In light of recent developments I am compelled to wonder why anybody might care to deal with the following organizations:
1. Barclays: New York Attorney General Eric Schneiderman lays out detailed allegations showing the bank to have engaged in a ‘pernicious fraud’ and lied to customers regarding the operation of its equity dark pool. In the process, Barclays allowed high frequency trading firms to act in a predatory fashion against other clients.
2. BNP Paribas: as Reuters details:
The bank essentially functioned as the “central bank for the government of Sudanâ€Â (LD’s edit: Sudan has long been regarded as a state sponsor of terrorism), concealed its tracks and failed to cooperate when first contacted by law enforcement, U.S. authorities said.
They also found BNP Paribas had evaded sanctions against entities in Iran and Cuba, in part by stripping information from wire transfers so they could pass through the U.S. system without raising red flags. With its Sudanese clients, the bank admitted it set up elaborate payment structures that routed transactions through satellite banks to disguise their origin. BNPP banked on never being held to account for its criminal support of countries and entities engaged in acts of terrorism and other atrocities . . .
3. General Motors: after having stood idly by as faulty ignition switches led to multiple deaths, the entity some now call Government Motors continues to recall millions of vehicles. USA Today highlights:
General Motors announced six new safety recalls Monday — including its single largest this year — involving a total of about 7.55 million vehicles in the U.S. The company also announced that it would increase its second-quarter charges to pay for recalls to $1.2 billion, up from the previous announced $700 million. With the latest recalls, GM now has called back 25.68 million vehicles in the U.S. this year for safety-related repairs — a record for GM and, equal to more than two years of the company’s total output.
