Page 3 - Banking Practices News Today

They got paid to assess risk, and yet when they came across loan applications that should have set off alarms, their supervisors didnt want to hear about it. >> even if we suspected, we had to say this appears to be incorrect. you would never say this looks fraudulent. >> fraud in the due diligence world, fraud was the "f" word or the "f" bomb. you didnt use that word. >> even if a loan was clearly stated income that made no sense, there was no support. >> but you didnt use the word fraud. >> bu...

Loan applications that should have set off alarms, their supervisors didnt want to hear about it. >> even if we suspected, we had to say this appears to be incorrect. you would never say this looks fraudulent. >> fraud in the due diligence world, fraud was the "f" word or the "f" bomb. you didnt use that word. >> even if a loan was clearly stated income that made no sense, there was no support. >> but you didnt use the word fraud. >> but it was fraud? you saw loans -- >> by your terms and my ter...

Well, theres new movement today on the foreclosure mess. wisconsin congresswoman tammy baldwin is introducing a congressional resolution, calling on the obama administration and state attorneys general to investigate the banks, which is different from settling with the banks, i might add, to investigate the banks over their so-called robo signing scandal. state attorneys general and the obama administration have been negotiating with the banks over a settlement. bear in mind, there never has bee...

murdochs protege rebekah brooks to show up tomorrow to answer questions. despite her arrest over the weekend, her spokesman says she will be there. shes denying she knew her reporters hacked phones for scoops while she was the newspapers editor. rupert murdoch, chairman of news corp, and his son james are expected to testify alongside brooks tomorrow. they will appear before parliaments media committee. a heatwave hitting the middle of u.s. extremely high humidity makes it feel as ho...

Kong and london youre watching "world business today." the veil of secrecy on swiss accounts of some 2,000 prominent accounts may be lifted. former banker rudolph elmer gave wikileaks founder julian assange two disks monday filled with secret swiss banking records. assange says wikileaks could release the information within weeks. elmer describes himself as a reformer who wants transparency in a clandestine banking system he says damaging society. the swiss government will haul him into court ...

Rescue wall street again. >> the yeas are 60, the nays are 39. >> reporter: the bill passed easily thursday afternoon. but with the support of just three republicans. and already the senate minority leader has criticized the law and called for it to be repealed. >> a bill which is meant to help the economy but which is widely expected to stifle growth and kill more jobs in the middle of a deep recession. >> reporter: what does the law mean for the average american? well, first of all, it creates...

Of the experts well get to tonight. >> david murray has been listening while youve been speaking so me knows what his questions are. as we said, we now know the source of the information about michael cohens bank transactions that stormy daniels lawyer michael avenatti made public last week. ronan farrow stated it was a former law enforcement official. they have a high degree of expertise about suspicious activity reports about michael cohens banking practices. those reports are filed with the...

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$30 billion for housing, we will exempt them from all future liability. why is that a bad idea? >> its a terrible idea because if there was legal wrong doing by the banks, and we think there was, then there should be a legal settlement. but it has to be bigger than whats currently on the table. >> how do you determine the scale? >> you need an investigation. you need to assess. the moment talking about robo signing, damage in the range of $25 billion. thats peanuts relative to the problem. if in...

This is staring us straight in the face this is not about tax increases. this is not about the left or the right. as i have said. we have seen historically low tax rates we have seen historically high stimulus spending and neither has resulted in the creation of jobs. time for washington, d.c. and the business committee to come together and talk honestly about the business practices, the banking practices. >> bill: thats going to take years. is there anything obama should be doing right now to s...