Posts Tagged: Disclosure Issues in Financial Reporting

Who Holds the Note? A Loaded Question for Credit Scores.

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Before Steven Marks started looking for debt relief on his Reno, Nev. home, he sent a simple request to Bank of America to ask who owned his mortgage.  He also wanted documentation of this.  What he got in return was an initial decline regarding who owned his loan by Bank of America and a lowering of his credit score. … Read more »

Conflict of Interest Leading to a Fraud Investigation

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Joel Bondy, executive director of the Office of Payroll Administration in New York City since April 2004, is at the heart of an alleged $80 million information technology fraud scheme. He has been suspended without pay since December 16, 2010, by Mayor Michael R. Bloomberg and Comptroller John C. Liu, pending investigation. Federal prosecutors have… Read more »

Just Say No to Debt During the Holidays

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According to this year’s National Retail Federation holiday survey, the average American will spend close to $700 this season on gifts, cards, decorations, and the like. This is one time when you want to be below average — way below. In fact, if you are in debt, just say no to gift buying this holiday…. Read more »

New York Rules That It Is OK To Resell Life Insurance Benefits

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New York’s top court ruled Wednesday that state law allows people to buy life insurance policies and immediately sell them to investors who make money when the insured person dies. The Court of Appeals, in a 5-2 ruling, said the practice is legal in New York even where the policy was obtained solely for that… Read more »

Amazon.com Must Anticipate Profits in Diapers & Baby Care Products

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Amazon.com Inc. agreed to buy Quidsi Inc., the owner of Diapers.com and Soap.com, for $500 million in cash, expanding in baby-care products and gaining merchandise- management expertise. Amazon will also assume about $45 million of closely held Quidsi’s debt and similar obligations, according to a statement from the companies today. They expect to close the… Read more »

Mortgage Buybacks

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Mortgage Buybacks According to Standard & Poor’s, the top U.S. banks could face up to $31 billion in losses from buying back bad mortgages. Bank of America Corp and JPMorgan Chase & Co have the most exposure to such potential repurchase obligations, followed by Wells Fargo & Co, Citigroup Inc, US Bancorp and PNC Financial… Read more »

Citibank under the Microscope

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The SEC has probed certain Citigroup Inc debt funds to assess whether the bank made adequate disclosure to investors about the funds’ risk levels. Three California-based brokers, who worked for the then Citigroup unit Smith Barney, concluded the bank did not adequately disclose the funds’ risks and had also mismanaged them, the newspaper said, citing… Read more »

Credit Scores Matter: Changes Taking Place

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Each financial action a consumer takes may affect their credit score, causing it to constantly change.  The economic downturn has put Americans’ credit scores in the limelight, especially as more homeowners struggle to stave off foreclosure by refinancing or modifying their mortgage loans. Although a large majority of Americans are working to improve their scores,… Read more »

New rules for Debt-Relief Services

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Starting this week, for-profit companies marketing debt-relief services over the telephone are prohibited from charging a fee before they settle or reduce a customer’s debt to the Internal Revenue Service, credit card company, or other unsecured debt. The new rule by the Federal Trade Commission covers telemarketers of for-profit debt-relief services, including credit counseling, debt… Read more »

Hiding The Truth?

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Jane Buchan is a rarity on Wall Street. Not only has she built a hugely successful hedge fund investment firm but the firm is also the only one that is, on paper, owned and run by women. Unfortunately, it now appears that the firm Pacific Alternative Asset Management Company (PAAMCO) was bankrolled by some of… Read more »