FINANCIAL NEWS - 2016
German Regulator Urges US to Ease New Rules on Foreign Banks - Wall Street Journal
BY CHRISTOPHER LAWTON
FRANKFURT—Germany's top banking supervisor urged the U.S. to drop a proposal that would require big foreign banks to operate in the U.S. through separately capitalized subsidiaries, warning the move could trigger a chain reaction and fragment world financial markets.
"If one starts with re-nationalization, others will follow. The danger will increase that everybody makes their own laws," Sabine Lautenschlaeger, vice president of the Deutsche Bundesbank, said in an interview.
Ms. Lautenschlaeger's comments are part of a growing European pushback against U.S. measures proposed in December implementing the Dodd-Frank financial-overhaul law, which would require foreign banks to hold more capital with ...
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Germany nabs pair in scam to drain ATMs - Columbus DispatchBy Alexander Hubner
A 35-year-old man and a 56-year-old woman were caught on Feb. 19 withdrawing $220,500 in Dusseldorf using Bank of Muscat credit cards. In total, $2.4 million was withdrawn in seven German cities, the prosecutors said.
U.S. prosecutors said an international criminal gang had stolen $45 million from two Middle Eastern banks by hacking into credit-card processing firms and withdrawing money from cash machines in 27 countries.
U.S. prosecutors have declined to give details. Germany is the only other country so far to announce arrests.
A spokesman for the Dusseldorf prosecutor’s office said the two Dutch citizens had gone to Dusseldorf with the purpose of withdrawing money in Germany . The two suspects are accused of computer fraud and faking credit cards.
In the complaint on Thursday, the U.S. Justice Department accused eight men of withdrawing $2.4 million from 3,000 cash machines in New York in the space of 10 hours in February. The department said seven of the men had been arrested.
Dominican police yesterday confirmed that the eighth, Alberto Lajud-Pena, allegedly the leader of the New York cell, was killed in the Dominican Republic on April 27.
Lajud-Pena was fatally shot in a robbery at a house in San Francisco de Macoris, about 100 miles northeast of Santo Domingo, local police said. Investigators found $100,000 in cash in the house, as well as an M-16 assault rifle, two 9 mm pistols, a revolver, ammunition clips and a telescopic sight. It was unclear whether the killing or the money were related to the cyberthefts.
The Justice Department said the hackers increased the available balance and withdrawal limits on prepaid MasterCard debit cards issued by the Bank of Muscat of Oman and the National Bank of Ras Al Khaimah PSC of the United Arab Emirates. They then distributed counterfeit debit cards to “cashers” around the world, enabling them to siphon millions of dollars from cash machines.
Apparently, Wendy's Pretzel Bacon Cheeseburger aced recent tests in markets such as Northeast Ohio and is poised for a nationwide release later this year, according to "industry sources" that inform analysts at Janney Capital Markets. The analysts raised their rating on Wendy's stock based largely on prospects for the forthcoming national launch. Wendy's shares rose 1 percent Friday, while the broad market fell.
When Columbus Board of Education President Carol Perkins said "the internal-audit division is not going to be done away with," what she meant was "the internal-audit division is possibly going to be done away with."
Perkins sent an email to The Dispatch today through the school district's spokesman to clarify quotes that appeared in the paper this morning.
At Tuesday's school board meeting, board member Mike Wiles had offered an amendment opposing the proposed state law that would create a new independent auditor for the school district, saying "that would in my opinion basically eliminate the internal auditor's position and her entire department, unless we were going to be redundant and have both of them."
Here is how Perkins responded: "Let me make one issue very, very clear, because I’ve heard this on several occasions from the community: The internal-audit division is not going to be done away with." She added that: "There would still be an internal-audit function, and this would continue to report to the board, as well as the mayor."
The mayor's office told The Dispatch Wednesday that it didn't want both positions.
On Thursday Perkins issued this statement: "During the discussion of the Columbus Education Commission's recommendations at the May 21st Board of Education meeting, I did not mean to imply that the District would retain an internal auditor if voters approve the creation of an external, independent auditor as envisioned by the Commission's recommendations. To clarify, I simply meant that the District would retain the service of an auditor. If HB 167 becomes law it will be the District's voters who decide whether that auditor will remain an internal direct report to the Board of Education or be replaced with a newly created independent auditor."
This isn't the first time the board has taken a stand only to quickly change its mind when Mayor Michael B. Coleman disagreed. Earlier this year, the board said nothing could derail its plan to hire a permanent superintendent to replace Gene Harris, though Coleman wanted an interim leader. It caved and went with the mayor.>