The FDIC has issues a special alert warning that America's debt-haunted, cash-strapped banks are falling prey to conmen working the advance fee fraud, the same scam used in the familiar "Nigerian prince" or "419" scam. The banks fork over big bucks to supposed high-flying investors who are supposed to come through with large sums in return, but who vanish into the ether instead.
The FDIC has become aware of multiple instances in which individuals or purported investment advisors have approached financially weak institutions in apparent attempts to defraud the institutions by claiming to have access to funds for recapitalization. These parties also may claim that the investors, or individuals associated with the investors, include prominent public figures and that the investors have been approved by one or more of the federal banking agencies to invest substantial capital in the targeted institutions. Ultimately, these parties have required the targeted institutions to pay, in advance, retention and due diligence fees, as well as other costs. Once paid, the parties have failed to conduct substantive due diligence or to actively pursue the proposed investment.
A new Transparency International report ranks the world’s most superheated urban property markets to find the most corrupt and finds that Australia is a playground for offshore criminals looking to launder their money, because “real estate agents are not subject to the provisions of the Anti-Money Laundering and CounterTerrorism Financing Act 2006,” thus, “70 per […]
Tim Harford points out that Dieselgate — when VW designed cars that tried to guess when they were undergoing emissions test and dial back their pollution — wasn’t the first time an industry designed its products to cheat when regulators were looking; the big banks did the same thing to beat the “stress tests” that […]
Yuhuang Shannan — an hour’s high-speed train journey from Shanghai — is a newly formed, walled village in which only hedge fund employees and their visitors are allowed to venture, a kind of Canary Wharf with Chinese characteristics, with schools staffed by non-Chinese teachers, a private club, and its own health care facilities.
Thread count isn’t like one of those deceiving metrics like camera megapixels or Facebook friends—more threads are always better if you can afford them. If price was no object, we would all be snoozing soundly bundled up in 1.8 kilo-thread sheets every single night. Guess what? Price doesn’t have to be an object with this […]
Maybe it’s entirely because of podcast ads, but drag-and-drop tools like Squarespace have gotten immensely popular in recent years. While it’s definitely a great tool for any non-coders who want to get a small website up and running quickly, managing content with a primarily visual interface can become a pain once you have more than […]
When you can’t wait for the world’s longest meeting to end, the mindless leg bouncing makes your boredom obvious and just annoys everybody else. Everyone knows the TPS reports need the damn cover sheet, but some sadistic colleague keeps forgetting, probably on purpose just to eat into your lunch hour. Enough is enough!While serving a […]