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Tuesday 1 June 2010

Troubled Spanish savings bank agrees to merge with larger peer < Spanish news | Expatica Spain

Troubled Spanish savings bank agrees to merge with larger peer < Spanish news | Expatica Spain: "Troubled Spanish savings bank Caixa Girona agreed Monday to merge with Spain's largest savings bank, La Caixa, in the latest merger aimed at shoring up the nation's weaker banks.
The board of Caixa Girona unanimously approved the merger with La Caixa, its president Manel Serra told reporters.
The two banks, which are both based in Spain's wealthy northeastern region of Catalonia, announced last week that they were in merger talks.
Earlier this month international ratings agency Fitch downgraded Caixa Girona to BBB from BBB+, citing the impact of the weak economy and the collapse of a property bubble on its asset quality.
Spanish banks got off relatively lightly from the subprime mortgage crisis in 2008 as the country's strict regulations meant they did not invest heavily in the high-risk loans that hurt financial institutions elsewhere.
But many, especially smaller unlisted saving banks that are usually controlled by regional politicians, were badly hit by the collapse of the country's once-booming property market, both through loans to developers and mortgages.
The Bank of Spain has called for consolidation by regional savings banks if they are to survive the economic crisis, and several such mergers have taken place or are being negotiated.
Earlier this month the central bank took control of one troubled savings bank, CajaSur, after it failed to complete a planned merger with another bank."

Mafia-like ring with global assets funded by drugs, guns and human trafficking - The Irish Times - Thu, May 27, 2010

Mafia-like ring with global assets funded by drugs, guns and human trafficking - The Irish Times - Thu, May 27, 2010: "PROPERTY assets linked to the Christy Kinahan-led international drugs cartel in Brazil alone are worth an estimated €500 million.
That sum is more than treble the value of all cash and assets seized by the Criminals Assets Bureau in Ireland since the bureau’s inception almost 15 years ago. The details that continued to emerge in Spain yesterday reveal that Kinahan is at the head of a mafia-style operation with assets worldwide funded by drug trafficking, money laundering, gun running and even human trafficking.
The property portfolio in Brazil is comprised of six leisure complexes and a string of residential properties, with a combined value of €500 million, Spanish authorities say.
In Spain some 60 properties – including villas, apartments and business premises – have already been frozen in the first part of an assets confiscation case there. The properties in Spain are valued at about €150 million by the authorities.
The Spanish properties are located along the Costa in Benalmadena, Fuengirola, Mijas, Marbella, Nueva Andalusia and Estepona. Kinahan lives in a €6 million villa, and also regularly stays in an apartment valued at €800,000 in a gated complex near Marbella.
There are other properties in Ireland, England, Dubai, South Africa and Belgium."

2 arrests in fraud investigation; 1 suspect faces 91 charges | rgj.com | The Reno Gazette-Journal

2 arrests in fraud investigation; 1 suspect faces 91 charges | rgj.com | The Reno Gazette-Journal: "The investigation identified John Eugene Marsh, 41, of Reno, as a suspect in numerous identity theft, credit card fraud and multiple other offenses, authorities said in a news release. Jennifer Ann Copling 33, of Reno, was arrested as an alleged accomplice, the news release stated.
Marsh was booked into the Washoe County jail on 91 separate charges, including burglary, fraudulent use of a credit card,forgery, identity theft, obtaining money under false pretense and grand larceny, the news release stated. Bail was set at $337,685.
Copling was booked on burglary, grand larceny, obtaining money under false pretense and contempt of court, the release said. Bail was set at $10,465."

NY beauty school raided in federal fraud probe - WCAX.COM Local Vermont News, Weather and Sports-

NY beauty school raided in federal fraud probe - WCAX.COM Local Vermont News, Weather and Sports-: "beauty school in New York's Chinatown has been raided by federal agents after getting an outsized $4 million in government aid in as many years.
Agents from the departments of education and labor seized boxes of documents Friday at the USA Beauty School.
The small business first came under scrutiny two years ago after authorities received an anonymous complaint about the fortune in federal aid.
According to court papers filed by the federal Education Department, an undercover FBI agent posing as a student was asked to falsify a tax return in order to boost the amount of federal aid the school would get.
The school's director of financial aid has refused comment."

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