By Patrick Clark 10/04/12 8:40am

Morning Read

Elliot Capital Seizes Ship From Argentinean Navy; ESM Weighs Plan to Guarantee New Spanish Debt: Roundup

Paul Singer’s Elliot Capital Management seized a training ship owned by the Argentinean navy after the hedge fund won a court decision ruling that the South American nation still owes on a 2001 bond offering.

The European Stability Mechanism may guarantee the first 20 to 30 percent of potential losses on new Spanish debt, according to Reuters. The plan would be aimed at saving Spain without depleting Europe’s rescue funds. Read More

By Patrick Clark 5/03/12 12:09pm

Toxic

hsbc-logo

When Your Anti-Money Laundering Unit is Compared to A Nuclear Waste Dump

It’s bad enough to have U.S. attorneys poking around your anti-money laundering unit, worse still when those pesky reporters get hold of the documents. That’s the spot HSBC finds itself in this morning, after Reuters put out a massive story on the state of affairs at the British lender’s U.S. bank.

The short-story: Reuters got hold of a draft letter from U.S. attorney William J. Ihlenfeld II to justice department officials alleging HSBC had created an anti-money laundering operation that was a “systemically flawed sham paper-product designed solely to make it appear that the Bank has complied.” Read More