So all that fuss over at Colonial Bank? Accounting irregularities, natch. According to Reuters, “Colonial BancGroup Inc (CNB.N) said it faces a criminal probe by the U.S. Department of Justice (DoJ) related to accounting irregularities at its mortgage lending unit, and the struggling lender warned it may be put under receivership.”
The SEC is also taking a peek at the bank’s participation in TARP. Book cooking for taxpayer funds may have its poster child. Top notch, Colonial. Top notch.
Colonial BancGroup faces criminal probe, FDIC action [Reuters]
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Look Man, Not Even Ron Paul is Buying Your Fed Conspiracy Story, So Can We Drop it?
Because we know you haven’t gotten enough of the whole Bank of America/Merrill Lynch deal-under-duress drama, we’re happy to report that Representative Darrell Issa of California (seen at left, with, we can only assume, a constituent, not a high-priced call girl or his staffer’s wife, or his Argentinean soulmate) isn’t satisfied by B-squared’s testimony and likely won’t be satisfied with Hank “Just call me Lance Armstrong” Paulson’s testimony that is scheduled for Thursday.
No, no. Issa wants more information, “[he] wrote to Treasury Secretary Timothy Geithner July 2 asking for all records surrounding an October 13 meeting and decision to use government bailout funds to buy equity in financial institutions.”
You think that’s good? He’s not done:
Issa also asked the Treasury to provide records and communications, including notes and e-mails from a range of officials, relating to the Bank of America-Merrill merger from August 1 though February 1. Issa also asked New York Attorney General Andrew Cuomo in a July 1 letter to provide transcripts of interviews with Paulson and any other communications with federal officials on the Bank of America-Merrill merger.
That’s right. Six months worth of emails and notes. Every single post-it that you did your best Jackie Treehorn sketch on MUST. BE. SAVED.
Issa, a believer in a Nixon-esque coverup at the behest of Bernanke, has clearly channeled his inner-Maxine Waters and will BE DAMNED if this is happening on his watch.
Lawmaker seeks more data in BofA-Merrill deal [Reuters]
Swiss Gov’t: You Want the Names? You’ll Have to Waterboard Us.
With only days until a showdown between the IRS and UBS, the Swiss Government has announced that it will stop the release of the 52,000 client names even if the U.S. Court orders the names to be released.
Now before you say, “Oh, Swiss Government, you’re so cute with your braided blonde hair and neutrality,” they sound pretty serious:
“Switzerland makes it perfectly clear that Swiss law prohibits UBS from complying with a possible order by the court in Miami to hand over the client information,” the Swiss Justice Ministry said. “On the basis of the Federal Council’s landmark decision, UBS will by no means be in a position to comply with such an order.” The Finance Ministry added that “all the necessary measures should be taken to prevent UBS from handing over the information on the 52,000 account holders demanded in the U.S. civil proceeding.”
We really feel that a few Toblerones would really go a long way to convincing the IRS that the names aren’t really that important. Just say the word IRS and we’re sure that they can make it happen.
Switzerland: Will Block UBS From Giving U.S. Client Data [WSJ]
Be Nice to the Interns
Word on the street is that the winter interns have arrived at KPMG which makes us think they’re out in force all over the country.
If you’ve got a new intern at your beck and call, tell them how much you appreciate them in the comments and then send them the link (telling them in person isn’t necessary).
If you’re a new intern, tell us how things are going. Is your SA sending sexually explicit emails to strangers from your computer yet? Is it everything BusinessWeek says it would be or are you getting the taste of busy season already?
Whatever your thoughts, do share and try to stay under control at the welcome happy hour.
Earlier:
Love Me, Love Me…Say That You Love Me…Critiquing The Positive Intern Hiring Trend