018
The worm has turned: while in the US branches have been closing — 1,771 in 2017, according to NCRC - McKinsey says that in 2017, banks in Africa had a ROE of almost 15%, second only to banks in Latin America and more than double that achieved by similar institutions in developed markets in Asia, Europe and the US. We'll have more on this.
February 26, 2018
Amid
New US
Sanctions, UN
Let N Korea
Take EUR 4M
from Sputnik
Bank, US Asks
UN to List,
Japan 3
By Matthew
Russell Lee, Full
Exclusive, Video
UNITED NATIONS,
February 24 – In the face of
North Korea sanctions, the UN
in December 2017 used the
sanctioned Foreign Trade Bank
and Russia's Sputnik Bank to
release EUR 3,974,920.62 into
the country, documents
obtained by Inner City Press
and exclusively published on
February 21 show. The US
announced new
sanctions on February 23, and
has now asked the UN sanctions
committee which approved the
UN's own transfer to adopt the
US list. Japan has chimed in
on three: Belize's Wan Heng
11, North Korea's Yu Jong 2
and Dominica-flagged Yuk Tung.
Significantly, though, the UN
on February 23 refused to
answer basic questions about
its hard currency dealings in
North Korea. At the February
23 UN noon briefing, Inner
City Press asked UN Secretary
General Antonio Guterres'
spokesman Stephane Dujarric,
UN transcript here:
Inner City Press: I sent you
these in writing, but I wanted
to ask you, I guess, not
having gotten any answers, to
factual questions about the
transfer of hard currency into
DPRK, North Korea. The
letters that we obtained and
published is about one quarter
[of 2017], but is there a way
to know what the the euro or
dollar volume for the year
2017 is? And has the UN
conducted any audit of its
activities, because there's no
country plan, at least none
that's public?
Spokesman: "I will see
what we can… what we can get."
Hours later Dujarric called
his end of day and week lid,
without providing any of the
information. This is called a
cover up. On February 21,
Inner City Press asked the
Dutch chair of the UN Security
Council's 1718 Sanctions
committee about the exemption.
He refused to comment, saying
the issue did not come up in
the meeting he had just
exited. Video here.
But a letter from
Sputnik Bank stated that
"unauthorized person (I.V.
Tonkih) led negotiations
with Korean party on interbank
correspondent relationship."
Photos here,
more documents in PDF now
published on Patreon, here.
On February 22, Inner City
Press asked UN Secretary
General Antonio Guterres'
spokesman Stephane Dujarric
about how Sputnik Bank, given
its admission, was selected,
and then additional questions
in writing, below - which
Dujarric would not answer or
confirm. Video here.
February 19, 2018
After ICP Protest to Ameris Bank Merger With Atlantic Coast & Hamilton, Fed Asks 10 Qs
By Matthew R. Lee
NEW YORK, February 17 – The
bank with the worst record in the United States for gouging consumers
with overdraft fees, Ameris, has applied to the Federal Reserve to buy
Atlantic Coast Bank in Florida, and thereafter Hamilton State
Bancshares. On January 29, Fair Finance Watch filed formal opposition to
both with the Federal Reserve, citing the gouging, Ameris' disparate
mortgage lending record in Atlanta, Georgia and Florida, and the
Community Reinvestment Act. See below. Inner City Press has requested
records under the Freedom of Information Act. Now the Federal Reserve
has asked Ameris a series of question, full copy here
on Patreon: "In connection with the application under section 3 of the
Bank Holding Company Act on behalf of Ameris Bancorp (“Ameris”),
Moultrie, Georgia, to merge with Atlantic Coast
Financial Corporation (“ACFC”), and thereby indirectly acquire Atlantic Coast Bank, both of
Jacksonville, Florida, the following additional information is requested. Supporting
documentation should be provided as appropriate. 1. Describe any due
diligence performed by Ameris or related to the Community Reinvestment
Act (“CRA”), including any efforts to ascertain the needs of the
communities served by Atlantic Coast Bank. To the extent the needs of
the communities
to be served were identified, summarize how Ameris contemplates assisting in addressing
those needs. 2. Indicate any of products or services of Atlantic Coast
Bank that Ameris contemplates discontinuing in connection with the
proposal. To the extent that any products or
services would be offered in replacement of any products or services to be discontinued,
indicate what these are and how they would assist in meeting the convenience and needs
of the communities affected by the transaction. 3. In the application
(page 10), Ameris indicates that Ameris Bank plans to continue to
implement the current CRA policies of Atlantic Coast Bank following consummation.
Elaborate on that statement, including to what extent, if at all, the CRA policies of
Ameris Bank would be implemented at the combined institution. 4.
Indicate to what extent Ameris Bank’s consumer compliance program,
including its fair lending program, would be implemented at the combined
institution. 5. Relative to the branches of Atlantic Coast Bank that
Ameris currently intends to close
upon consummation of the bank merger, which are listed on page 6 of the Bank Merger
application, as well as the “Julington Creek Branch” and “Jacksonville Branch” of
Ameris Bank that Ameris currently intends to close upon consummation, please specify
which are consolidations/relocations and closures in accordance with the guidance
provided in the revised joint policy statement by the banking agencies regarding branch
closings. 1 In addition, specify the branches which are located in LMI or minority census
tracts, and, for the contemplated closures in LMI or minority tracts, indicate efforts
contemplated to mitigate the potential impact of these closures. 6.
Describe any litigation or investigations by local, state, or federal
authorities involving Ameris or any of its subsidiaries or ACFC or any
of its subsidiaries that is currently pending or was resolved within the
last two years. 7. Based on staff’s review of the Agreement and Plan of
Merger dated
November 16, 2017, between Ameris and ACFC (the “Agreement”), section 4.9 of the
Agreement (regarding the making of any loans in excess of $1,000,000) raises concerns
that Ameris may be able to exercise control over the day-to- day operations of ACFC and
Atlantic Coast Bank prior to the Federal Reserve’s approval of the application. Discuss
in detail the reasons ACFC and Atlantic Coast Bank are required to give prior notice to
Ameris for the actions described in section 4.9. Explain whether this provision would
give Ameris the ability to control the activities that ACFC and Atlantic Coast Bank
conduct in the ordinary course of business. Discuss the reason for choosing the specific
dollar amounts requiring prior notice to Ameris and provide the number and percentage
of transactions within the last year that would have required prior approval under the
stated conditions. 8. Provide the Disclosure Schedule referenced in the Agreement.
9. Clarify whether section 5.3 of the Agreement would require ACFC or Atlantic Coast
Bank to disclose confidential supervisory information or other information the disclosure
of which is prohibited by applicable statute or regulation. If section 5.3 of the Agreement
would require the disclosure of such information, provide a commitment signed by
Ameris stating that Ameris will not seek to enforce section 5.3 of the Agreement with
respect to any confidential supervisory information, and provide a copy of such
commitment to ACFC. 10. Provide updated financials for the period ending
December 31, 2017. In your response, please include pro forma capital
and asset quality ratios, as well as pro forma estimates for exposure to
commercial real estate lending for the combined firm.
Please provide your response within eight business days." We'll have
more on this. From Fair Finance Watch's (and Inner City Press') filing
with the Fed: "This is a timely first comment opposing and requesting an
extension of the FRB's public comment period on the Application by
Ameris Bancorp to merge with Atlantic Coast Financial Corporation, and
thereby directly acquire shares of Atlantic Coast Bank in Jacksonville,
Florida. Fair Finance Watch has reviewed Ameris' lending in 2016, the
most recent year for which Home Mortgage Disclosure Act (HMDA) data is
available, in both the Atlanta and the Jacksonville Metropolitan
Statistical Areas (MSAs) and finds both to be disparate. In the Atlanta
MSA in 2016 for refinance loans, Ameris denied the applications of
African Americans 3.75 times more frequently than those of whites.
Ameris made 152 such loans to whites, only 16 to African Americans and
only eight to Latinos. In the Atlanta MSA in 2016 for home purchase
loans, Ameris denied the applications of African Americans 2.11 times
more frequently than those of whites. Ameris made 582 such loans to
whites, only 206 to African Americans and only 48to Latinos. In the
Jacksonville MSA in 2016 for home purchase loans, Ameris denied the
applications of African Americans 2.69 times more frequently than those
of whites. Ameris made 203 such loans to whites and only SEVEN to
African Americans. In the Jacksonville MSA in 2016 for home improvements
loans, Ameris made five such loans to whites and none to African
Americans or Latinos. In the Jacksonville MSA in 2016 for refinance
loans, Ameris denied the applications of African Americans 2.2 times
more frequently than those of whites. Ameris made 100 such loans to
whites and only FOUR to African Americans. This is disparate. Fair
Finance Watch also reviewed Ameris' home purchase lending in the
Tallahassee MSA in 2016: Ameris denied the applications of African
Americans 3.78 times more frequently than those of whites. Ameris made
147 such loans to whites and only FIVE to African Americans. Ameris is
systemically disparate. Also for the record, and to be addressed at the
requested evidentiary hearings: “Georgia bank socking customers with
overdraft fees,” Atlanta Journal Constitution, January 3, 2017: “Ameris
Bank collected the most overdraft/insufficient fund fees per account of
any U.S. bank, says the analysis, which is based on federal government
data from the first three quarters of 2016. Ameris collected an average
of about $176 per account.. The No. 2 bank on the list of the top 10
collected an average of about $131 per account. The national average was
$17.76.” This is predatory. Ameris gobbled up Jacksonville Bank and
now seeks Atlantic Coast. Would branched be consolidated or closed? This
must be addressed, including at the requested evidentiary hearings. We
note that Ameris is already trying to look beyond this challenged
proposal, to try to acquire Hamilton State Bancshares, Inc. and Hamilton
State Bank. We also hereby oppose that; the two proposal should be
consolidated and hearings held on both. On the current record, Ameris'
application should be denied."
February 12, 2018
Mergers we are watching:
February 5, 2018
Pinnacle bragging of closing branches in "underperforming" markets: "Pinnacle Financial Partners Corp. confirmed Monday that it eliminated at least 145 former BNC Bancorp jobs in 2017, with plans for another 40 jobs this year.
The Nashville, Tenn., bank completed its $1.9 billion purchase of the High Point bank June 16, gaining $7.4 billion and 76 branches, including three in Forsyth County and 20 overall in the Triad.
At $22.2 billion in total assets, it has become a top-50 U.S. bank.
BNC had 1,075 employees in the Carolinas and Virginia when the deal closed, so the reduction represents 17 percent of its former workforce.
Pinnacle spokesman Joe Bass said the bank initially had plans to eliminate another 109 jobs, but those employees were retained in “different, needed roles.”
Bass said the bank also has added 27 “financial advisors and other revenue producers” in the former BNC territory, 13 since the closing of the deal.
Pinnacle listed having 2,222 full-time equivalent employees on June 30, up from 1,217 on March 31. The workforce was down to 2,132 on Dec. 31.
Pinnacle closed 10 BNC branches in December, including the High Point branch at 109 Penny Road, known locally as Pennybyrn, and in Randleman, Bass said.
“The Penny Road location was a special office only open for two half-days a week,” Bass said.
Terry Turner, Pinnacle’s president and chief executive, told analysts during a fourth-quarter conference call Jan. 17 that the closed branches 'weren’t exclusively rural markets by definition, but they were underperforming markets.'" New low for Pinnacle.
January 29, 2018
The worm turns: "An Ohio-based bank is planning to acquire NewDominion Bank, a move that would leave the Queen City with just one bank headquartered here. Newark, Ohio-based Park National Corp., the holding company for Park National Bank, has agreed to pay $76.4 million to purchase the remaining shares of the Charlotte-based community lender, which would put NewDominion under the community bank division of Park National Bank. If the merger is completed by mid-year as expected, Bank of America Corp. (NYSE:BAC) would be the only Charlotte-based bank left in the Queen City."
January 22, 2018
ICP Asks IMF of Tunisia,
Yemen Central Bank, Somalia Debt, and
Cameroon, Some Answers
By Matthew Russell Lee
UNITED NATIONS, January 18 – When the International Monetary Fund held its biweekly embargoed briefing on January 18, Inner City Press submitted questions about Yemen, Somalia, Tunisia and Cameroon. On Yemen, it asked "With continuing holes in the Yemeni Central Bank, what if anything is the IMF doing?" IMF Spokesperson Gerry Rice read out Inner City Press' question and then said that the IMF is helping to build the Central Bank's capacity amid the humanitarian crisis. Transcript to come. On Somalia, Inner City Press asked of reports that “Somalia owes around $4bn making it almost impossible for Mogadishu to access new funds from the IMF.” The IMF puts the figure at $5.1 billion. What explains the difference, and how could Somalia access new IMF funds?" Rice replied that records were lost in the war and are being reconstructed; for now $5.1 billion is the figure. Again, transcript to come, - and more on Cameroon and the continued undermining of the Internet and the economy by this big IMF recipient, Paul Biya's government. Before Rice's long Tunisia answer, Inner City Press had asked: "On Tunisia, what is the IMF's comments on its role in imposing austerity on the country since the popular uprising of January 2011? Did the IMF exerted sustained pressure on the Tunisian Central Bank to stop intervening in the currency markets to defend the value of the Tunisian dinar, increasing imports?" The IMF was prepared for this, emphasizing for example that cooking oil will not be subject to the VAT, but sweets and alcohol will. Video and transcript to come.January 15, 2017
Mergers we are looking at:
January 8, 2018
Another merger proposal we are looking at, deep in the heart of Texas: AimBank aims to acquire Platinum Bank. We'll see.
January 1, 2018
On December 27, BancorpSouth said it had received – after nearly four years of waiting – regulatory approvals from the Federal Deposit Insurance Corporation and the Mississippi Department of Banking and Consumer Finance, to complete its mergers with Ouachita Bancshares Corp., of Monroe, Louisiana, and Central Community Corp., of Austin, Texas. "We are pleased to have secured the necessary regulatory approvals and are working to complete both transactions," said BancorpSouth Chairman and CEO Dan Rollins in a press release. Note: this is the redlining bank, that's why the deals were and should be delayed, denied. We'll have more on this.
December 25, 2017
Another merger we'll be looking at in early 2018: NC-based First-Citizens Bank & Trust Co. announced a proposal to acquire Tampa-headquartered HomeBancorp.
December 18, 2017
Some mergers we are looking at:
Dec 13, Iowa-based (12 state) Heartland Financial USA announced a proposal to acquire First Bank Lubbock Bancshares;
December 11, 2017
In Michigan, The Traverse City State Bank says it will be merging with Independent Bank and that the merger is expected to close in the first half of 2018....
December 4, 2017
In Florida, the proposed acquisition of a Spain-owned bank by one owned in Chile is presented by some, spun by others as local. We'll see.
ICP Asks IMF of Caribbean Critique, No Reclassification, Yemen & Zambia Answered, Kenya Not
By Matthew Russell Lee
UNITED NATIONS, November 30 – When the International Monetary Fund held its biweekly embargoed briefing on November 30, Inner City Press asked about critiques of the IMF from the Caribbean, about Yemen, Zambia and Kenya. The first three of these were answered. IMF Spokesperson Gerry Rice read out Inner City Press' question: "Saint Lucia’s Prime Minister Allen Chastanet has said of the IMF, 'If you care about the Caribbean, you must change the rules of engagement and allow us to help ourselves.'He's said the billions of dollars in Caribbean loans should be reclassified by the IMF. What is the IMF's response?" Rice said Managing Director Lagarde is aware of the criticism from the Caribbean forum a few weeks ago and that a study is underway including of catastrophe bonds but, he said, the IMF cannot currently do the requested reclassifications to make countries eligible for concessionary financing.On Zambia, Rice notes that Inner City Press at the UN had asked, "Treasury Secretary Fredson Yamba has said Zambia expects to host an IMF mission before the end of the year and hopes to have a $1.3 billion loan deal in place in early 2018. 'Come 2018, we must have a final (IMF) programme. It has taken a long time because the parameters have been changing.' What is the IMF's status with Zambia?" Rice said after the pause in August,progress has been made, the interest is there, but some information and clarifications are still awaited. "We are waiting for further data and details on the government's external borrowing plans," he said. On Inner City Press' Yemen question, Rice said the IMF "donor grants will be needed" for the payment of wages and social assistance and that the IMF is willing to help with macro-stability once the conflict is over. But when will that be? Here was and is Inner City Press' Kenya question: In Kenya, IMF rep Jan Mikkelsen is quoted that “discussions about the current programme and what will follow after the expiration in March are expected to begin soon, with the new government taking office. The authorities have indicated that they are interested to continue a programme relationship with the IMF."Has the IMF taken note of, and what is its comment on, the critique of the election by Raila Odinga and the NASA Coalition? Would the IMF also confer with the opposition?" We'll have more on this.
November 27, 2017
Revolving door continues to spin: Former U.S. Treasury Secretary Jacob Lew is joining private equity firm Lindsay Goldberg... His predecessor Timothy Geithner cashed out to Warburg Pincus in 2014.
November 20, 2017
Japan's
Bank of Tokyo
- Mitsubishi Skirts
North Korea
Sanctions With
"Incorrect"
Application to
US OCC, Public
Excluded
By Matthew Russell Lee, Photo
UNITED NATIONS, November 17 – Amid talk of increased enforcement of sanctions on North Korea, and possible imposition of new sanctions against Myanmar, a November 13 letter from the New York State Department of Financial Services cites Bank of Tokyo-Mitsubishi for “continuing compliance failures in Hong Kong, which has a 'repeat transaction' program for certain high risk clients in Chinese cities bordering North Korea. The repeat transaction program results in not more but less scrutiny of these clients transactions.” The NYSDFS letter also notes that BTMU has processed transaction through its New York branch for “Burmese parties” on the OFAC sanctions list. How did Bank of Tokyo-Mitsubishi react to the New York regulator's investigation of these issues? It applied on October 30 to switch to the more lax Office of the Comptroller of the Currency and had its application approved in a mere week, then threw the state regulators out of its New York branch on Sixth Avenue. All this just a few blocks from the United Nations whose Security Council, on which Japan has a seat until the end of the year, has imposed rounds of sanctions on North Korea for its nuclear weapons program, and was set to vote for a new UN Special Envoy on Myanmar, or Burma, on November 16. What's going on? Now Inner City Press can exclusively report a further outrage, not included in the NYSDFS letter nor a Wall Street Journal article which quoted it. The OCC gave its approval in a week even while belatedly listing Bank of Tokyo - Mitsubishi's filings under "THESE APPLICATIONS APPEARED INCORRECTLY IN A PRIOR WEEKLY BULLETIN." Photo here; link to Bulletin here. The public, as is the trend under the OCC, was cut out. The face savings compliance agreement, here, does not cure or address this. The OCC is lax not only in sanctions compliance and absurdly short comment periods on corporate applications - it also markets itself to banks as being “flexible” on other compliance issues including the U.S. Community Reinvestment Act. Recently the OCC announced that even a rare less than satisfactory CRA rating would not bar approval of a bank's application, click here for that Inner City Press coverage. A new Comptroller, Joseph Otting formerly of OneWest Bank, is set to be confirmed by the U.S. Senate this week, even while the OCC has refused to answer a pending Press (and CRC) request under the Freedom of Information Act. A lawsuit has now been filed. What will a FOIA request into the OCC's communications with Bank of Tokyo - Mitsubishi yield? Watch this site.November 13, 2017
It's not just in the US, and neither are we: Punjab National Bank Set to Shut / Merge or Re-Locate 300 Branches Across India
November 6, 2017
Mergers we are watching:
Nov 3, New Jersey: Spencer Savings Bank, SLA proposes to acquire Wawel Bank;
Nov 2, Illinois: Bank of Farmington proposes to acquire Laura State;
Nov 2, MO: The Bank of Missouri says it will apply to acquire Martinsburg Bancorp;
Nov 1, Illinois: State Bank of Speer says it will merge with Morton Community Bank;
October 30, Montana: Glacier Bancorp proposes acquiring First Security Bank - note: a combination would control 35% of the local Bozeman banking market;
Oct 30, Virginia: Old Point Financial Corp., the parent company of Old Point National Bank, says it will acquire Citizens National Bank;
Oct 24, MS - AL: The First Bancshares, Inc. says it will acquire Southwest Banc Shares, Inc. parent company of First Community Bank in Alabama;
Oct 23, Maine into NH: Bangor Savings Bank proposes to acquire Granite Bank;
Oct 19, NJ: First Bank says it will acquire Delanco Bancorp;
Oct 17, IL: Midland States Bancorp, Inc. says it will acquire Alpine Bancorporation...
And in Germany, US-present Deutsche Bank says it will acquire Postbank to form one unit with $325 billion in assets. In Mexico, Banorte says it will acquire Interacciones to form the country's second-largest financial group.
October 30, 2017
Proposed mergers we are looking at: From the North (North) East: New Hampshire based Granite Bank proposes merging into Bangor Savings Bank in Maine; together they'd have $4 billion and 59 branches...
October 23, 2017
On Associated - Bank Mutual, the Fed e-mailed Inner City Press part of the application but not, it seems, the rest of the file including the multiple protests. Maybe we're missing something... Meanwhile, Bank Mutual Corp. reported third quarter net income of $3.8 million, or 8 cents per share, down from $4.5 million, or 10 cents per share, in the third quarter of 2016.
October 16, 2017
On Cameroon, IMF's Superficial Answer, After Telling ICP Internet Cut Off A Financial Risk
By Matthew
Russell Lee, New
Platform
October 9, 2017
October 2, 2017
ICP Asks IMF of Talks with
"Money Launderer" in Congo, Pakistan Minister
Dar Charged
By Matthew Russell Lee
UNITED NATIONS,
September 28 – When
the
International
Monetary Fund
held its
biweekly
embargoed
briefing on
September 28,
Inner City
Press asked
among other
things about
the IMF
negotiating
with a reputed
money launder
in
Congo-Brazzaville,
and about
corruption
charges
against
Finance
Minister Ishaq
Dar of
Pakistan, also
in IMF talks.
On the former,
IMF Deputy
Spokesman
William Murray
said the IMF
is again in
Brazzaville,
for the third
time, having a
“series of
contacts” on
financial
assessment. He
declined to
confirm or
deny the IMF
is talking
with Orion
Oil's Lucien
Ebata, but
this is widely
known, as is
his dealings
in cash, via
the Panama
Papers. We'll
have more on
this. Inner
City Press'
Pakistan
question was
and is: “On
Pakistan, it
is reported
that “the IMF
said it had
been told by
Pakistani
officials that
the
restrictions
[on luxury
imports] would
be removed
within a year
but Mr Abbasi
now says his
government was
planning to
impose more.”
Also, what is
the IMF
comment on the
corruption
charges
against
Finance
Minister Ishaq
Dar?” But when
re-submitting
through the
IMF's online
form, with
allows only
300
characters,
Inner City
Press took out
“[on luxury
imports]”
thinking the
IMF would know
what
restrictions
were being
referred to,
since they
imposed them.
They did not,
and did not
address the
Ishaq Dar
corruption
allegations.
Yet. Watch
this site.
When the
International
Monetary Fund re-started
its biweekly
embargoed
press
briefings on
September 14,
Inner City
Press
submitted questions
about Hurricane
Irma and moratoria,
Mozambique, DR
Congo and
Ghana: "what
is the IMF's
response to
civil society
saying 'the
Finance
Minister, in
particular, is
facing
conflict of
interest
investigation
with USA SEC,
Ghanaian SEC
and the
Commission on
Human Rights
and
Administrative
Justice
(CHRAJ) in
Ghana... We
are losing
hope as the
IMF seems not
concerned
about all
these
developments”?
The
first two got
answered,
during the
briefing, then
this on Ghana,
from an IMF
Spokesperson:
"We are aware
of the
allegations
raised in
Parliament and
the related
debates that
have been
reported on by
the media. The
Minister of
Finance
testified
before
Parliament to
clarify the
issue. Since
the approval
of the ECF
arrangement we
have been
working with
the
authorities on
strengthening
debt
management and
improving
governance and
transparency
of government
operations.
The enactment
and ongoing
implementation
of the Public
Financial
Management
Act, along
with the
implementation
of the debt
management
strategy,
indicate
progress in
these
areas."
Inner
City Press
asked: "On
Antigua and
Barbuda, and
Hurricane Irma
impacted
countries more
generally... will
there be no
moratoria?
What is the
IMF doing?" IMF spokesperson
Gerry
Rice said,
"There's a
question from
Matthew Lee on
moratorium...
on that, I
would refer to
what Mme
Lagarde said a
few days ago,
of course the
IMF has
tremendous
sympathy. She
also said we
stand ready to
help. There
are a number
of options we
can look at in
that context.
At the moment
we are still
trying to make
an assessment.
As a factual
member, none
of our members
including
Antigua and
Barbuda have
formally
requested
assistance
from the
Fund." Oh. On
Mozambique, he
called again
for the
publication of
the full audit.
Inner City
Press also
asked, "On the
DR Congo, what
is the IMF's
response to
civil society
requests it
has received
that the Fund
end its
dealings with
the National
Petroleum
Company of the
Congo (SNPC),
specifically
that “if the
IMF obtained
the
dissolution of
Cotrade, a
subsidiary of
the SNPC, it
can also
demand and
obtain the
dissolution of
the SNPC and
the major
works”? Watch
this site and
see IMF's July
20, 2017
transcript:
, with Inner City
Press'
question at that
time: "Ghana
President,
Nana
Akufo-Addo, on
Tuesday said
the country
will not
extend its
three-year aid
program with
the IMF beyond
April 2018.
The IMF had
urged it to do
so to give it
time to
complete the
program’s
goals. Did the
IMF so urge? A
step back real
quick for some
context. Right
now, we’re in
the process of
completing the
fourth review
of Ghana’s ECF
program. We’ve
made
significant
progress in
program
discussions,
and we expect
to reach
understandings
in all
remaining
issues in the
coming days.
The
discussions
are going to
continue and
as a result of
these
continuing
discussions, a
Board
discussion to
complete the
fourth review
probably won’t
take place
until late
August. Again,
Media
Relations will
get back to
everyone on
the exact
timing. But
it’s probably
late August
when Ghana’s
fourth review
will be taken
up by the
Executive
Board.
Now, the
question that
was just posed
was regarding
a comment
about
extension of
the ECF next
year when it’s
scheduled to
expire. The
President made
it clear that
he would like
to move Ghana
beyond aid.
And successful
completion of
the
IMF-supported
program could
be
instrumental
in achieving
this goal by
restoring
macroeconomic
stability in
Ghana. A
request for
program
extension is
essential for
our ability to
complete the
review of this
program
overall. And
given the
significant
fiscal
slippages from
last year, it
will also take
longer to
bring debt
onto a clearly
declining
path, which
explains the
need for the
program to
cover
performance
into later
next year.
This was
something that
was outlined
in a press
release issued
by the finance
minister on
July 18th. Mozambique:
the IMF’s Mr.
Lazare, our
mission chief,
has said that,
quote,
“critical
information
gaps remain
unaddressed
regarding the
use of loans,
proceeds”,
close quote.
Please be more
specific about
what the IMF
sees as the
information
gaps, and how
they can be
filled, with
what
information
and in what
detail? First
of all, we
welcomed and
continue to
welcome the
fact that the
delivery of an
international
forensic audit
on three
companies to
the office of
the public
prosecutor of
Mozambique has
taken place.
We commend
Mozambique
public
prosecutor for
undertaking
this important
audit and for
releasing the
summary of the
report.
Transparency
and good
governance are
key conditions
for
sustainable,
inclusive
growth, and
that applies
to all
countries. Now
we look
forward to the
publication of
the entire
audit report
in due course.
At that point,
we will be
able to
provide an
informed view
on the audit
and its
implications.
Still UNanswered:
"On
Zambia, Fitch
has “said the
key risk
stemming from
the current
political
tension if it
escalated
could
jeopardize an
IMF aid
package as
well as other
lender's
willingness to
provide the
southern
African nation
with external
financing” and
that “progress
towards an IMF
program has
remained slow
and may be
delayed
further by
domestic
political
events, adding
that
expectation of
an IMF program
was key to
Zambia's
B/negative
sovereign
rating.”
Please comment
on if progress
is slow and on
these risks. In
Sri Lanka,
Joint
Opposition’s
Parliamentarian
Bandula
Gunawardana on
July said that
the country's
Inland Revenue
Act, in accord
with the
agreement
arrived at
with the IMF,
is “an attempt
to sabotage
all forms of
tax relief
provided by
former
President
Mahinda
Rajapaksa
during his
tenure as the
Finance
Minister, and
clarified that
state-sponsored
relief was
also included
under the new
Act.” Is that
the IMF's
understanding
of the Inland
Revenue Act?
Please
comment. If
there is an
updated view
about the
Internet cut
off (lifted
only after 94
days) and
other
restrictions
in the
Anglophone
regions of
Cameroon
injuring
“Silicon
Mountain." Back on
June 22
Inner City
Press
submitted
questions about
Zambia,
Cameroon and
Haiti, where
it was. During
the embargoed
briefing, IMF
Spokesperson
Gerry Rice
read out Inner
City Press'
Zambia
question and
said,
"implementation
of the
remaining
actions in the
next few weeks
will enable us
to present the
authority's
request for an
Extended
Credit
Facility
arrangement to
the Board, and
we expect that
to be in
August of this
year." But
this Haiti
question has
yet to be
answered:
"Chris Walker
said
reconstruction
from the
effects of
Hurricane
Matthew, and
investments in
health,
education, and
social
services...
will be
achieved in
part through
the
elimination of
excessive
subsidies,
including
subsidies for
retail fuel
sales. Please
specify the
IMF's thinking
on time timing
and range of
subsidy
elimination
and ideas for
EDH utility." On
this and
Cameroon (see
below), we'll have
more. On
Cameroon,
Inner City
Press has
repeatedly
asked for the
IMF's "updated
view about the
Internet cut
off (lifted
only after 94
days) and
other
restrictions
in the
Anglophone
regions of
Cameroon
injuring 'Silicon
Mountain.'"
Watch this
site: we'll
stay on this.
The
next IMF
briefing is
July 13. From
the IMF's May
11 transcript, of
its Deputy
Spokesperson
Willam Murray:
"I’ve got a
question from
Inner City
Press on Sri
Lanka. Do
recent
government
moves on the
Inland Revenue
Act make it
more likely
the IMF Board
will act on
the request
for completion
of the second
loan review in
June and make
a third
disbursement?
Again, it’s a
question about
Sri Lanka and
the Inland
Revenue Act
and the
likelihood of
completing the
second review. We
had a staff
level
agreement in
Sri Lanka on
May 3rd, last
week. We noted
in announcing
that agreement
that it’s
subject to
completion of
a prior action
by the
authorities,
which is
submission of
the Inland
Revenue Act to
Parliament.
And that was a
prior action
that was
agreed earlier
this year. Our
legal experts
are still
analyzing the
content of the
new draft
bill, and are
in discussions
with the Sri
Lankan
authorities.
That’s where
we stand at
the moment on
Sri Lanka." The
answer's
appreciated.
Back on
April 12
when at its Spring
Meetings the
IMF held its
Middle East
and Central
Asia press
conference,
Inner City
Press submitted
this question:
"Please
describe the
IMF's view and
possible plans
on Yemen,
given the
crisis there,
including on
President
Hadi's
proposed
moving of the
Central Bank
out of the
capital to
Aden. What is
the IMF's view
of and any
assistance to
the Central
Bank's
performance?" After
the briefing,
the IMF
provided this
answer: "The
humanitarian
and economic
impact of the
conflict has
been
devastating;
it has caused
many deaths,
depressed
economic
activity, and
destroyed much
of Yemen’s
infrastructure. There
is now even a
tangible risk
that the
conflict could
lead to famine
in some parts
of Yemen. Yemenis
food supply
relies largely
on imported
staples, like
wheat and
rice. Yemen
needs urgently
foreign
exchange
grants from
donors to pay
for imported
food. But
Yemenis also
need to be
able to buy
the food that
is imported.
Resuming
paying public
salaries and
social
assistance
grants in all
of Yemen is
therefore also
urgently
needed. Given
these needs,
the Central
Bank of Yemen
(CBY) could be
the pivotal
player for
facilitating
food imports
and for
resuming
paying public
salaries and
social
assistance
grants in all
of Yemen. But
to play this
humanitarian
role, the
central banks
in Aden and
Sana’a need
urgently to
find a way to
cooperate in
the interest
of providing
sufficient
food to all
Yemenis.
Fund
engagement is
currently
limited. We
support the
Yemeni
authorities
and the
international
community to
the best of
our
abilities.The
Fund stands
ready to
re-engage more
fully as soon
as the
conflict is
resolved to
help rebuild
economic
institutions,
jumpstart
growth, and
stabilize the
economy."
September 25, 2017
BB&T continues: in PA: it will close its Robesonia branch office in Heidelberg Township on Dec. 1 and will shutter its Shartlesville branch in Upper Bern Township on Dec. 8. The closures are part of 140 BB&T branch closures planned by the bank across its 15-state footprint in 2017, according to BB&T CEO Kelly S. King, who addressed investors on Sept. 12.
September 18, 2017
Mergers we are watching:
September 11, 2017
Talk about picking around the edges: "The Federal Reserve Board on Tuesday announced it is prohibiting Daniel X. Brennan, a former Mortgage Production Manager at Regions Bank, Birmingham, Alabama, from participating in the banking industry after determining he engaged in improper practices regarding residential mortgage origination.
The Board found Brennan engaged in unsafe and unsound practices, or breached his fiduciary duties to Regions Bank, by making payments by personal check to a Regions Bank loan processor who processed and approved certain mortgage loans originated by Brennan in violation of Regions' policies. Brennan consented to the enforcement action by the Federal Reserve."
September 4, 2017
Update on a merger we're watching: "Associated Bank plans to close 28 Bank Mutual branches, including a dozen in the Milwaukee area, as part of its $482 million acquisition of Bank Mutual. In addition, eight Associated branches in Wisconsin are slated to be consolidated into nearby Bank Mutual branches...."
August 28, 2017
We're looking at Birmingham, Alabama-based National Commerce Corp proposing to acquire FirstAtlantic in Florida...
August 21, 2017
Charm city: "Howard Bancorp, Inc. (Nasdaq:HBMD) (“Howard”) and 1st Mariner Bank (“1st Mariner”) jointly announced today the signing of a definitive agreement and plan of reorganization whereby Howard will acquire 1st Mariner. Upon the closing of the transaction, 1st Mariner will merge with Howard’s wholly owned bank subsidiary, Howard Bank, and the combined organization will operate under the Howard Bank name and be headquartered in 1st Mariner’s existing Baltimore city location. Howard is the parent company of Howard Bank headquartered in Ellicott City, Maryland. Howard Bank operates a general commercial banking business through its 13 branches located throughout the Greater Baltimore Metropolitan Area. At June 30, 2017, it had consolidated assets of approximately $1.1 billion, portfolio loans of approximately $880 million and deposits of approximately $855 million. Following the acquisition and after branch consolidation, Howard will have 21 well-located offices in the Greater Baltimore Metropolitan Area, with pro forma assets of $2.1 billion, portfolio loans of $1.5 billion and deposits of $1.6 billion based on financial data as of June 30, 2017."
August 14, 2017
Two more proposed mergers we are looking at:
August 7, 2017
Proposed mergers we are looking at:
July 31, 2017
Wells Fargo Stole 25,000
Cars By Imposing Unneeded Insurance, CRA Downgrade Should Continue
By Matthew R. Lee
NEW YORK, July 28– Four months after Wells Fargo Bank's Community Reinvestment Act rating was dropped to "Needs to Improve," barring it from acquisitions, it has emerged that over 800,000 people who took car loans from Wells were charged for needless auto insurance, pushing 274,000 Wells Fargo customers into delinquency and triggering nearly 25,000 wrongful vehicle repossessions. So much for the industry having cleaned itself up after the predatory lending meltdown. New York City announced it will not enter any new relationships with the bank, also suspending Wells Fargo's role as a senior book-running manager for NYC General Obligation and Transactional Finance Authority bond sales. A statement by Mayor Bill de Blasio and Controller Scott Stringer noted that "Currently, Wells Fargo holds contracts with the City to provide banking services, including to operate 'Lock Box' services that hold taxes and fees collected by the City. There is approximately $227 million of City dollars held in Wells Fargo accounts." Bu will they get involved in opposing Sterling National Bank, which Inner City Press and Fair Finance Watch have exposed as having "unreliable" CRA data, notwithstanding the OCC's scam "Satisfactory" rating on May 30? Click here. We'll have more on this. Back in late March, the bank settled for $110 million a class action lawsuit for having opened fake accounts without customers' knowledge or approval. But will Wells Fargo, which Inner City Press has covered through its acquisition of First Union and even before, from Washington to Alaska, still be allowed to go forward with its reported plan to close 400 bank branches, including in low and moderate income areas?July 24, 2017
We're looking at Associated Bank's July 20 proposal to buy Bank Mutual, having noticed "There are a lot of duplicative branches, clearly.”
July 17, 2017
So Royal Bank of Scotland settled on the cheap with FHFA for $5.5 billion on its predatory lending and MBS sales - but look for more from the DOJ...
UN Sends to Greece
Nimetz, Adviser to Firm Invested in
Greek Bank Saxo, Conflict, No
Breakthrough
By Matthew Russell Lee
UNITED NATIONS, July 14 – Amid the UN bribery case against Macau-based businessman Ng Lap Seng began, and following a UN Security Council visit to Haiti in which victims of the UN's cholera criticized the failure to follow though on individual reparations, Secretary General Antonio Guterres on June 28 announced that his Personal Envoy for the talks between Greece and the former Yugoslav Republic of Macedonia (FYROM) Matthew Nimetz would travel to Skopje from July 1-4 and then to Greece. UNsaid was that Nimetz is an advisory director of General Atlantic, which has a stake in a Danish bank, Saxo Bank, with a Greek subsidiary. Isn't this a conflict of interest?July 10, 2017
ICC Slams South Africa For Not Arresting Bashir, IMF Cites “Weakening Governance,” Corruption
By Matthew Russell Lee
UNITED NATIONS, July 6 – On South Africa, the International Monetary Fund on July 6 noted that "perceptions of weakening governance and uncertainties regarding the direction of future economic policies, partly related to the electoral calendar, have adversely affected consumer and investor confidence... Strengthening governance and fighting corruption will also be critical." Meanwhile the International Criminal Court in The Hague, also on July 6, ruled that "by not arresting Omar Al-Bashir while he was on its territory between 13 and 15 June 2015, South Africa failed to comply with the Court's request for the arrest and surrender of Omar Al-Bashir contrary to the provisions of the Statute, thereby preventing the Court from exercising its functions and powers under the Statute in connection with the criminal proceedings instituted against Omar Al-Bashir. Nevertheless, the Chamber considered, bearing in mind its discretional power, that a referral of South Africa's non-compliance to the ASP and/or the UNSC was not warranted." We'll have more on this.July 3, 2017
Like
UN's Haiti Impunity, ICP Asks
of New Srebrenica Decision,
BNP on Rwanda, Shell on Ogoni
9
By Matthew
Russell Lee, Video
UNITED NATIONS,
June 29 – Days
after UN
cholera
victims told
Inner City
Press in Haiti that
the "community
projects" UN
Secretary
General
Antonio Guterres described
to the
Press would be
useless to
them, Inner
City Press
asked Guterres'
spokesman
Stephane
Dujarric about
a court
decision that
UN
Peacekeepers
bore
responsibility
for deaths in
Srebrenica
as well, and
about human
rights cases
against UN
Global Compact
members BNP
Paribas and
Shell. From
the UN transcript:
Inner City
Press: the
decision in
The Hague by
Netherlands
appeals court
confirming
that the
partial
responsibility
of the Dutch
battalion of
UN
peacekeeping
in the deaths
in
Srebrenica.
And people are
angry because
it’s reduced
the damages to
30 per cent;
it’s basically
saying they
might have
been killed
otherwise.
But what is
the UN’s
response,
given that the
Dutch
battalion was,
in fact, a UN
peacekeeping
battalion.
What’s been
learned to it,
and what do
you have any
to say about
that?
Spokesman:
Obviously,
we’re aware… I
think, first
of all, our
thoughts need
to be with the
victims of the
massacres that
took place in
Srebrenica and
with the
relatives of
the victims
and the
survivors and
all of those
who perished
in the
atrocities
committed
throughout the
Former
Yugoslavia.
As you know,
the UN was not
a party to
this court
case, which
was in a
national court
in the
Netherlands.
We will study
the judgment
carefully,
but, at this
point, we’re
not going to
make any
further
comment,
because our…
my
understanding,
at least, is
that it will
be appealed to
a higher
court.
And as you
know, the UN
issued years
ago a rather
exhaustive
report on its
failings, the
Organization’s
failings in
Srebrenica.
Inner City
Press:
But
isn’t it not a
party because
it cited
immunity early
in the
case? I
mean, I’ve
seen the
lawyer even of
this current
case saying
that that’s
why the UN’s
not…
Spokesman:
Well, the fact
is we’re not a
party.
Inner City
Press:
Two
related.
One, there’s a
case also in
The Hague
against Royal
Dutch Shell by, it’s
called the
Ogoni nine,
but it’s a
case basically
tying
corporate
responsibility
to a military
crackdown.
Separately,
there’s a case
now just begun
against the
Banc Nationale
de Paribas
[BNP Paribas]
about the
Rwanda
genocide.
I don’t
expect… you
can say
obviously
these are not
UN related,
but since both
seem to be
members of the
UN Global
Compact, I
wanted to
know, does the
UN track such
high-profile
human rights
corporate
cases? And, if
so, what… are…
are the
institutions
expected to
respond?
Spokesman:
My
understanding
is that these
cases are all
ongoing, and
the Global
Compact, as
you know, has
a mechanism to
deal with its
own
members.
So I will
leave it at
that...
Inner City
Press:
On the Burundi
thing, have
you run the
names through?
Spokesman:
As soon as I
have something
on it, I will
share it.
Nothing. Dujarric
dodged
questions
about what
the victims
said, from
Inner City Press. This
while Guterres
is recruiting
a "victims'
advocate" - on
every issue
except those
the UN killed?
Video here.
So on June 28
Inner City
Press asked Dujarric
if Guterres'
supposedly
"new" approach to the
cholera the UN
brought to
Haiti meant he
will continue
to seek
impunity. From
the UN transcript:
at
least two
federal court
cases about
the UN having
introduced
cholera to
Haiti.
In this case
that's in
Brooklyn,
where they're
arguing that…
that the UN
essentially
waived the
immunities
that it's
claiming by
having a
mechanism to
deal with
negligence,
which I think
most people
would say this
was, as
opposed to
intentional,
is there
anything in
the new
Secretary-General's
new approach
to cholera
that will be
reflected in a
response, or
is it the UN's
continuing
response that
it bears no
legal
responsibility
at all?
Spokesman:
Our legal
position is
unchanged.
The UN's
effort as
outlined by
the
Secretary-General
is focusing on
preventing the
spread or
resurgence of
cholera in
Haiti and
helping
communities in
a first
instance.
Inner
City Press:
And what's the
status of his
discussions
with countries
about the $40
million that…?
Spokesman:
I've nothing
more to say
than what the
Secretary-General
himself
announced.
June 26, 2017
ICP Asks IMF About Zambia, August Answer, Nothing Yet on Haiti From Which ICP Questioned
By Matthew Russell Lee
HAITI, June 24 – When the International Monetary Fund held its biweekly embargoed press briefing on June 22 Inner City Press submitted questions about Zambia, Cameroon and Haiti, where it was. During the embargoed briefing, IMF Spokesperson Gerry Rice read out Inner City Press' Zambia question and said, "implementation of the remaining actions in the next few weeks will enable us to present the authority's request for an Extended Credit Facility arrangement to the Board, and we expect that to be in August of this year." But this Haiti question has yet to be answered: "Chris Walker said reconstruction from the effects of Hurricane Matthew, and investments in health, education, and social services... will be achieved in part through the elimination of excessive subsidies, including subsidies for retail fuel sales. Please specify the IMF's thinking on time timing and range of subsidy elimination and ideas for EDH utility." On this and Cameroon (see below), we'll have more. On Cameroon, Inner City Press has repeatedly asked for the IMF's "updated view about the Internet cut off (lifted only after 94 days) and other restrictions in the Anglophone regions of Cameroon injuring 'Silicon Mountain.'" Watch this site: we'll stay on this. The next IMF briefing is July 13.June 19, 2017
Wells Fargo Quoted UN
IFAD Official In Its Press Release, IFAD Tells ICP No Partnership
By Matthew Russell Lee
UNITED NATIONS,
June 17 – On the important
issue of remittances, the UN
agency IFAD (the International
Fund for Agricultural
Development) has partnered
with none other than Wells
Fargo, fresh off its exposure
for setting up dummy accounts
without customers' consent,
which had led for example New
York City to stop doing new
business with Wells. Not the
UN - IFAD's Adolfo Brizzi
appears in Wells Fargo's press
release. Inner City
Press asked IFAD President
Gilbert Houngbo, himself a
long time UN system official,
about the lack of due
diligence. He promised to look
into it, while saying
something about the UN having
to respect the sovereignty of
governments. Periscope video here.
More than 24 hours later, IFAD in writing told Inner City Press: "Dear
Matthew, I am the communications officer with IFAD at yesterday's noon
briefing. I am writing with the follow up as promised. IFAD does not
have a partnership with Wells Fargo. As part of the Global Forum on
Remittances, Investment and Development, numerous companies as well as
civil society and policymakers recognize the importance of the
International Day of Family Remittances. One of our key objectives
remains to do everything we can to lower remittance transfer fees to a
maximum of 3% (SDG target 10.c) and to do that, we must be in dialogue
with all actors involved. I noticed you already published, so I would
hope that you would print the facts above in your next edition. Katie Taft
Senior Management Communications, Via Paolo di Dono 44 00142 Rome, Italy."
So IFAD didn't approve Wells Fargo putting its name, and official's quote, in Wells Fargo's press release? Companies can blue-wash themselves at will? Houngo also cited
"transparency" - Inner City
Press previously reported
that while at UNDP Houngbo
declined to make even basic
public financial disclosure.
Now the form showing his
refusal has itself been taken
off line. This is the
UN.
June 12, 2017
After FFW Protested on Cabela, Synovus Snail Mails & Withholds Response, Here, ICP FOIAs
By Matthew R. Lee
NEW YORK, June 10 – The Federal Reserve System asked Synovus more than a half dozen questions on May 22, on its (straw-man) application to acquire Cabela's World's Foremost Bank, which Inner City Press / Fair Finance Watch protested on May 6. Now Synovus, intent on gaming the System, snail mailed its rseponse, which we have put online here, and immediately filed a Freedom of Information Act request for the withheld portions. What's not withheld is full of empty jargon and buzzwords, for example: "Given the opportunistic nature of this Transaction, Synovus will ensure that it optimizes the value generated through a prioritization process and execution framework. In addition, the Transaction would provide Synovus with additional flexibility to extend its three distinct CRA and fair lending mortgage loan programs beyond the original $25 million commitment, if appropriate." It's inappropriate. Two months after Inner City Press reported Capital One failing in its proposal to acquire Cabela's "World's Foremost Bank," a way to try to avoid the regulators and Capital One's Community Reinvestment Act record emerged. The scam involves Synovus buying the bank then passing one the credit card receivables to Capital One, while keeping the deposits, so Capital One wouldn't be reviewed under CRA. The Fair Finance Watch opposed this, in a filing to the Federal Reserve...By Matthew Russell Lee
UNITED NATIONS, June 8 – When the International Monetary Fund held its biweekly embargoed press briefing on June 8 Inner City Press submitted questions about South Sudan, Egypt, Mozambique and Qatar, as well as Cameroon. Four of these five got answered. On South Sudan, Inner City Press asked again for an update, and later on June 8 an IMF spokesment told Inner City Press, "IMF staff continue to engage with the authorities in South Sudan by providing some technical assistance to the Ministry of Finance and the Bank of South Sudan. A budget / public financial management technical assistance mission is due in Nairobi, Kenya next week (June 12) to meet with officials from South Sudan. IMF staff will also continue to be engaged by providing advice on macro-economic policies, but a program will understandably require a clearer path towards peace in the country." During the embargoed briefing, IMF Spokesperson Gerry Rice noted that Inner City Press asked, "In Egypt it's said that starting July 1 for fiscal year 2017-2018 the country will see another sharp price rise as a result of the IMF loan requirements, including cutting fuel subsidies to 1.75% of gross domestic product this year and then to less than 0.5%. What is the IMF's response?" Rice said the IMF is following President Sisi's plan to cut fuel subsidies in three years; Rice said that the subsidies benefit those who are better off and cutting them will allow increased social spending on the most vulnerable. We'll see. On Mozambique, Inner City Press asked "the Kroll audit of secret debts was filed on May 12. When does the IMF expect it should be made public, and what is the status of IMF / Mozambique?" Rice said that the IMF expects first a summary then the whole report to be published, and that the technical talks on a new program depend on this audit report. On Qatar, Inner City Press asked "What is the IMF's assessment, going forward, of the cut-off of Qatar by Saudi Arabia, Egypt and others, in terms of credit rating and otherwise?" Rice said it is too soon to say how these tensions will be resolved." Or, Inner City Press would add, how. Inner City Press also asked the IMF, "If there is an updated view about the Internet cut off (lifted only after 94 days) and other restrictions in the Anglophone regions of Cameroon injuring 'Silicon Mountain;' Also if there are any updates on Burundi or Yemen or South Sudan. " Watch this site.June 5, 2017
Regulators Said Sterling's CRA Data Unreliable, Fed Expedites Now Delays ICPs FOIA, OCC Cover Up
By Matthew R. Lee, New Platform
NEW YORK, June 3 – Sterling Bank, which is applying for approvals to acquire Astoria Bank, is known by its regulators to have filed unreliable Community Reinvestment Act data from at least 2014 through 2016, a documentobtained by Inner City Press shows. The story, and outrage, has been picked up by the American Banker newspaper here, by Paul Davis and Allison Prang, crediting Inner City Press - and Sterling Bank had no comment. Instead, Sterling's outside counsel Wachtel Lipton chose to snail-mail its response to the wrong address, and not e-mail it to Fair Finance Watch. Via here, with envelope re-submitted to Fed and OCC. This while the Federal Reserve has granted Inner City Press' request for expedited treatment of its FOIA request for all records, promising the responsive documents by June 1. But now the Fed, in a June 1 letter, has unilaterally extended its time to June 22: "Dear Mr. Lee, This correspondence is to provide you with an update on the status of your FOIA request. The search for records is being completed and staff is beginning to review the search results for responsiveness and releasability. We will continue to process your request as quickly as possible. Accordingly, the Board hopes to be able to respond to your request, or provide a status update, on or before June 22, 2017. Very truly yours, Jeanne M. McLaughlin Manager, Freedom of Information Office." Why expedite and then extend? Why did the OCC rush a cover-up "Satisfactory" rating? We'll have more on this. First Fed letter on Scribd, here.
May 29, 2017
Merger proposals we are watching: Sandy Spring Bancorp proposal to pay $489 million to WashingtonFirst...
ICP Asks IMF About Saudi - Blackstone Deal, and Possible Extension for Ghana, Cameroon
By Matthew Russell Lee
UNITED NATIONS,
May 25 – When
the
International
Monetary Fund
resumed its
biweekly
embargoed
press
briefings on
May 25,
Inner City
Press asked
about Saudi
Arabia (and
Blackstone),
Ghana and
again
Cameroon.IMF
Spokesperson
Gerry Rice
read out
Inner City
Press'
question, "On
Saudi Arabia,
what is the
IMF's view of
the
interaction
between the
country's
sovereign
wealth fund's
deal with
Blackstone and
the warning
that rapid
cuts to the
government’s
budget deficit
could damage
the economy?"
Rice replied
that the IMF
views the
Blackstone
deal as an
attempt to
diversity
internationally,
and not related to
domestic
deficit
reduction
(transcript will be on
IMF's website. Inner
City Press
also asked, "amid
reports that
Ghana will
agree to
extend the IMF
program in
return for a
bigger credit
facility, what
is the IMF's
position on
the
government's
speed in
meeting the
objectives of
the program?"
Rice
acknowledged
that the IMF
and Ghana are
discussing
an extension
but said it
would require
a formal
request by the
country; he
said a key
objective is
to key
public debt on
a continuing
downward path.
On Cameroon
(and Yemen and
the UN's
"Financing for
Development"
outcome
documents), no
answers yet.
Watch this
site.
From
the IMF's May
11 transcript, of
its Deputy
Spokesperson
Willam Murray:
"I’ve got a
question from
Inner City
Press on Sri
Lanka. Do
recent
government
moves on the
Inland Revenue
Act make it
more likely
the IMF Board
will act on
the request
for completion
of the second
loan review in
June and make
a third
disbursement?
Again, it’s a
question about
Sri Lanka and
the Inland
Revenue Act
and the
likelihood of
completing the
second review. We
had a staff
level
agreement in
Sri Lanka on
May 3rd, last
week. We noted
in announcing
that agreement
that it’s
subject to
completion of
a prior action
by the
authorities,
which is
submission of
the Inland
Revenue Act to
Parliament.
And that was a
prior action
that was
agreed earlier
this year. Our
legal experts
are still
analyzing the
content of the
new draft
bill, and are
in discussions
with the Sri
Lankan
authorities.
That’s where
we stand at
the moment on
Sri Lanka."
May 22, 2017
From Steve Mnuchin's Senate Q&A, two things jumped out: he said Trump already has a permanent Comptroller of the Currency in mind. And he said the biggest banks may not be too big to fail, but too big to succeed...
May 15, 2017
ICP
Asks IMF About Sri Lanka
Inland Revenue Act, Here, and
For Cameroon Silicon Mountain
Update