Tag Archives: bank

Calumet Specialty Products Partners, L.P. to Attend Upcoming Investor Conferences

Calumet Specialty Products Partners, L.P. (CLMT), a leading independent producer of specialty hydrocarbon and fuels products, today announced that members of management will attend the following upcoming investor conferences:

Goldman Sachs Global Energy Conference
January 8, 2015
InterContinental Hotel – Miami, FL

UBS MLP One-on-One Conference
January 14, 2015
St. Regis Deer Valley – Park City, UT

Calumet’s latest investor presentation will be provided at each of these conferences.  Prior to Calumet’s attendance at the listed conferences, the Partnership will post an electronic copy of the presentation it intends to use in the “Investor Relations” section of the Partnership’s corporate website at www.calumetspecialty.com.

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Morgan Stanley: These 2 Banks Are Top M&A Candidates

A new Morgan Stanley report looks at the potential for an acceleration of merger and acquisition (M&A) activity among mid-cap banks in 2015. Analysts give several reasons why they believe a recent modest increase in M&A activity in the financial sector could pick up next year.

Many banks have benefited from cost-cutting measures and reserve releases over the past few years, but analysts believe that the window to continue to benefit is closing.

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Wells Fargo, Libor Defense, Tax Legislation: Compliance

Wells Fargo & Co. (WFC), the largest U.S. mortgage lender, will pay $125 million and set up a $50 million assistance fund to settle U.S. allegations that it discriminated against minority borrowers.

The bank will also stop using outside brokers to create mortgages, according to a statement yesterday from Wells Fargo. The accord settles U.S. accusations in court filings that the bank put creditworthy Hispanic and African-American borrowers into more expensive subprime loans from 2004 to 2007, and that mortgage brokers through 2009 added charges that caused minority borrowers to pay higher fees, costs and interest than similar white borrowers.

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Diamond to Forgo Up to $31 Million in Bonuses From Barclays

Lefteris Pitarakis/Associated Press

Senior executives of Barclays, the second largest bank of England, will give up part of his fortune to ease the public anger. Robert E. Diamond Jr., the former chief executive of Barclays, will forgo deferred stock bonuses of up to $31 million, as the British bank looks to quell public anger over an interest rate-rigging scandal.

The bank’s chairman, Marcus Agius, told a British parliamentary committee on Tuesday that Mr. Diamond would still receive up to one year in salary and a cash payment worth a combined $3.1 million. Mr. Diamond, who resigned last week as Barclays battled public fury over its illegal actions, will “support the transition to the new chief executive as necessary,” the bank said on Monday. Mr. Diamond had already agreed to forfeit his annual cash bonus.

“It is my hope that my decision to step down and today’s agreement on my remuneration will help close this chapter and allow Barclays to move forward and prosper,” Mr. Diamond said in the statement.

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LIBOR SCANDAL: Where was The Regulators?

What was the regulators’ role in these financial activities? How could there be a such a devastating scandal that affects millions of people if we have “regulators”?As the scandal been revealed, the spotlight now turned to the regulators. Paul Tucker, a deputy governor  at  the Bank of England, will testify these information on today. This article, by New York Times journalist Mark Scott, will give you more insight on this issue.

The scandal over the manipulation of global interest rates until now has mostly put bankers in the spotlight. But the focus on Monday will turn to the regulators, both on what they did and what they did not do.

Paul Tucker, a deputy governor  at  the Bank of England, will give evidence on whether senior government officials put pressure on Barclays to lower its submissions to the London interbank offered rate, or Libor. Barclays agreed in late June to pay some $450 million to settle accusations from United States and British authorities that its traders and senior executives had manipulated the rate, which underpins trillions of dollars of corporate loans, home mortgages and derivatives around the world.

Mr. Tucker’s testimony could put him at loggerheads with Robert E. Diamond Jr., the former chief executive of Barclays, who told the same committee last week that the Bank of England, as well as the Financial Services Authority of Britain and the Federal Reserve Bank of New York, had repeatedly been informed about the issue, but had not moved to stop it.

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