Wall Street banks are settling claims stemming from a nationwide investigation into allegations banks peddled 15 billion dollars worth of auction-rate securities as investments that were as liquid as cash. After the financial crisis began in 2007, investors were unable to sell the securities. UBS, Citigroup, Morgan Stanley, JPMorgan Chase and Wachovia and three other Wall Street banks will pay $360 million in fines.

Bloomberg

2006

29,36

7,79

billion US$

2006

Wachovia agreed to pay a $125.000 fine to settle charges of widespread abuses in the auction rate market for municipal and corporate bonds. Between January 2003 and June 2004, the firms were involved in improper placement and manipulation of orders and also provided some customers with information giving them an advantage over others in determining what rate to bid.

Reuters

2004

28,07

5,21

billion US$

2004

Overbilled pension funds investors: global fine of 21,5 million US dollars

Reuters

2003

Prudential Securities brokers charged with for allegedly engaging in improper market-timing trades in mutual funds

Economic Times

2002

23,59

3,58

billion US$

2002

«Dead peasant insurance»: secretly bought life insurance on employees with the company as beneficiary for investment and tax purposes: tax-free investment income, tax deductions on interest paid on loans against the policy, tax free death benefits.

Washington Post

2001

22,4

1,62

billion US$

2000

24,25

0,09

billion US$

1999

22,08

3,22

billion US$

1998

4,66

0,87

billion US$

1998

33,6

billion US$

» More financial data for Wachovia Corp.
» Financial delinquency in 2007

year

financial misdemeanor

sales

income

assets

buyback

source

13 informations, access to subscribers

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» Financial delinquency in 2007

year

purpose : intermediary/lobby : institution

source

1998

Regulation favorable to company's interests : Contribution to Candidate's Political Action Committee : amount: 20 thousand US$ : US President, Congress, Senate

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Center for Responsive Politics

1998

Regulation favorable to company's interests : Contribution to Candidate's Political Action Committee : amount: 12 thousand US$ : US President, Congress, Senate

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Center for Responsive Politics

1998

Regulation favorable to company's interests : Contribution to Candidate's Political Action Committee : amount: 44 thousand US$ : US President, Congress, Senate

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Center for Responsive Politics

» More influence from Wachovia Corp.
» Influence in 2007

year

purpose : intermediary/lobby : institution

source

3 informations, access to subscribers

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» Influence in 2007

year

dubious practice : image

source

2007

Mishandling of private data: Wachovia is fighting a lawsuit accusing it of letting fraudulent telemarketers use its accounts to bilk millions of dollars from consumers. The plaintiffs accused Wachovia of allowing some "payment processors" to create authorized, unsigned checks on behalf of telemarketers to withdraw funds from customer accounts between 2003 and 2006. They also accused Wachovia of trying to win or retain business from companies that it knew were accused of telemarketing fraud, despite being alerted by other banks about the deceptive activity.:

Reuters

2006

Mishandling of private data: Dishonest insiders stole 676 000 personal bank accounts data.:

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