![]() ![]() The veteran Barclay’s executive who worked out of the Chicago office for years, Kelsey Burr, suddenly resigned or took a buyout package this summer. Well he clearly got sick of their cat and mouse litigation game and apparently called their bluff by filing the criminal complaint. I’ve seen emails between Barclays and Rebourg for months now and he’s warned them he is going to file a criminal complaint and expose the damaging emails if they don’t settle with him. office and incoming Attorney General Michael Lauber has told local papers he is gun hoe to file claims against the banks for financial crimes. Luckily there is also a changing of the guards in the Geneva A.G. Rebourg told me he expects it will take two to three weeks for the judge to rule and the suit is currently sealed. While the complaint is filed if any of these BarCap executives named in the claim show up in town they can be arrested. Then a judge will decide if the criminal complaint goes forward. You see in some European countries citizens can file their own criminal complaints when the local D.A. The Geneva investor, Philippe Rebourg of Coficap, just happen to get a hold of some damaging internal Barclays comunication, which are now evidence in his criminal complaint. ![]() But in the Barclays suit they didn’t have any hard evidence like emails from Avendis and Barclays’ executive, Kelsey Burr, detailing their cozy relationship or plan to screw investors in the name of saving Barclays’ balance sheet. This is a method we’ve seen before in CDO fraud cases brought against Goldman and Merrill Lynch. The idea was collateral managers like, Avendis, were buddy-buddy with BarCap executives who were in charge of selling and creating the SIV, and would basically let BarCap pick the collateral for the SIV. Investors in Golden Key originally sued, in 2008, because they believed BarCap was sitting on a bucket of rmbs they needed to off-load and the bank arranged for the SIV-Lites to expand their size by increasing their borrowings and use these borrowing to take the toxic securities off Barclays’ hands. Golden Key was considered a SIV-lite, meaning it would raise an amount of capital, borrow money in the short-term commercial paper debt market, and then invest all of this money in higher interest rate bearing instruments such as mortgage-backed securities, in its strategy for high returns. So now one independent investor from Geneva has foregone the US court system and filed his own criminal complaint against the bank and the collateral manager they hand picked - Avendis Capital a Swiss asset management company. The Barclays arranged and structured SIV blew up in spectacular fashion in 2007 and a French asset management firm, Oddo, tried to sue the British bank for fraud in a New York court but got the motion tossed, in 2009, on a technicality. A criminal complaint has been filed against Barclays in Geneva, Switzerland this week for its role in a $1.4 billion structured investment vehicle (SIV) called Golden Key. ![]()
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