UNITED STATES: ‘ U.S District Judge Thomas Griesa Says Argentina Cannot Change The Debt’s Domicile Citing Violation of U.S Court Orders ‘

#AceFinanceNews – UNITED STATES (New York) – U.S. District Judge Thomas Griesa said Argentina cannot change the debt’s domicile after meeting with the country’s counsel and debt holdouts on Thursday.

He added that the proposal to shift the debt domicile is a violation of current U.S. court orders and cannot be carried out, stating that it is the furthest he would go for the moment on the matter.

The judge did not issue a contempt finding in the debt case.

Any entity assisting Argentina in avoiding a basic order of this court would be a clear violation, Griesa said, who also noted that the country has taken what amounts to a "lawless position."

However, he said, a remedy to the Argentine president’s debt-shifting plan must be found.

The judge was also "appalled" that the nation would not consult with its representing law firm, Cleary Gottlieb, before formulating the offer.

Ace Related News: ‘ Read the Whole Story from Beginning to End ‘

1. http://acefinance.me/2014/08/21/new-york-us-judge-over-seeing-long-running-litigation-over-argentinas-bonds-calls-hearing-on-contempt/

2. http://acefinance.me/2014/07/31/wall-street-snippets-from-the-markets-as-jp-morgan-discusses-buying-argentinas-sovereign-debt/

3. http://acefinance.me/2014/07/31/argentina-fails-to-strike-deal-to-avert-second-default-in-twelve-years/

4. http://acefinance.me/2014/06/19/argentina-threatens-to-default-on-its-debt/

5. http://acefinance.me/2014/06/16/us-supreme-court-decline-to-hear-argentinas-appeal-over-hedge-funds/

6. http://acefinance.me/2014/03/16/argentina-bankruptcy-of-2001-can-prove-all-theories-it-cannot-happen-again-wrong/

7. http://acefinance.me/2014/02/16/four-latin-countries-havesigned-a-treaty-to-eliminate-tariffs-on-92-percent-of-goods-services/

#ANS2014

G20: ‘ Industry and Group (G20) Officials Said the Leaders Will Reach Agreement in November On Preparation of Special Bonds to Prevent Future Crisis’s ‘

#AceFinanceNews – BRITAIN (London) – August 21 – Industry and Group 20 (G20) officials said the leaders are expected to reach an agreement in November, will be the world’s major banks have issued regulations specifically bonds to increase the response to the crisis with capital, thus avoiding future taxpayer once again asked to participate in relief CN Reuters reported today.

The bond is also referred to sustained operating losses absorption capacity (GLAC).Regulators think this is the world’s 29 major banks "too big to fail" is a key factor in preventing.

Financial Stability Committee is drafting plans. The committee refused to convene the pre-assessment in November G20 summit. When in November, G20 leaders will discuss the reform issues, and then, after consultation with outside views.

The last major reform aspects of the implementation of G20 on banking supervision.Turning now to discuss strengthening G20 has adopted the provisions of "post-crisis" agenda for economic growth and the implementation.

Parts of Asia and Europe, the size of the bond issue in order to have the problem of how to provide a buffer uneasy, but it was between banks and regulators are optimistic that, G20 countries will reach an agreement in November.

Translated from Chinese – Apologies for any error’s.

#AFN2014

NEW YORK: ‘ US Judge Over-Seeing Long-Running Litigation Over Argentina’s Bonds Calls Hearing on Contempt ‘

#AceFinanceNews – UNITED STATES (New York) – August 21 – The U.S. judge overseeing the long-running litigation over Argentina bonds has scheduled a hearing for 3 p.m. EDT (1900 GMT) in New York, after Argentine officials announced plans to skirt his court rulings that pushed the country into default Reuters Finance reported.


NML Capital Ltd, one of several holdout creditors who U.S. District Judge Thomas Griesa has said must be paid in full before Argentina can resume payments to other bondholders, had asked Griesa on Wednesday night to schedule an "emergency" hearing to consider whether to hold Argentina in contempt.

#AFN2014

NEW YORK: ‘ BOFA Expects to Pay $16.5 Billion to End Mortgage Securities Investigations Sticking Point is How Much Cash will Home-Owners Finally Receive ‘

#AceFinanceNews – UNITED STATES (New York) – August 21 – Bank of America Corp is expected to pay more than $16.5 billion to end investigations into mortgage securities that the bank and its units sold in the run-up to the financial crisis, in a deal that could be announced as early as Thursday, a person familiar with the matter said Reuters US reports.

​The bank has been hammering out the final details of the record-breaking accord with the U.S. Department of Justice and is expected to pay around $9 billion in cash and the rest in assistance to struggling home-owners.

A $16.5 billion payout would be the largest in a series of soaring penalties against banks for a range of misconduct, including violating U.S. sanctions and inappropriately marketing mortgage securities.

An agreement in principle was reached earlier this month after a phone call between the bank’s chief executive, Brian Moynihan, and Attorney General Eric Holder.

The negotiations have been driven by an investigation into securities sold by Merrill Lynch, which the bank agreed to acquire in 2008 at the height of the financial crisis, people familiar with the matter have said.

Representatives of the Justice Department and Bank of America declined comment.

#AceFinanceNews – Attorney General Eric Holder has refused to meet with Bank of America’s CEO as mortgage talks have hit a standstill.

(Reuters on June 20 2014) Representatives of Bank of America have asked US Attorney General Eric Holder to meet with Moynihan, its chief executive, in an attempt to resolve differences over a possible multi-billion-dollar settlement involving shoddy mortgage securities sold by the second-largest US bank and its units, according to people familiar with the negotiations.

(Reporting by Aruna Viswanatha, additional reporting by Peter Rudegeair; Editing by Karey Van Hall and Steve Orlofsky)

#AFN2014