Category: government corruption
US / Sterling Bancorp, Inc. to Plead Guilty to $69M Securities Fraud
A Southfield, Michigan-headquartered bank holding company has agreed to plead guilty to securities fraud for filing false securities statements relating to its 2017 initial public offering (IPO) and its 2018 and 2019 annual filings.
According to a signed plea agreement that will be publicly filed in court, Sterling Bancorp, Inc. (the Company) was the holding company for its wholly owned subsidiary, Sterling Bank and Trust F.S.B. (the Bank, or together with the Company, “Sterling”). Sterling – with branches located in San Francisco, Los Angeles, Seattle, New York, and Southfield – completed an IPO in 2017, and the Company’s stock began trading on the NASDAQ exchange under the ticker symbol “SBT.”
Paris visitors alarmed at trash strike
Portuguese tourist Fabio Figueirado wanted to admire beautiful buildings on a romantic getaway in Paris, but instead he and his girlfriend have found themselves navigating pavements piled high…
Child suicides in Japan hit record high of 514 in 2022
A record 514 children attending elementary, junior high and high schools in Japan died by suicide in 2022, topping the previous high of 499 seen in 2020, government…
Putin rejects theory about Ukrainian role in pipeline blasts
Russian President Vladimir Putin on Tuesday dismissed allegations that Ukrainians could be behind the blasts that damaged the Nord Stream gas pipelines in the Baltic Sea last year, and insisted the U.S. was to blame. Putin spoke after The New York Times, The Washington Post and German media published stories last week citing unidentified U.S. and other officials as saying there was evidence Ukraine, or at least Ukrainians, may have been responsible. The Ukrainian government has denied involvement.
Germany’s Die Zeit newspaper and German public broadcasters ARD and SWR reported that investigators believed five men and a woman used a yacht hired by a Ukrainian-owned company in Poland to carry out the attack. German federal prosecutors confirmed that a boat was searched in January but have not confirmed the reported findings.
Putin rejected the notion as “sheer nonsense.”
Ex-Pakistan PM Imran Khan says arrest attempt ‘totally illegal’
Khan tells Al Jazeera an arrest warrant is a politically motivated attempt to ‘remove him’ from upcoming elections.
Ohio sues Norfolk Southern over toxic train derailment
Ohio filed a lawsuit against railroad Norfolk Southern to make sure it pays for the cleanup and environmental damage caused by a fiery train derailment on the Ohio-Pennsylvania border last month, the state’s attorney general said Tuesday.
The federal lawsuit also seeks to force the company to pay for groundwater and soil monitoring in the years to come and economic losses in the village of East Palestine and surrounding areas, said Ohio Attorney General Dave Yost.
“The fallout from this highly preventable accident is going to reverberate throughout Ohio for many years to come,” Yost said.
US / ‘Forever chemicals’ in drinking water
The United States Environmental Protection Agency has proposed the first federal limit on so-called “forever chemicals” in the country’s drinking water, a move officials said will save lives.
The proposal announced will limit per- and polyfluoroalkyl substances, also known as PFAS.
The substances have been linked to a range of health issues, including low birth weight and kidney cancer. They do not naturally degrade in the environment and are expensive to remove from water.
US / Silicon Valley Bank execs, parent company sued after collapse
ilicon Valley Bank’s parent company and two senior executives are facing a class-action lawsuit in the United States, where shareholders have accused the financial institution of failing to disclose the risks that anticipated interest rate hikes would have on its business.
The lawsuit, filed in federal court in the Northern District of California on Monday, is seeking unspecified damages from SVB Financial Group and its Chief Financial Officer Daniel Beck, as well as the bank’s Chief Executive Officer Greg Becker.
The bank collapsed and its assets were seized by the US government late last week after a mass withdrawal of funds by customers.
As U.S. steps back from Middle East, China steps in
For President Xi Jinping, the Iran-Saudi deal is part of a grander political vision, and a nuts-and-bolts example of how he hopes to achieve it.
The vision is that China will ultimately displace the United States as the world’s leading power. The means to achieve it? Leveraging China’s economic clout to expand its financial, diplomatic, and military footprints worldwide.
The Mideast deal also underscores a key pillar of that approach. In explicit contrast to the United States, China is assuring its partners that “internal” issues – such as human rights – are irrelevant to its outreach and alliances.
Moody’s puts US banks on notice
The agency cited concerns over the lenders’ reliance on uninsured deposit funding and unrealized losses in their asset portfolios. “The review for downgrade reflects the extremely volatile funding conditions for some US banks exposed to the risk of uninsured deposit outflows,” it stated. Moody’s also slashed the debt ratings of collapsed New York-based Signature Bank deep into junk territory, withdrawing future ratings for the insolvent lender. The downgrades come while US bank stocks have continued to plummet despite the government’s measures to support lenders and prevent more bank runs. First Republic Bank has led the sell-off, with its share price nosediving more than 60% on Monday, forcing a brief halt in trading due to volatility. Western Alliance Bancorp lost over 47% while Zions Bancorp declined by about 26%. Dallas-based Comerica dropped 28% and UMB lost more than 15%.
UK $6 billion defense boost targets atomic submarines, weapons top-up
LONDON — Defense spending is getting a £5 billion ($6 billion) boost from the British government, but most of the cash has been earmarked for nuclear programs and rebuilding depleted weapons stocks rather than addressing wider capability gaps in the armed forces.
The funding figures, released Sunday night, will be contained in a refresh of the 2021 integrated defense and security review due to be published later today.
News of the increase came as Prime Minister Rishi Sunak headed off to San Diego, California, for a meeting Mar. 13 with U.S. President Joe Biden and Australian Prime Minister Anthony Albanese to announce details of the AUKUS nuclear submarine pact agreed by the three nations.
Silicon Valley Bank, Signature Bank collapse; signs of the next financial crisis
Economists see Lehman Brothers-style crisis as unlikely despite jitters following collapse of California-based lender.
ICC expected to launch war crimes cases against Russians over Ukraine
The International Criminal Court is expected to seek the arrest of Russian officials for forcibly deporting children from Ukraine and targeting civilian infrastructure, a source said on Monday, in what would be the first international war crimes cases arising from Moscow’s invasion.
The source said the arrest warrants could include the crime of genocide, and were expected to arrive in the “short term” if the court prosecutor’s request was approved by a pre-trial judge at the Hague-based court. It was unclear which Russian officials the prosecutor might seek warrants against.
The office of the prosecutor at the ICC declined to comment.
Russia’s defense ministry did not immediately respond to a request for comment.
Moscow would be certain to reject any arrest warrants against any of its officials. But an international war crimes prosecution could deepen Moscow’s diplomatic isolation and make it difficult for those accused to travel abroad.
The source said the arrest warrants could include the crime of genocide, and were expected to arrive in the “short term” if the court prosecutor’s request was approved by a pre-trial judge at the Hague-based court. It was unclear which Russian officials the prosecutor might seek warrants against.
Japan’s food self-sufficiency alarmingly low; 72 mil could go hungry, magazine says
“The day 72 million Japanese go hungry.” That’s the prospect Josei Seven (March 16) unfolds. For shock value? Yes and no. Certainly it’s shocking. But it’s not cheap…
Document reveals why Canada arms Saudi Arabia – media
An analysis by Global Affairs Canada argues that Saudi Arabia is the “principal guarantor” of affordable oil for Western countries, as well as an important market for Canadian companies, The Breach reported on Monday, citing the seven-page document. Canadian weapons are crucial to maintaining Riyadh as an “integral and valued security partner,” the report claimed. The analysis stands in contrast…
US / Russia sanctions ‘evasion brokers’
According to Andrew Adams, the group has focused on identifying those who are helping Russians to avoid sanctions and export controls. “I think it can be quite effective to be sanctioning facilitators,” Adams said, calling them “professional sanctions evasion brokers.” A recent report from the Treasury Department showed that more than $58 billion worth of sanctioned Russian assets have been blocked or frozen worldwide so far. Adams pointed out that KleptoCapture aims to sell the frozen yachts and other property of sanctioned Russians, despite the legal difficulties, and use the proceeds for the benefit of Ukraine. He noted, however, that this would be done in accordance with the law.