BofA Facing Fraud Suit and 4 Morning Hot Stocks Attracting Attention
The Daily Telegraph reports that UK tax authorities have secured the details of HSBC’s (NYSE:HBC) clients in Jersey from an obliging whistleblower. According to the Daily Telegraph, the list includes a drug dealer, bankers facing allegations of major fraud, a gun runner and likely tax evaders. The list provides details of 4388 people holding £699 million in offshore accounts, not counting investments schemes. The UK’s HM Revenue & Customs is set to be investigating the matter.
Bank of America (NYSE:BAC), is facing a $1 billion fraud lawsuit filed by the US government and Edward O’Donnel, a whistleblower helping the government in this matter, relating to allegedly defective mortgages that were sold by the bank’s Countrywide Financial unit to Fannie Mae and Freddie Mac. However, the bank may get off the hook by raising doubts about the credibility of the whistleblower, who is said to be himself accused of fraud, and is now working at Fannie Mae.
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Brookfield Asset Management (NYSE:BAM) reports third quarter EPS of $0.48 and revenue of $4.7 billion which beats by $0.24 and $50 million respectively.
Moneygram International (NYSE:MGI) reports third quarter EPS of – $0.77 and revenue of $338.6 million which miss by – $1.04 and $5 million respectively.
Western Asset Management (NYSE:WMC) reports EPS of $0.89 which surpasses estimates by $0.06. Net interest spread falls to 2% compared to 2.45% in the previous quarter. Book value is $21.76 per share, up 7.9% on Q2.
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