PennyMac Financial Services has been manipulating the accounting on its income statement and balance sheet. It’s a dirty and a dangerous game that runs the risk of alienating both the investors and lenders that are keeping the teetering lender afloat.
Financial Services
The U5 Loophole
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The U5 is one of the most important documents on Wall Street. And negotiations to discuss them can easily become a battleground where employers and employees fight over whether an upcoming exit will be classified as a resignation or a firing — and if problematic behavior is revealed.
Financial Services
#MeToo on Wall Street: An Intern’s Battle With Barclays
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Why did Todd Richter leave Barclays in the middle of 2018? What a young woman described to a reporter about her 2017 summer internship at Barclays might hold the answer.
Financial Services
Amy Walker’s War on Credit Suisse and a System of Entitled Indifference
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For more than a decade Amy Walker, a research analyst in London, has been waging a ceaseless battle for justice in connection with what she alleges was a sexual assault by her colleague at Credit Suisse.
Financial Services
The Pity of Wirecard, Part II: Bezzle Never Sleeps
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If questions about the integrity of Wirecard AG’s accounting in its crucial Asian operations are ever to be resolved, Singapore regulators will need to step back and take a long, hard look at James Henry O’Sullivan’s relationship to the Aschheim, Germany–based company. Prosecutors at Singapore’s Consumer Affairs Department have been investigating Wirecard’s fast-growing Asian division, claiming in a March 8 filing that employees in its Singapore office orchestrated a complex, multiyear scheme to inflate the company’s revenue.
Financial Services
The Pity of Wirecard, Part I: Oliver’s Army
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Few companies can explain their meteoric growth as alluringly as Wirecard AG. In one preferred narrative, Wirecard presents as Europe’s leading financial technology innovator, a globe-spanning developer of white label code and applications that remove the friction from electronic payments. And in another, it’s a nimble bank, steadily generating low-risk revenue through the sale of integrated banking and credit-card processing services to businesses, and prepaid credit-cards to consumers.
Financial Services
Wirecard AG: Something Is Terribly Wrong Here
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After the Financial Times published a pair of whistleblower-driven exposés that suggested some of Wirecard’s parabolic growth in the Asia-Pacific region resulted from a purported multiyear revenue inflation scheme, anyone wanting to better understand the German payments company’s situation would do well to “follow the money.”
Financial Services
Newton Glassman and Other People’s Money
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Things are not going well for Newton Glassman. In April he was the subject of a lengthy exposé that detailed the many ways his direction of Catalyst Capital Group Inc., a Toronto-based private equity fund with $4.3 billion in capital commitments, and its sister company Callidus Capital Corp. should alarm investors and regulators. Plus, Glassman directed the fund’s plunge into a series of costly and reputation-threatening lawsuits against a host of purported enemies.
Financial Services
Newton Glassman’s Legacy of Ashes
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It was corporate skulduggery at its most audacious. Last September Frank Newbould dined at Scaramouche, a swanky downtown Toronto restaurant, with a businessman who said he would like to hire Newbould as an arbitrator. In reality, this was a ruse to engineer an attempted sting on Newbould, a retired Ontario judge, as the National Post reported.
Financial Services
Mr. Boyer’s War
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For eight years, Craig Boyer was a senior executive at Callidus Capital, and by the time he quit in 2016 he was its chief underwriter and vice president. But last year Boyer sued Callidus for CA$100,000 in damages, claiming the company had denied him health and other benefits and seeking the return of his stock options.
Financial Services
Wirecard AG: The Great Indian Shareholder Robbery
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Wirecard AG is the luckiest company you have never heard of.