Merging the SEC and CFTC - a Clash of Cultures
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CIT Corporate Social Responsibility Report
Corporate Social Responsibility 2019 Corporate Social Responsibility Responsible companies can be a powerful force for good. At CIT, we are committed to making positive and lasting impacts in our communities through our busi- ness activities, our volunteer and charitable eff orts and our adherence to the highest ethical standards. Our social responsibility framework encompasses fi nancial and personal empowerment, support of the environment and the advancement of health and wellness. Additionally, we are committed to building an inclusive and supportive culture that allows our employees to bring their best selves to work. To further advance these eff orts, we recently launched an enhanced set of core values and a diversity and inclusion program called Be You @CIT. We are a vital part of the communities where we live and work and are proud of our eff orts to invest in aff ordable housing, advance economic development, drive fi nancial knowledge and inclusion, and give back to our towns and cities through community service. 315 $8.3 $1.9 nonprofit million billion relationships in charitable invested in contributions communities across Southern California 1 Corporate Social Responsibility 2019 2019 Corporate Social Responsibility Snapshot One Tree Planted Financial Education 25,000 1,000+ kids provided with trees planted in California through CIT contributions 1,600 hours of financial education One Million Meals Billion Oyster Project 130,000 1.5 million pounds meals donated to of food people in need in packed for those battling partnership with food insecurity Feeding America Employees cleaned and bagged Carbonfund 10,000 Bank on Building a oyster shells for reef Brighter Community restoration and 2,260 facilitated planting metric tons 2,500 hours of flight emissions 500,000 of tutoring donated to oset oysters local Boys & Girls Clubs in Southern California Led financing on Launch + Grow 1,700 megawatts of renewable power women entrepreneurs 100 educated in 12-week courses ©2020 CIT Group Inc. -
CIT GROUP Financing Main Street
ENGAGEMENT CASE STUDY CIT GROUP Financing Main Street Hermes SDG Engagement High Yield Fund, Q4 2019 For professional investors only CIT Group is a US national bank that offers lending, leasing and other financial services to consumers and small-and-medium enterprises (SMEs). Its commercial operation provides factory, real-estate, equipment, and railcar financing, while its consumer-banking arm includes a national online bank, CIT Bank, and a local lender, OneWest Bank. Aaron Hay Lead Engager Investment case Engagement context In our view, CIT Group is one of the strongest middle-market lenders in Because of its size, the company faces fewer complex issues when it the US. Of its $50bn in assets, 65% are derived from commercial banking comes to integrating sustainable investing principles and environmental and it has raised more than $35bn of deposits. These ‘sticky’ sources of and social risk management into its investment activities. But CIT Group’s funding, which tend to remain with financial institutions for long periods, focus on lending to individuals and SMEs means it remains highly exposed account for 85% of its funding and this is positive for credit investors. to product-governance risks. Because of this, CIT Group needs to offer The company has disposed of $14bn in non-core assets and it targets a ethically sound financial choices which are marketed responsibly. common-equity tier-one ratio of 10%, which we see as appropriate for the risk of its activities. Moody’s Investors Service and Fitch Ratings assign CIT Group has dealt with challenges in the past. Its Californian the bank Ba1 and BB+ respectively, and both have a positive outlook on operations faced allegations of controversial foreclosures and the company. -
Deception, Disinformation, and Strategic Communications: How One Interagency Group Made a Major Difference by Fletcher Schoen and Christopher J
STRATEGIC PERSPECTIVES 11 Deception, Disinformation, and Strategic Communications: How One Interagency Group Made a Major Difference by Fletcher Schoen and Christopher J. Lamb Center for Strategic Research Institute for National Strategic Studies National Defense University Institute for National Strategic Studies National Defense University The Institute for National Strategic Studies (INSS) is National Defense University’s (NDU’s) dedicated research arm. INSS includes the Center for Strategic Research, Center for Complex Operations, Center for the Study of Chinese Military Affairs, Center for Technology and National Security Policy, Center for Transatlantic Security Studies, and Conflict Records Research Center. The military and civilian analysts and staff who comprise INSS and its subcomponents execute their mission by conducting research and analysis, publishing, and participating in conferences, policy support, and outreach. The mission of INSS is to conduct strategic studies for the Secretary of Defense, Chairman of the Joint Chiefs of Staff, and the Unified Combatant Commands in support of the academic programs at NDU and to perform outreach to other U.S. Government agencies and the broader national security community. Cover: Kathleen Bailey presents evidence of forgeries to the press corps. Credit: The Washington Times Deception, Disinformation, and Strategic Communications: How One Interagency Group Made a Major Difference Deception, Disinformation, and Strategic Communications: How One Interagency Group Made a Major Difference By Fletcher Schoen and Christopher J. Lamb Institute for National Strategic Studies Strategic Perspectives, No. 11 Series Editor: Nicholas Rostow National Defense University Press Washington, D.C. June 2012 Opinions, conclusions, and recommendations expressed or implied within are solely those of the contributors and do not necessarily represent the views of the Defense Department or any other agency of the Federal Government. -
Interviewed Bernard L. Madoffat the Metropolitan Correctional Center, 150 Park Row, New York, NY
This document contains information that has been collected in connection with an investigation conducted by the U.S. Securities and Exchange Commission Office of Inspector General (OIG). It contains confidential, privileged and sensitive information and should not be recopied or distributed without the express consent of the GIG. Interview of Bernard L. Madoff At approximately 3:00pm on June 17, 2009, Inspector General H. David Kotz and DeputyInspector General Noelle Frangipaneinterviewed Bernard L. Madoffat the Metropolitan Correctional Center, 150 Park Row, New York, NY. Madoff was accompanied by his attorney, Ira Lee Sorkin of the firm of Dickstein Shapiro, LLP, as well as an associate from that firm, Nicole DeBello. The interview began with IG Kotz advising Madoff of the general nature of the OIG investigation, and advising that we were investigating interactions the Securities and Exchange Commission (SEC) had with Madoff and his firm, Bernard L. Madoff Investment Securities, LLP (BLM), going back to 1992. At that point, Sorkin advised Madoff that his only obligation was to tell the truth during the interview. The interview began with Madoff stating that the prosecutor and trustee in the criminal case "misunderstood" things he said during the proffer, and as a result, there is a lot of misinformation being circulated about this scandal, however, he added, "I'm not saying I'm not guilty." 2006 Exam: Madoff recalled that with respect to the 2006 OCIE exam, "two young fellows," (Lamore and Ostrow) came in "under the guise of doing a routine exam;" He said that during that time period, sweeps were being done of hedge funds that focused on ~-ont- running, and that was why he believed Ostrow and Lamore were at BLM. -
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT of NEW YORK ------X
Case 1:09-cr-00213-DC Document 230 Filed 06/04/20 Page 1 of 16 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - x UNITED STATES OF AMERICA : - v - : MEMORANDUM DECISION BERNARD L. MADOFF, : 09 Cr. 213 (DC) Defendant. : - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - x APPEARANCES: BRANDON SAMPLE PLC Attorney for Defendant By: Brandon Sample, Esq. P.O. Box 250 Rutland, VT 05702 AUDREY STRAUSS, Esq. Attorney for the United States, Acting Under Authority Conferred by 28 U.S.C. § 515 By: Drew Skinner, Esq. Louis A. Pellegrino, Esq. Assistant United States Attorneys One St. Andrews Plaza New York, NY 10007 CHIN, Circuit Judge: On March 12, 2009, defendant Bernard L. Madoff pleaded guilty to 11 counts of securities fraud and related crimes. On June 29, 2009, I sentenced him to a term of imprisonment of 150 years. Mr. Madoff now moves for a reduction in sentence and "compassionate release" pursuant to 18 U.S.C. § 3582(c)(1)(A), as modified by the First Step Act (the "FSA"), Pub. L. No. 115-391, 132 Stat. 5194 (Dec. 21, 2018). He Case 1:09-cr-00213-DC Document 230 Filed 06/04/20 Page 2 of 16 contends that he suffers from "end-stage renal disease" and other serious medical conditions and that, as a consequence, he has a life expectancy of less than 18 months. Def. Motion at 2-3. Accordingly, he asks that the Court show him "mercy and compassion" and release him so that he is not incarcerated for "his final months on this earth." Id. at 25, 26. For the reasons set forth below, the motion is denied. -
Defending Against Drone Terrorism
Texas A&M Law Review Volume 2 Issue 4 2015 Game of Drones: Defending Against Drone Terrorism Tung Yin Follow this and additional works at: https://scholarship.law.tamu.edu/lawreview Part of the Law Commons Recommended Citation Tung Yin, Game of Drones: Defending Against Drone Terrorism, 2 Tex. A&M L. Rev. 635 (2015). Available at: https://doi.org/10.37419/LR.V2.I4.3 This Article is brought to you for free and open access by Texas A&M Law Scholarship. It has been accepted for inclusion in Texas A&M Law Review by an authorized editor of Texas A&M Law Scholarship. For more information, please contact [email protected]. \\jciprod01\productn\T\TWL\2-4\TWL405.txt unknown Seq: 1 11-MAR-16 10:35 GAME OF DRONES: DEFENDING AGAINST DRONE TERRORISM By: Tung Yin* TABLE OF CONTENTS I. INTRODUCTION .......................................... 635 R II. THE THREAT FROM DRONES ............................ 638 R A. Brief Primer on UAVs .............................. 638 R B. Legal Views on the Use of Weaponized Drones ..... 640 R C. Game of Drones: Terrorism Advantages of Drones . 642 R III. REGULATION OF DRONES ............................... 647 R IV. DEFENDING AGAINST DRONE ATTACKS: THREE CHALLENGES ........................................... 650 R A. Detection............................................ 650 R B. Identification ........................................ 654 R C. Destruction or Disablement ......................... 655 R V. SOME THOUGHTS ABOUT WHERE TO GO FROM HERE . 667 R A. Require FAA Registration and Use of Transponders ....................................... 667 R B. Restrict Airspace Above High-Value Targets ........ 669 R C. Establish Statutory Authorization and Rules of Engagement for Anti-Drone Responses ............. 671 R D. Establish Joint Task Forces ........................ -
Heuristics & Cognitive Biases
McCombs Knowledge To Go November 11, 2014 Corporate Governance and Corporate Fraud by Grace Renbarger Lecturer, Department of Business, Government and Society Agenda . What is Corporate Fraud? . What are the Consequences? . How Big is the Problem? . Who Commits Corporate Fraud? . Why do People Engage in Fraud? . How can Fraud be Prevented? . What is the Role of Corporate Governance in Preventing Corporate Fraud? What is “Corporate Fraud”? What is “Corporate Fraud”? . Concept of “fraud” is very broad . Legal Definition: A false representation of a matter of fact—whether by words or by conduct, by false or misleading statements, or by concealment of what should have been disclosed—that deceives and is intended to deceive another so that the individual will act upon it to his or her legal injury. Type of “White Collar” crime . Usually committed for personal or institutional gain. What is “Corporate Fraud”? . Occurs in wide variety of ways: . theft of cash, physical assets or confidential information . misuse of accounts . procurement fraud . payroll fraud . financial accounting misstatements . inappropriate journal vouchers . suspense accounting fraud . fraudulent expense claims . false employment credentials . bribery and corruption . money laundering . Can be committed by individuals employed by the corporation (internal) or by outsiders (external) . Victims can be the corporation itself or others (e.g., investors) What is “Corporate Fraud”? Focus today is on internal fraud Source: Chartered Institute of Management Accountants Consequences of Fraud . Criminal liability . Securities fraud . Insider trading . Tax evasion . Racketeering/RICO . Mail and wire fraud . Bribery . Money laundering . Obstruction of justice Consequences of Fraud . Individual officers, employees and agents criminally prosecuted for their own conduct . -
Amended on 6/18/2010
U.S. Department of the Treasury, Office of Financial Stability; published on 6/11/2010 (amended on 6/18/2010) Cumulative Dividends, Interest and Distributions Report as of May 31, 2010 Payment Expected Payment Actual Payment Next Scheduled Payment Program Institution Instrument Type Notes Payment Type Payment this Month Life‐To‐Date Payments Frequency Date Date Date AGP CITIGROUP INC Preferred Stock w/ Warrants 6 Dividend ‐ Cumulative N/A N/A N/A $ ‐ $ 174,806,666.66 N/A AGP CITIGROUP INC Trust Preferred Securities w/ Warrants 6, 15 Dividend ‐ Cumulative Quarterly N/A N/A $ ‐ $ 191,240,000.00 7/30/2010 AIG/SSFI AMERICAN INTERNATIONAL GROUP, INC. Preferred Stock w/ Warrants 5 Dividend ‐ Non‐Cumulative Quarterly 5/3/2010 None $ ‐ $ ‐ 8/2/2010 AIFP CGI HOLDING LLC Debt Obligation 23, 24 Interest N/A N/A N/A $ ‐ $ 3,085,490.90 N/A AIFP CGI HOLDING LLC Additional Note 25, 26 Interest N/A N/A N/A $ ‐ $ ‐ N/A AIFP CGI HOLDING LLC Debt Obligation w/ Additional Note 26 Interest N/A N/A N/A $ ‐ $ 52,152,222.22 N/A AIFP CHRYSLER FINANCIAL SERVICES AMERICAS LLC Debt Obligation w/ Additional Note 32 Interest N/A N/A N/A $ ‐ $ 7,405,894.46 N/A AIFP CHRYSLER GROUP LLC (NEW CHRYSLER) Common Equity Interest 11 Interest N/A N/A N/A $ ‐ $ ‐ N/A AIFP CHRYSLER GROUP LLC Debt Obligation w/ Additional Note 28 Interest Quarterly N/A N/A $ ‐ $ 125,447,873.62 6/30/2010 AIFP CHRYSLER LLC (OLD CHRYSLER or OLD CARCO) Debt Obligation w/ Additional Note 27 Interest N/A N/A N/A $ ‐ $ ‐ N/A AIFP GENERAL MOTORS COMPANY (NEW GM) Common Stock 9 N/A N/A N/A N/A $ ‐ $ ‐ N/A AIFP GENERAL MOTORS COMPANY Preferred Stock 9 Dividend ‐ Cumulative Quarterly N/A N/A $ ‐ $ 128,469,279.53 6/15/2010 AIFP GENERAL MOTORS COMPANY Debt Obligation 29, 32 Interest Quarterly N/A N/A $ ‐ $ 343,140,730.74 N/A AIFP GMAC INC. -
Al Qa'ida in 2010
i [H.A.S.C. No. 111–119] AL QA’IDA IN 2010: HOW SHOULD THE U.S. RESPOND? COMMITTEE ON ARMED SERVICES HOUSE OF REPRESENTATIVES ONE HUNDRED ELEVENTH CONGRESS SECOND SESSION HEARING HELD JANUARY 27, 2010 U.S. GOVERNMENT PRINTING OFFICE 58–293 WASHINGTON : 2010 For sale by the Superintendent of Documents, U.S. Government Printing Office, http://bookstore.gpo.gov. For more information, contact the GPO Customer Contact Center, U.S. Government Printing Office. Phone 202–512–1800, or 866–512–1800 (toll-free). E-mail, [email protected]. HOUSE COMMITTEE ON ARMED SERVICES ONE HUNDRED ELEVENTH CONGRESS IKE SKELTON, Missouri, Chairman JOHN SPRATT, South Carolina HOWARD P. ‘‘BUCK’’ MCKEON, California SOLOMON P. ORTIZ, Texas ROSCOE G. BARTLETT, Maryland GENE TAYLOR, Mississippi MAC THORNBERRY, Texas NEIL ABERCROMBIE, Hawaii WALTER B. JONES, North Carolina SILVESTRE REYES, Texas W. TODD AKIN, Missouri VIC SNYDER, Arkansas J. RANDY FORBES, Virginia ADAM SMITH, Washington JEFF MILLER, Florida LORETTA SANCHEZ, California JOE WILSON, South Carolina MIKE MCINTYRE, North Carolina FRANK A. LOBIONDO, New Jersey ROBERT A. BRADY, Pennsylvania ROB BISHOP, Utah ROBERT ANDREWS, New Jersey MICHAEL TURNER, Ohio SUSAN A. DAVIS, California JOHN KLINE, Minnesota JAMES R. LANGEVIN, Rhode Island MIKE ROGERS, Alabama RICK LARSEN, Washington TRENT FRANKS, Arizona JIM COOPER, Tennessee BILL SHUSTER, Pennsylvania JIM MARSHALL, Georgia CATHY MCMORRIS RODGERS, Washington MADELEINE Z. BORDALLO, Guam K. MICHAEL CONAWAY, Texas BRAD ELLSWORTH, Indiana DOUG LAMBORN, Colorado PATRICK J. MURPHY, Pennsylvania ROB WITTMAN, Virginia HANK JOHNSON, Georgia MARY FALLIN, Oklahoma CAROL SHEA-PORTER, New Hampshire DUNCAN HUNTER, California JOE COURTNEY, Connecticut JOHN C. FLEMING, Louisiana DAVID LOEBSACK, Iowa MIKE COFFMAN, Colorado JOE SESTAK, Pennsylvania THOMAS J. -
Rethinking the Federal Securities Laws
Florida International University College of Law eCollections Faculty Publications Faculty Scholarship 2003 Accountants Make Miserable Policemen: Rethinking the Federal Securities Laws Jerry W. Markham Florida International University College of Law Follow this and additional works at: https://ecollections.law.fiu.edu/faculty_publications Part of the Banking and Finance Law Commons Recommended Citation Jerry W. Markham, Accountants Make Miserable Policemen: Rethinking the Federal Securities Laws, 28 N.C.J. Int'l L. & Com. Reg. 725, 812 (2003). This Article is brought to you for free and open access by the Faculty Scholarship at eCollections. It has been accepted for inclusion in Faculty Publications by an authorized administrator of eCollections. For more information, please contact [email protected]. +(,121/,1( Citation: Jerry W. Markham, Accountants Make Miserable Policemen: Rethinking the Federal Securities Laws, 28 N.C.J. Int'l L. & Com. Reg. 725 (2003) Provided by: FIU College of Law Content downloaded/printed from HeinOnline Tue May 1 11:26:02 2018 -- Your use of this HeinOnline PDF indicates your acceptance of HeinOnline's Terms and Conditions of the license agreement available at https://heinonline.org/HOL/License -- The search text of this PDF is generated from uncorrected OCR text. -- To obtain permission to use this article beyond the scope of your HeinOnline license, please use: Copyright Information Use QR Code reader to send PDF to your smartphone or tablet device Accountants Make Miserable Policemen: Rethinking the Federal -
The Life and Science of Richard Feynman, by James Gleick
16. Genius: The Life and Science of Richard Feynman, by James Gleick From the author of the national bestseller Chaos comes an outstanding biography of one of the most dazzling and flamboyant scientists of the 20th century that "not only paints a highly attractive portrait of Feynman but also . makes for a stimulating adventure in the annals of science" 15. “Surely You’re Joking, Mr Feynman!” by Richard Feynman and Ralph Leighton Richard Feynman, winner of the Nobel Prize in physics, thrived on outrageous adventures. Here he recounts in his inimitable voice his experience trading ideas on atomic physics with Einstein and Bohr and ideas on gambling with Nick the Greek; cracking the uncrackable safes guarding the most deeply held nuclear secrets; accompanying a ballet on his bongo drums; painting a naked female toreador. In short, here is Feynman's life in all its eccentric―a combustible mixture of high intelligence, unlimited curiosity, and raging chutzpah. 14. D Day – Through German Eyes, The Hidden Story of June 6th 1944, by Holger Eckhertz Almost all accounts of D Day are told from the Allied perspective, with the emphasis on how German resistance was overcome on June 6th 1944. But what was it like to be a German soldier in the bunkers and gun emplacements of the Normandy coast, facing the onslaught of the mightiest seaborne invasion in history? What motivated the German defenders, what were their thought processes - and how did they fight from one strong point to another, among the dunes and fields, on that first cataclysmic day? What were their experiences on facing the tanks, the flamethrowers and the devastating air superiority of the Allies? This book sheds fascinating light on these questions, bringing together statements made by German survivors after the war, when time had allowed them to reflect on their state of mind, their actions and their choices of June 6th. -
Hedge Funds: Due Diligence, Red Flags and Legal Liabilities
Hedge Funds: Due Diligence, Red Flags and Legal Liabilities This Website is Sponsored by: Law Offices of LES GREENBERG 10732 Farragut Drive Culver City, California 90230-4105 Tele. & Fax. (310) 838-8105 [email protected] (http://www.LGEsquire.com) BUSINESS/INVESTMENT LITIGATION/ARBITRATION ==== The following excerpts of articles, arranged mostly in chronological order and derived from the Wall Street Journal, New York Times, Reuters, Los Angles Times, Barron's, MarketWatch, Bloomberg, InvestmentNews and other sources, deal with due diligence in hedge fund investing. They describe "red flags." They discuss the hazards of trying to recover funds from failed investments. The sponsor of this website provides additional commentary. "[T]he penalties for financial ignorance have never been so stiff." --- The Ascent of Money (2008) by Niall Ferguson "Boom times are always accompanied by fraud. As the Victorian journalist Walter Bagehot put it: 'All people are most credulous when they are most happy; and when money has been made . there is a happy opportunity for ingenious mendacity.' ... Bagehot observed, loose business practices will always prevail during boom times. During such periods, the gatekeepers of the financial system -- whether bankers, professional investors, accountants, rating agencies or regulators -- should be extra vigilant. They are often just the opposite." (WSJ, 4/17/09, "A Fortune Up in Smoke") Our lengthy website contains an Index of Articles. However, similar topics, e.g., "Bayou," "Madoff," "accountant," may be scattered throughout several articles. To locate all such references, use your Adobe Reader/Acrobat "Search" tool (binocular symbol). Index of Articles: 1. "Hedge Funds Can Be Headache for Broker, As CIBC Case Shows" 2.