World stocks erase year's gain, Brent at 2012 low - gmanetwork.com World stocks erase year's gain, Brent at 2012 low - gmanetwork.com

Saturday, May 19, 2012

World stocks erase year's gain, Brent at 2012 low - gmanetwork.com

World stocks erase year's gain, Brent at 2012 low - gmanetwork.com
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Stocks close out the worst week in six months - Examiner
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  • Police discloses money laundering scheme (ROUNDUP) - Focus Infomation

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    Police discloses money laundering scheme (ROUNDUP)
    Sofia. Bulgarias General Directorate for Fight against Organised Crime and DEA realised a special operation dubbed The Launderers, the press office of the Interior Ministry announced.
    Authorities neutralised an organised crime group that used to operate on the territory of Bulgaria, which was part of an international organisation, which secured part of the process of the laundering of money passing through the country and which is acquired through drugs trafficking from Latin America to Europe.
    The investigation revealed that the money used to come from destinations such as the Antilles, Venezuela, Panama and other countries. After the money was transferred to controlled bank accounts in Bulgaria, the sums were immediately redirected to China, Hong Kong, Spain and the USA.
    It was also ascertained that the money flow was passing through the bank accounts of the members of the group and controlled juridical persons.
    According to initial data, the laundered sum since the turn of the year is estimated at more than BGN 5 million.
    Authorities raided three addresses in Sofia, where they found bank, company and tax documents, personal computers, cell phones.
    Three people were arrested, aged 25 and 37.
    I thank the colleagues with the General Directorate for Fight against Organised Crime (GDBOP) for the well-done work in the exchange of information with DEA, Interior Minister Tsvetan Tsvetanov told FOCUS News Agency, in commentary for the money laundering scheme disclosed in the special police operation dubbed The Launderers.
    The scheme involved money transfers from different countries in the world, while the receivers are Bulgarian citizens. This way they re-launder the money, transferring it through several bank accounts. The money flow is controlled by the organisers, who are responsible for the money laundering. I thank the colleagues from the GDBOP for the well-done work in the exchange of information with the colleagues from DEA. This proves the importance and usefulness of the Bulgarian law-enforcement system and that the joint work after the opening of a DEA office gives serious results, Tsvetanov remarked.
    The Specialised Prosecutors Office pressed charges on five of the detainees in the special police operation codenamed The Launderers, its press office announced.
    Charges were brought on two of the participants in the organised crime group and on three of their accomplices. Two more people will be pressed charges, including groups organiser. At the moment they are outside the country and a procedure for their extradition was opened.



    Bank stocks tumble on JPMorgan's trading loss - Yahoo Finance

    NEW YORK (AP) -- Shares of the major U.S. banks tumbled Friday on news that JPMorgan Chase, the country's largest bank, lost $2 billion in the past six weeks in a trading portfolio that was intended to reduce its financial risks.

    Shortly after Friday's opening bell, JPMorgan Chase & Co. shares dropped more than 9 percent, making it the biggest loser among the 30 stocks in the Dow Jones industrial average.

    While the losses were particular to JPMorgan, the news boosted fears of increased bank regulation and was enough to spook investors.

    Shares of Citigroup Inc. and Goldman Sachs Group Inc. both fell about 4 percent in early trading, while Bank of America Corp. initially dropped about 3 percent before rebounding. Earlier in the day, shares of British banks fell when European markets opened.

    But gains in technology, energy and other stocks offset the losses on the broader U.S. market. In midday trading, the Dow was up 34 points at 12,888.

    Wall Street analysts said the hefty losses provide fodder for proponents of increased bank regulation including the so-called Volcker rule, which is still being written and is expected to ban certain types of trading by banks with their own money.

    The Federal Reserve said last month that it would begin enforcing that rule in July 2014. Bank executives, including JPMorgan's CEO, have argued for weaker rules and broader exemptions.

    Baird analyst David George said in a Friday note to investors that it's now less likely that the government will heed those requests. And once the political season gets going, the country's largest banks could also face calls from their critics for them to break up, he said.

    But Citi analyst Keith Horowitz said that while JPMorgan's timing couldn't have been worse for the industry, he's still not convinced that the losses will result in stricter Volcker rule than previously expected, since that would severely affect the amount of money in the markets.

    The trading loss was an embarrassment for JPMorgan, which came through the 2008 financial crisis in much better health than its peers. It kept clear of risky investments that hurt many other banks.

    The loss came in a portfolio of complex financial instruments known as derivatives and in a division of JPMorgan designed to help control its exposure to risk in the financial markets and invest excess money in its corporate treasury.

    Partly because of the $2 billion trading loss, JPMorgan said it expects a loss of $800 million this quarter for a segment of its business known as corporate and private equity. It had planned on a profit for the segment of $200 million. The loss is expected to hurt JPMorgan's overall earnings for the second quarter, which ends June 30.

    In midday trading, JPMorgan shares dropped $3.01, or 7.4 percent, to $37.73; Citigroup lost $1.03, or 3.4 percent, to $29.62; and Goldman Sachs fell $3.08, or 2.9 percent, to $103.24. Bank of America shares initially fell 29 cents, or 3.8 percent, to $7.41, before climbing back to $7.72, up 3 cents per share.


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