London Weekend: Fleetwood Mac, Bond Breakfast, Timberlake
Meanwhile, the London Whale settlement could cause Citigroup (NYSE: C ) more legal headaches stemming from its settlement with Fannie Mae in July. In that episode, the bank agreed to pay about $968 million to cover pre-existing loans and any potential future claims on loans originated and sold to the housing agency between 2000 and 2012. The case centered on 3.7 million mortgage loans that had already defaulted as well as others on the edge of foreclosure. The settlement concerned “legacy repurchase issues.” Cash for the settlement is being covered by existing mortgage repurchase reserves, and an additional $245 million were added in the second quarter. Given the new precedent of the London Whale settlement, it’s possible additional set asides will be needed. This is because Citigroup’s settlement with Fannie includes any future claims — claims that may be prompted by the Chase deal. The bottom line is legal uncertainty The London Whale precedent is something investors need to consider. Obviously, the Big Four have recovered from the financial crisis of 2008, and their balance sheets reflect financial strength. While JPMorgan did not acknowledge any misstatements, copping to inadequate internal controls and not making Sarbanes Oxley require disclosures opens the door to private securities-related class actions, new federal cases, and others by state attorneys general. And the CFPB deal could spell more legal trouble for the bank’s consumer credit offerings. The legal precedent also exposes other banks to ongoing legal claims and costs. Ultimately, shareholders will foot the bill since these costs may trim dividends and also put a damper on share prices.
London Whale Settlement Sets Legal Precedent
Mendietas 1980 return to Cuba inspired some of her best work: primitive sculptures carved into caves (and photographed), some of which still exist. Through Dec. 15 at the Hayward Gallery: http://www.southbankcentre.co.uk or +44-20-7960-4200. MUSIC Fleetwood Mac plays the final gig of its three-concert run at the O2 — the first U.K. shows since it sold out Wembley in 2009. The veteran band is the same as at its Rumours peak — while Christine McVie is largely absent, she did make a surprise brief appearance at one show. Expect plenty of the 1977 album, re-released this year in a 35th-anniversary edition, as well as hits from a new four-track EP. Information: http://www.fleetwoodmac.com . The iTunes festival is wrapping up at the Roundhouse. Dizzee Rascal serves up his droll hip-hop on Friday, John Legend adds jazz on Saturday and Justin Timberlake offers hit-material pop on Sunday: http://www.roundhouse.org.uk/ . OTHER LONDON OUTINGS Send your kids up a chimney this weekend at a festival to inaugurate a vast new London square. Kings Cross Square (in front of the station) celebrates its Victorian, industrial past with a carnival at nearby Granary Square, where visitors can race penny farthings (those old bicycles with huge front wheels) and kids can shovel coal.
NFL’s future in London, Joe Philbin’s winning ways and more
After watching “Book of Manning,” I think Archie Manning might be the better comparison. 3) No help needed. One thing that destroys Josh Freeman ‘s trade market: There are teams with entrenched studs like Brady and Manning, but there also are 13 clubs starting quarterbacks who were drafted in the past three years. Even in the trouble spots, most (if not all) aren’t ready to throw in the towel on their guys yet. College guys to watch Saturday 1) LSU wide receiver Odell Beckham (at Georgia, 3:30 p.m. ET, CBS): All eyes will be on Zach Mettenberger, the LSU quarterback who once was a blue-chip prospect for Georgia. And we’ll get to him eventually. But Beckham and fellow junior receiver Jarvis Landry are the ones catching scouts’ attention — and NFL types will closely watch both of them between the hedges. Beckham, in particular, should wind up being a fascinating guy for evaluators, because LSU uses his explosiveness every which way. “They are both good,” one area scout wrote in a text message. “Beckham’s fun to watch, because he does returns, too, and man, is he explosive.
London Police Use Super Recognizers to Fight Crime
Several years ago, for example, London police were on the lookout for a burglar wanted for nine robberies. About a month after seeing the burglar’s picture, Hyland and two colleagues were stuck in traffic. “I looked up and noticed this guy coming out of a university and knew it was him,” Hyland recalled, adding that neither of his colleagues recognized the burglar. Hyland arrested the suspect, who confessed after questioning. “If I’ve met someone before and see them again, I’ll usually know where I know them from, even if I can’t remember their name,” he said. How does Hyland do it? Nobody knows. But since 2011, about 200 London police officers have been recruited to an elite squad of super recognizers. Officials say they have tripled the number of criminal suspects identified from surveillance photos or on the street each week, and even helped prevent some crimes like muggings, drug deals and assaults. “When we have an image of an unidentified criminal, I know exactly who to ask instead of sending it out to everyone and getting a bunch of false leads,” said Mick Neville, Detective Chief Inspector at Scotland Yard. Neville started the super recognizer unit after realizing the police had no system for identifying criminals based on images, unlike those for DNA and fingerprints. The unit proved especially valuable after riots hit London in the summer of 2011. After the violence, Scotland Yard combed through hundreds of hours of surveillance video. So far, there have been nearly 5,000 arrests; around 4,000 of those were based on police identifications of suspects from video images.