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Deutsche Bank broker freed in $7B tax fraud case spoiled by juror's lies

Deutsche Bank broker freed in $7B tax fraud case spoiled by juror's lies
The headquarters of Deutsche Bank in Frankfurt, Germany.(Photo: DANIEL ROLAND, AFP/Getty Images)NEW YORK — A former Deutsche Bank broker has been largely freed of the U.S. government's charges against him in a reversal spurred by a juror with a colorful past, including allegations of punching a police officer and stealing a bag of shrimp while drunk.Former Deutsche Bank broker David Parse was granted a deferred prosecution agreement that acquitted him of the bulk of the charges against him at a pretrial hearing on Monday, his lawyer, Barry Berke, said. Parse, a certified public accountant with Deutsche Bank's Alex. Brown & Sons unit, will be released of the remaining two charges after one year, said Berke of Kramer Levin Naftalis & Frankel.Dawn Dearden, a spokeswoman with the Manhattan U.S. Attorney's Office, which brought the charges, declined to comment.It's the latest prosecution to be overhauled in the 2009 tax case, thanks to wayward juror Catherine Conrad, who admitted at a 2012 hearing to lying about her life in order to win a front-row seat at the 2011 trial.Parse and three others alleged co-conspirators were convicted at the 2011 trial, including former BDO Seidman CEO Denis Field. A fifth defendant, Deutsche Bank banker Raymond Craig Brubaker, was acquitted on all counts at the same trial.Prosecutors had charged the group of tax lawyers and bank brokers with helping wealthy individuals avoid taxes for a decade, resulting in more than $7 billion in losses to the government. At the time, it was described as one of the largest criminal tax frauds in history.The case took an unusual turn, however, when it emerged that Conrad had lied about her colorful background to win a seat on the jury. The concern was that the defendants could not trust Conrad's vows that she had been impartial.Conrad presented herself…
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Warren Buffett: Paris terrorist attacks won't affect his investment decisions

Warren Buffett: Paris terrorist attacks won't affect his investment decisions
Friday’s terrorist attacks in Paris won’t affect Warren Buffett’s investment decisions. “I’m not selling any securities because of the attacks in Paris, not at all,” the billionaire investor and chairman of Berkshire Hathaway told[1] CNBC during a phone interview. Today was unusual in that stocks rallied on day one, a sign of terrorism is having less and less of an impact on financial markets as attacks become more common. Shares of Berkshire rose 0.39% Monday to $198,595. Buffett also told CNBC that Berkshire Hathaway, the Omaha, Neb.-based conglomerate controlled by Buffett, cut its investment in Walmart and Goldman Sachs in the third quarter to raise cash for its pending purchase of Precision Castparts. References^ told (www.cnbc.com)...
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Major changes seen in Buffett's Berkshire Hathaway holdings

Major changes seen in Buffett's Berkshire Hathaway holdings
Jon C. Ogg, 24/7 Wall St. 12:31 p.m. EST November 16, 2015 Warren Buffett speaks onstage during Fortune's Most Powerful Women Summit at the Mandarin Oriental Hotel on October 13, 2015 in Washington, DC.(Photo: Paul Morigi/Getty Images for Fortune/Time Inc.)Warren Buffett and Berkshire Hathaway (BRK-A)[1] have released their official equity holdings of Berkshire Hathaway as of September 30, 2015. 24/7 Wall St. has followed this trend for many years now by tracking changes in the full list of equity holdings. We have also added details on these changes and added color on each of the pertinent holdings or added commentary on the value of those holdings through time.Yet again, over half of Buffett’s total equity holdings are heavily concentrated in just a few top holdings. Berkshire Hathaway’s recent earnings release showed that approximately 58% of the aggregate fair value of all equity holdings was concentrated in just four companies, versus the same 58% in the prior quarter and down marginally from the 59% reported at the end of 2014.Another issue on the recent balance sheet was that the equity securities figure in the quarterly balance sheet report was $106.1 billion. The newer 13F filing showed this value as being $127.407 billion, largely due to Kraft-Heinz. Many other stakes were changed to make room for the larger stake there, which makes the number of Berkshire Hathaway stock portfolio changes seem much higher than normal.24/7 WALL ST.: See the complete list of Buffett's changes[2]Berkshire Hathaway (BRK-B)[3] listed its top four equity holdings as follows: credit card giant American Express (AXP)[4] at $11.2 billion, banking giant Wells Fargo (WFC)[5] at $25.2 billion, IT-services giant International Business Machines (IBM)[6] at $11.7 billion and beverage giant Coca-Cola (KO)[7] at $16.0 billion.The prior 13F filing showed that “confidential information has been omitted from the public Form…
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Don't confuse 'saving' with 'not spending'

Don't confuse 'saving' with 'not spending'
Peter Dunn, Special for USA TODAY 9:05 a.m. EST November 16, 2015 We should take the time to examine why not spending rarely turns into savings.(Photo: Getty Images/iStockphoto)Have you ever wondered why you can’t accumulate savings despite your best efforts to not spend money? If so, you’re not alone. It’s one of the most common problems I see on a regular basis. Your effort and restraint are present, but the savings accumulation is absent. It’s frustrating, discouraging and, over time, can become quite dangerous.Saving money and not spending money are not the same. Therein lies the problem.Our financial behaviors are often deep-seated and difficult to change. The good news is turning not spending into actual savings is one of the easiest personal finance problems to fix.The "not spending not equaling savings" problem arrives in many forms. Say, for instance, you decide to take your lunch to work for the next couple of days to save money. Yet, two weeks later, your savings account is no higher for your effort. Or, say, gas prices go down and you are able to reduce your spending on fuel by $150 for the month, but it doesn’t translate into a savings gain. In both instances, you only took half of the necessary steps it takes to save money. You’ve got to complete the job.Have you ever heard someone say, “I saved $230 on my shopping excursion today. There were great deals!”? As you know, they didn’t save anything. They simply didn’t pay full price for whatever they bought. They could save $230, but that would require depositing $230 into their savings account when they got home from the mall.We should take the time to examine why not spending rarely turns into savings.I think the main culprit is online banking. It has changed the financial…
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Staying Healthy While Working From Home

Staying Healthy While Working From Home
Based on Forrester Research's latest US Telecommuting Forecast, nearly 34 million Americans work from home. The benefits of this flexibility are clear--less time commuting, more time to be productive, less revenue spent on office space, employees having more time to balance their personal and professional needs. As this trend is becoming more of a majority, with the forecast indicating that by 2016 nearly 43% of the workforce will be remote, it's important to start good habits now and do your future self a favor. Let's be honest--as beneficial as it can be, working from home is not without it's challenges, namely distractions. So check out these tips for creating a healthy, comfortable home office. 1. Be intentional with your spaceNo matter if you're using your dining room table or a spare room, be clear about the boundaries of your professional space. Keep yourself focused on the task at hand by filling this space with work-related items. While sitting on the couch is comfy, it's tempting to drift into relaxation mode (and it's not great for your back, either!) Research some ergo-friendly chairs and don't forget to check places like Craigslist, where high-quality office furniture can be found for a fraction of the retail price. Keep your office space clean, clutter-free and welcoming in whatever way feels right to you. This is a place for you to do your best work. 2. Set office hours One of the best parts about working from home is having a little leeway with your hours, but don't let that freedom prevent you from setting yourself up for success. Be consistent with your schedule, and make sure that includes taking lunches and breaks. 3. Speaking of breaks...Even though you're at home, that doesn't mean you won't need time to rest. Stand up, do some stretches,…
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The biggest 12 losers from the Fed's move

The biggest 12 losers from the Fed's move
Federal Reserve Board Chairwoman Janet Yellen arrives at a news conference following a Federal Open Market Committee meeting September 17, 2015 in Washington, DC.(Photo: Win McNamee, Getty Images)There's no mystery about who lost by the Fed's decision to leave rates untouched: banks and brokers.Investors speculating banks would enjoy fatter profits from higher rates have been sorely disappointed by the Federal Reserve's decision to do nothing. There are a dozen stocks in the Standard & Poor's 500, including broker Charles Schwab (SCHW), broker E-Trade (ETFC) and bank Comerica (CMA), that dropped 1.5% or more immediately following the Fed's move to leave short-term interest rates untouched.The beatdown of bank stocks — amid a stable broader market that's relieved by the news — highlights that while most investors figured the Fed would do nothing speculators had shifted into bank stocks on the long-shot that it did actually hike rates.Charles Schwab and E-Trade's stock hits are logical given these brokers make a surprisingly large amount of income by sitting on investors' uninvested cash — or float. Investors who have money in their accounts that isn't invested are essentially giving free loans to Schwab and E-Trade — which can put the cash in risk-free overnight funds. Higher rates would have made this float even more lucrative.The hit on bank stocks make sense, too, as speculators hoped higher rates would drive up loan rates — good for bank incomes — while deposit rates were likely to remain low as demand for capital is weak. That fatter "spread" would have meant more profit for the banks.But bank speculators thinking they could make a quick buck, learned again, you can't fight the Fed.BIGGEST LOSERS IN S&P 500 STOCKS FOLLOWING FED ANNOUNCEMENTCharles Schwab, SCHW, -3.4%E-Trade, ETFC, -2.3%Comerica, CMA, -1.9%Bank of America, BAC, -1.9%Fifth Third, FITB, -1.7%Hudson City, HCBK, -1.6%Northern…
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