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.
Charged With Crypto Fraud Alexandre Trial Is March 27 As Receiver Details Foreclosure Deals
Matthew Russell Lee, Patreon Maxwell
Vlog - Guardian - Honduras - ESPN NY Mag
EXCLUSIVE, August 5 – Eddy Alexandre, charged
with commodities fraud in connection with a
purported cryptocurrency and forex trading
platform named EminiFX, was ordered released on
$3 million bond on May 12.
would be required to hire his own guard for home
incarceration in Valley Stream, NY - and not pay
the guard with the crypto funds.
The bail decision was reached by U.S. District
Court for the Southern District of New York
Magistrate Judge Katharine H. Parker in an
hour-long proceeding on the afternoon of May 12.
Inner City Press was the only media there, and
live tweeted it here
was June 14, when Alexandre was arraigned. Inner
City Press again went. The court room was full
(of supporters), but little to no media. Inner
City Press live tweeted here
August 3, with two overflow courtrooms, more
Alexandre and EminiFX supporters / investors, a
Curcio hearing and March 27 trial date. Inner
City Press exclusively live tweeted here
August 5, in the parallel CFTC case, Judge
Valerie E. Caproni approved the receivers
request for nearly $1 million, a request which
included: "Long Island Real Estate Portfolio.
Soon after the start of the receivership, the
Receiver discovered that EminiFX had entered
into 46 separate contracts to purchase
residential properties in Long Island out of
foreclosure, each in a separate New York state
court action with a separate court-appointed
referee overseeing the sale. EminiFX also
entered into two separate real estate contracts
outside of foreclosure. In addition, Alexandre
entered into a separate contract for a property
using $535,000 in funds traceable to EminiFX
customers as a deposit. The total deposits on
all properties totaled over $3 million, and the
Receiver and his team at Raines Feldman and FDT
have been working to recover as much as
possible. The total amount recovered to date on
the EminiFX contracts for purchase is $575,200.
This amount plus the court-ordered turnover of
the $535,000 deposit for the Alexandre contract
for purchase brings the total recovery to over
$1.1 million. The Receiver and FDT are working
to recover the remaining deposits." Full letter
on Patreon here.
August 3: OK- US v Alexandre, now in jammed
courtroom, former SDNY prosecutor Emil Bove
speaks of seized phone. Bove criticizes
his former office coordinating with CFTC.
Alexandre wants all CFTC communications outside
of Enforcement Division.
Folly (also on #OneCoin) says no objection to
motion cycle starting Aug 29. Former AUSA Bove:
Alexandre's 6th Amendment rights are being
constrained. 2d round of motions. Oct 31.
Folly: This is standard, freezing assets. Judge
Cronan: US must update on Aug 24 on
responsiveness review. [Up in the overflow
courtroom many have on Alexandre T-shirts. It
appears some COVID masks have his image on them]
wants trial in January. AUSA Folly says March.
Alexandre supporter next to me shskes his head
vehemently. Judge Cronan: Trial March 27.
Folly: Exclude Speedy Trial Act time go March
27, 2023. Bove: Only to Aug 24. Judge Cronan: To
Aug 24 for now. Now the Curcio hearing....
I am 50, with a masters from Phoenix U. I have
business acumen and was in charge of cyber
security for Warner - CNN, HBO, etc. I don't
drink. Judge: I find you competent to proceed.
Who pays your counsel? Alexandre: Family and
friends. Judge: That may be a conflict or risk.
Do you understand? Alexandre (still standing up)
supporter passes by me on way out - yes, photo
of Alexandre and EminiFX orinted on COVID mask.
Also an EminiFX ID card around neck. Is it still
a going concern?] Alexandre waives all
June 14: Now at arraignment of Eddy Alexandre,
out on $3M bail with former SDNY prosecutor Emil
Bove as his lawyer.
Cronan: I was Mr Bove's supervisor. [Gives 2
weeks to object. Courtroom jammed; there's a
T-shirt "We Support Our CEO"]
Cronan: Mr Bove, are there any conditions I
I'll deal with Pre-Trial Services
Folly: Defendant ran EminiFX - a Ponzi. We
Cronan: What about the CFTC case? AUSA Folly:
Let Mr Bove answer.
There's a consent preliminary injunction
Matthew Russell Lee, Patreon Maxwell
BBC - Honduras - CIA Trial Book - NY Mag
COURTHOUSE, July 28 – Former Goldman Sachs
investment banker Brijesh Goel was arraigned on
insider trading charges on the morning of July
28, 2022. Inner City Press there - although the
arraignment had not be listed in the docket, nor
announced by prosecutors.
case is assigned to U.S. District Court for the
Southern District of New York Judge P. Kevin
Castel, who held the arraignment.
afterward, the docket did not contain any notice
of the arraignment - in contrast to the July 27
arraignment for insider trading of former Indian
Congressman Steve Buyer, Inner City Press story
Goel, represented by defense lawyer Brodsky who
was still not listed on the docket - no notice
of appearance? - after the proceeding, pleaded
US Attorney Joshua Naftalis said his office
agreed to release on $1 million bond, and no
contact with "CC-1."
Brodsky, too, was concerned about CC-1. He
specifically asked that all information about
debriefing sessions with CC-1 be provided in two
or three weeks, so that he or successor counsel
can decide by the September 14 next conference
whether to file motion.
was incorporated into Judge Castel's Rule 5(f)
Goel is accused of feeding inside information to
his graduate school friend and squash partner
Akshay Niranjan, at Barclays.
said Goel "could not consent" to excluding time
under the Speedy Trial Act. But then after
conferring, he did not oppose. Time was
BitMEX Hayes Got 6 Months at Home as Delo Back to HK Moves For Redactions As To Why
Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - ESPN
COURTHOUSE, July 18 – Four executives of the
Bitcoin Mercantile Exchange or BitMEX were
criminal defendants for violations of the Bank
Secrecy Act. On February 24, with no
notice, a guilty plea - each to a single count.
Back on October 13, 2021 U.S. District Court for
the Southern District of New York Judge
John G. Koeltlt held a proceeding. Inner City
Press covered it, below.
May 20, after Hayes pleaded guilty, he was
sentenced - to two years probation, the first
six months of which are home confinement with
location monitoring. Inner City Press live
tweeted it here
sent a precedent - now co-defendant Samuel Reed
has asked for time served, while Gregory Dwyer
is still negotiating while an October 24 trial
still on the schedule...
co defendant Benjamin Delo came up for
sentencing on June 15, Delo's lawyer urged no
home confinement at all, just travel back to
Hong Kong. And he got it - with thirty months
probation the administration of which is
unclear. Inner City Press live tweeted it here:
lawyer: Even home confinement is unnecessary. He
is a British citizen, here on a tourist visa. He
cooperated with the CFTC.
Defense: Ben was living in Hong Kong. He gave money to Oxford. [There are more than a dozen suited persons here in the gallery]
Didn't he know there were US persons im the
He didn't encourage it
This case hurts my philanthropy. AUSA: Yes
most messages we used were from Mr Hayes. But
many were to Mr Delo. He knew.
Koeltl: Guideline is 6 to 12 months. The US
chose not to go for money laundering or fraud.
The co-defenfant [Hayes], I sentenced to 6
months home confinement. But Delo has lived in
Bermuda. So I sentence Delo to 30 months
probation, no home confinement.
July 13, Delo's counsel filed notice that he
will submit a letter motion on or before August
1 to redact portions of the transcript.
July 18, Delo's counsel emailed Judge Koetlt
proposed redactions, the scope of which the
public and press cannot see, arguing in a cover
letter that the information "should be
treated with caution." If so, why did his
counsel say it in open court seeking a time
this: "MEMO ENDORSEMENT as to Benjamin Delo (2)
granting  MOTION to Redact 
Transcript. ENDORSEMENT: APPLICATION GRANTED. SO
ORDERED. (Signed by Judge John G. Koeltl on
7/19/2022)." Of course, it doesn't change what
was said in open court.
on June 29, this: "CASH BAIL RETURNED as to
Benjamin Delo as per  Order, Terminate
Motions, dated 06/22/2022, from Judge John G.
Koeltl, in the amount of $2,000,000.00, No.
03046969, Check Dated 06/28/2022, payable to
SMITH VILLAZOR LLP."
July 5, Delo's counsel wrote to Judge Koeltl
asking that the judgment be amended to allow
Delo to speak with Hayes and Reed.
he got it: "MEMO ENDORSED granting  LETTER
MOTION Request to Amend Judgment (to reflect
that Standard Condition of Supervision Number 8
not apply to contact with Messrs, Hayes and
Reed) as to Benjamin Delo (2)... ENDORSEMENT:
APPLICATION GRANTED. SO ORDERED. (Signed by
Judge John G. Koeltl on 7/5/22)."
on May 20, 2022: OK - sentencing of BitMEX's
Arthur Hayes begins @SDNYLIVE . He wants
probation; US wants more than a year. Inner City
Press has been covering the case (& much
else crypto) and, after scoping out
Hayes' crowd, will live tweet
Koeltl: What's the nature of the fine? Hayes'
lawyer: We've paid $10 million to the CFPB. So
Paragraph 62 should include that. Assistant US
Attorney: That's correct, your Honor.
lawyer Benjamin: Probation rejected some of our
suggestions. But we're OK with it - no
objections at this time. Judge Koeltl: OK, I'll
listen to your argument. Hayes' lawyer: It is a
privilege for us to serve Arthur Hayes. His
mother from Buffalo is here.
lawyer: The plea agreement is for 6 to 12
months. We are asking for probation with no home
confinement and for Mr. Hayes to return to his
home in Asia. We disagree with the government.
Mr. Hayes has already suffered collateral
lawyer: The government agreed to six to twelve
months - but now they are asking for more. They
argue that the law is too lenient, in applying
the Bank Secrecy Act to crypto-currency... There
was a lack of regulatory guidance.
Koeltl: The defendant pleaded guilty to
willfully having violated the Bank Secrecy
Act. He knew he was serving US residents.
Go ahead. Hayes' lawyer: The point is, the
violation is not having an AML program. Mr.
Hayes is a charismatic leader.
lawyer: Let me tell you about Mr. Hayes' love
for his mother, some of it cannot be spoken of
here. Mr. Hayes went to China and feel in love
with Asia. He worked at Deutsche Bank and
Citi then into crypto currency. He was a
lawyer: We have a letter from the Jackie
Robinson Foundation. Let me read from it:
"Arthur is open minded." The government seeks to
belittle this. Mr. Hayes accepts responsibility
- he wishes he had had better controls and keep
US persons off the platform
lawyer: He left Singapore to turn himself in. He
lost his immigration status there. He's suffered
significant reduction in the value of the BitMEX
business. It was a classic start-up. He slept on
a couch in Hong Kong. He focused on retail
traders in China
lawyer: He moved to Shanghai and the business
caught fire. He got a lawyer from BNP Paribas.
He hired Sullivan & Cromwell and
PriceWaterhouseCoopers on whether the company
should have a KYC program.
lawyer: Yes, customers could lie to BitMEX and
use a VPN to conceal where they were located.
But we blocked many - we have the customer
support tickets. The controls were not a
lawyer: By London, the CTFC investigation was in
the early stage. And BitMEX had no idea of the
criminal investigation. Still BitMEX hired a
former FBI agent. Judge Koeltl: Let me
remind people in the gallery to keep their masks
up. COVID number are up
lawyer: Anti-money laundering programs to do not
prevent money laundering. This is not Silk
Road. This is very different. Mr. Hayes wrote
thoughtfully about Facebook's Libra. He wasn't
promoting law breaking
lawyer: DOJ is coming perilously close to
illegal viewpoint discrimination. Judge Koeltl:
I doubt that's the point the government was
making. Hayes' lawyer: OK, on to my last
section. [We're one hour into this sentencing].
lawyer: The best is yet to come. He can do great
things. He should get probation, and return to
Asia. Thank you.
Koeltl: It's never necessary to thank the
Court. Mr. Hayes? Hayes: As Mr. Benjamin
said, I take responsibility. Let me return home.
Koeltl: US? AUSA Raymond: Probation would be
insufficient. Here Mr Hayes has the same
guideline as a check cashing store that didn't
have an AML program. This was bigger. There were
real consequences. We're saying people like
Jeremy Spence were his customers
Raymond: It is difficult to obtain court orders
in the Seychelles. Even his statement "We block
all US I.P. addresses was false - you could
trade from the US, as long as the account was
first set up with a non US IP. He knew, in Sept
Raymond: He mocked his customers as degenerate
gamblers. He wants to continue to work in crypto
industry. If no jail, the message is that paying
a fine is the cost of violation. This case is
being closely watched - Judge Koeltl: I'm more
about the individual
Raymond: We suggest above 6 to 12 months. Thank
you. Judge Koeltl: The offense is very serious.
He caused his company to violate the Bank
Secrecy Act. On the other hand, the US chose not
to accuse the defendant of fraud. There are no
Koeltl: There must be a penalty more than
monetary. The court intends to impose a sentence
of probation of two years, with home detention
for six months with location monitoring.
Hayes' lawyer says he wants to serve the home
confinement in Asia, not Miami. Judge Koeltl: He
bought an apartment there. Hayes' lawyer: Give
us time to submit something. He'd like to go to
Singapore today. Then see how the location of
confinement is decided
Koeltl: The interview with probation will be
Monday. It's a not a big burden to stay in the
US until then. Hayes' lawyer: OK. He wants to
Koeltl: I'll put in, Defendant is permitted to
travel internationally - AFTER the home
detention.Hayes' lawyer: Mr. Hayes' two
co-founders are now felons too. He wants to
communicate with them despite standard condition
Koeltl: Fine, I'll add that. What about Mr.
Dwyer? Hayes' lawyer: He has not pleaded guilty.
I don't know where that is going.Judge Koeltl:
Anything further? No? Good afternoon, all.
February 24, with no prior notice and not
included in the day's Calendar on PACER, this:
"Damian Williams, the United States Attorney for
the Southern District of New York, announced
that ARTHUR HAYES and BENJAMIN DELO, founders
and executives of purportedly “off-shore”
cryptocurrency derivatives exchange the Bitcoin
Mercantile Exchange or “BitMEX,” pled guilty
today to violating the Bank Secrecy Act (the
“BSA”) by willfully failing to establish,
implement, and maintain an anti-money laundering
(“AML”) program at BitMEX. Under the terms
of their respective plea agreements, HAYES and
DELO each agreed to separately pay a $10 million
criminal fine representing pecuniary gain
derived from the offense. HAYES and DELO
pled guilty today before U.S. District Judge
John G. Koeltl."
On May 4 Hayes put in his sentencing submission,
asking for probation in a redacted letter. The
argument includes that "in this first of its
kind prosecution the government has achieved a
notable success by establishing the principle
that cryptocurrency derivatives trading
platforms much comply with the Bank Secrecy Act
if they provide services to US customers." Who
knew? Hayes lost his immigration status in
Singapore - then, a redaction.
on March 9, SAMUEL REED, one of three
co-founders and a high-ranking executive of
purportedly “off-shore” cryptocurrency
derivatives exchange the Bitcoin Mercantile
Exchange or “BitMEX,” pled guilty today to
violating the Bank Secrecy Act (the “BSA”) by
willfully failing to establish, implement, and
maintain an anti-money laundering (“AML”)
program at BitMEX. Under the terms of his
plea agreement, REED agreed to separately pay a
$10 million criminal fine representing pecuniary
gain derived from the offense. REED pled
guilty today before Chief U.S. District Judge
Laura T. Swain, and will be sentenced by U.S.
District Judge John G. Koeltl. The other
two founders of BitMEX, Arthur Hayes and
Benjamin Delo, previously pled guilty to the
same offense in February 2022.
those wondering why not, even in the absence of
Judge Koeltl, plead guilty before a Magistrate
Judge, that would require a second step of Judge
Koeltl approving the Magistrate's decision. So
the plea was before Chief Judge Swain as Part I
Judge; the sentencing is set for July 13 before
We'll have more on this.
Earlier: The complaint says the defendants
"deliberately failed to implement BSA-Compliant
AML and KYC programs at BitMEX."
have demanded a bill of particulars, and the
government has opposed it. Judge Koeltl on
October 13 gave the defendants until October 22
to reply to DOJ's opposition.
October 20, after initially being stopped from
entering the SDNY Magistrates Court (even while
the overflow room 15A was locked), Inner City
Press managed to enter and witness the telephone
presentment of defendant Gregory Dwyer, by phone
- from JFK airport, as it happened.
lawyers had written in request the airport phone
presentment so as to avoid a night of
incarceration (to which others on October 20
were confined, in non white collar cases).
Judge Robert W. Lehrburger could be heard
speaking into the phone, but the other side's
responses could not be, even in the courtroom.
But the conditions of release were announced by
Judge Lehrburger, including ultimately freedom
to travel to Bermuda.
January 20, 2022 Judge Koeltl ruled, among other
things, that Hayes' quote about bribing
officials in the Seychelles with a coconut will
not come into evidence, as too inflammatory.
From the January 20 rulings, the prosecution may
be in trouble. For more, in the run-up to the
trial that Inner City Press will cover along
with many other now unblocked trials, see
Bloomberg by Chris Dolmetsch, here,
and Law360 by Pete Brush (paywall/7 day trial),
Here's the video from Taipei, Hayes v. Nouriel
(from Minute 10: Andrew Neil asks, How much are
you paying to bribe the Seychelles authorities?
Hayes says, "A coconut.")
Soon after the January 20 conference, the
defendants submitted for signature a revised
subpoena to the CFTC, about the March 1, 2016
CFTC letter about ICBIT and a June 26, 2018
meeting with Hayes and Sullivan & Cromwell.
trial is set for March 30: "ORDER as to Arthur
Hayes, Benjamin Delo, Samuel Reed. Trial in this
matter is adjourned to Wednesday, March 30,
2022, at 9:00am (Jury Trial set for 3/30/2022 at
09:00 AM before Judge John G. Koeltl.) (Signed
by Judge John G. Koeltl on 12/7/21)."
The case is overall case is US v. Hayes, et al., 20-cr-500 (Koeltl)
Standard Chartered Bank Is Sued Under Anti Terrorism Act For Role in Afghan Bombs
Matthew Russell Lee, Patreon Maxwell
BBC-Guardian UK - Honduras - NY Mag
COURTHOUSE, July 14 – Standard Chartered Bank
has been sued under the Anti-Terrorism Act, for
its role in producing bombs that killed
Americans in Afghanistan.
On July 13, 2022 U.S. District Court for the
Southern District of New York Judge Edgardo
Ramos held a proceeding. Inner City Press
Ramos inquired into a line from the complaint,
that US officials met with Standard Charged at
its New York office and told it that its client
Fatima was a primary supplier of precursors used
by Al-Qaeda - but that Standard Chartered kept
Ramos asked, Was Standard Chartered told what it
was done was illegal? Plaintiff counsel replied
he didn't know, or couldn't say in this public
forum (Inner City Press was the only media
Ramos gave StanChart until August 3 to file a
motion to dismiss.
In Deep Implant ATM Card Skimmer Trial Santander Says It Began in Richmond Hill
Matthew Russell Lee, Patreon
BBC - Guardian UK - Honduras - The Source
COURTHOUSE, June 28 – A dozen men in shackles
charged with ATM skimming came into the
U.S. District Court for the Southern District of
New York courtroom of Judge Laura Taylor Swain
on January 9, 2020. They had interpreters in
French and Romanian, and now a coordinating
discovery attorney, Emma G. Greenwood.
But on Monday, March 16, amid the Coronavirus
crisis when two more defendant in the case
extradited from Romania on Friday were presented
before SDNY Magistrate Judge Stewart D. Aaron,
their lawyers were not physically present. They
appeared by telephone. One asked that his
business card be given to his client. For the
other, the defendant asked who he was.
Both asked that their appointments be back dated
to March 9. It was granted, and the defendants
were detained on consent.
February 24, docketed in the case was an order
of judicial removal for David Georgescu, stating
that on February 27, 2020 he was paroled into
the US at JFK airport for criminal prosecution.
He was set to be removed to Romania.
June 2022 a trial approaches: "Minute Entry for
proceedings held before Judge Sidney H. Stein:
Final Pretrial Conference as to Mircea
Constantinescu, Nikolaos Limberatos, Alexandru
Radulescu held on 6/15/2022. Defendant Mircea
Constantinescu present with attorney Meredith
Heller; defendant Nikolaos Limberatos present
with attorney Jeffrey Einhorn and Alan Seidler;
defendant Alexandru Radulescu present with
attorney James Branden; for the government
Elizabeth Hanft, Margaret Lynaugh present,
Samuel Rothschild by telephone; court reporter
George Malinowski. The trial of this matter
remains at June 27 at 9:30 a.m. in Courtroom
23B. Defendant Limberatos and Radulescu remain
June 23 Inner City Press was in the Magistrates
Court when Radulescu was brought in by Marshals
and pled guilty to Counts 1, 2 and 6 - while
still heading to trial on Count 3 on Monday.
Some of the allocution was done two times -
better safe that sorry, the parties said - and
what the defendant said can and probably will be
used against him at trial. From the docket:
"CONSENT TO PROCEED BEFORE US MAGISTRATE JUDGE
ON A FELONY PLEA ALLOCUTION by Alexandru
Radulescu... Minute Entry for proceedings held
before Magistrate Judge Valerie Figueredo:
Change of Plea Hearing as to Alexandru Radulescu
held on 6/23/2022. Defendant present with
counsel James Branden. A.U.S.A. Samuel
Rothschild present for the Government. Defendant
enters a plea of Guilty to Count # 1, 2 and 6.
Court reporter present. Detention continued.
Trial date: 6-27-2022."
a co-defendant wanted severance from the trial,
because of the guilty plea. It's been denied
(Order below) and the trial begun.
In OneCoin Case FBI Puts Ruja On 10 Most Wanted List Inner City Press Asks of Schneider
Matthew Russell Lee, Patreon Podcast Filing
BBC - Decrypt - LightRead - Vlog - Source
COURTHOUSE, June 30 -- For money
laundering for scam crypto currency OneCoin,
lawyer Mark Scott was convicted by a jury after
testimony by Konstantin Ignatov and others but
was allowed to remain free on bail pending
June 30, 2022 the US FBI put Ruja Ignatova on
its 10 Most Wanted List. Inner City Press went
to the FBI press conference and asked about her
security chief Frank Schneider saying she's
dead, and the status of his extradition.
FBI's New York Assistant Director-in-Charge,
Michael J. Driscoll, told Inner City Press they
have their reasons for putting Ruja on the list.
US Attorney for the SDNY Damian Williams said he
could not speak about extradition(s). Vlog here.
Greenwood, meanwhile, is in detention in the MDC
and will wait (at least) a year for a trial.
And in April 2022, yet more delay: "MEMO
ENDORSEMENT as to Karl Sebastian Greenwood on
LETTER MOTION addressed to Judge Edgardo Ramos
from Juliana Murray dated 4/26/2022 re:
BNY Mellon Is Sued By Union in Brazil So Calls Them Corrupt and Resists Discovery
Matthew Russell Lee, Patreon Maxwell
BBC-Guardian UK - Honduras - ESPN NY Mag
COURTHOUSE, June 25 – Bank of New York Mellon
Corporation is trying to fend off discovery by a
The case is pending in the U.S. District Court
for the Southern District of New York, which
Inner City Press covers and where it found BNY
Mellon's June 24 opposition.
Mellon argues that the Brazilian postal workers'
pension fund Postalis has been "the subject of a
series of high profile corruption scandals." But
what about discovery?
As Toronto Dominion Bid To Buy First Horizon Hit by Pols, Disparities Raised by Fair Finance Watch
Matthew Russell Lee, Patreon Maxwell
BBC - Guardian UK - Honduras - ESPN
/ SOUTH BRONX, June 15 – Seemingly oblivious to
US regulators stated desire to tighten up their
merger review rules, specifically on fair
lending, Toronto Dominion on February 28
announced a $13.4 billion proposal to buy First
Finance Watch has been concerned by TD Bank's
lending disparities for some time. Nationwide in
2020, TD Bank denied almost as many applications
from African Americans (833) as it made in
mortgage loans to African Americans (853). It
was far more generous with white borrowers:
23,469 loans made, with only 9009 denials.
Finance Watch immediately online noted that in
New York State in 2020, TD Bank was even worse.
It denied more mortgage applications from
African Americans (255) that it made loans to
African Americans in NYC (198). Again, TD Bank
was far more generous with white borrowers in
NYS: 3,558 loans made, with only 1714
June 14, Senator Elizabeth Warren and
Representatives Katie Porter and Jesus Chuy
Garcia wrote in to oppose TD's proposed merger,
citing "TD Bank’s behavior, incentivized by a
“points system” that rewarded employees for
placing profits over fair service for consumers
and included the creation of enrollment of
customers in new accounts and services like
overdraft protection without their permission."
(The report they quote is, without irony, behind
Bangladesh Apparel Firm Sues JP Morgan Chase As Business Partner but Discovery Stayed
Matthew Russell Lee, Patreon Maxwell
BBC-Guardian UK - Honduras -