This week's risk management news includes UBS’s fraud case, Wells Fargo agreement with Federal Reserve’s board of governors, and Everbright’s challenge to Goldman Sach’s report.
July 27, 2011 | The Asian Banker Editor
Swiss financial advisor allegedly involved in UBS-linked fraud
A Swiss financial adviser has been charged with helping more than 60 US taxpayers hide more than $184 million in Swiss bank accounts and move assets from UBS to other Swiss banks so as to avoid getting caught.
Wells Fargo makes agreement with Federal Reserve board of governors
Wells Fargo has made an agreement with the board of governors of the Federal Reserve that resolves allegations arising from an investigation into internal controls at its former Wells Fargo Financial unit. The Federal Reserve alleged that Wells Fargo Financial did not adequately detect and prevent instances of fraudulent loan applications and directing of prime borrowers into higher-cost nonprime loans.
China Everbright refutes findings of Goldman Sachs report
China Everbright Bank has refuted claims made in a Goldman Sachs Gaohua research report that it had a high degree of exposure to local government financing platforms. The report claims Everbright Bank had granted 20% of all its loans to local government financing platforms through the end of the first quarter this year, while larger banks such as the Industrial and Commercial Bank of China had granted just seven percent of their loans to local government financing platforms.
Re-disseminated by The Asian Banker
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Risk And Regulation Working GroupKeywords:Wells Fargo, China Everbright Bank, The Fed
