Marine accused of sham marriages for financial gain - Associated Press

Marine accused of fake marriages for tax gain (AP) - 16 hours ago

CAMP PENDLETON, Calif.. (AP) - three Southern California marine corporals are face charges of defrauding the Government to enter into marriages of Sham financial gain, the military said Saturday.

The scam was hatched when a lesbian couple, a sailor and the other a civilian, has decided to live together basis, according to the 1st lieutenant Maureen Dooley, a spokesman for the Marine at Camp Pendleton.

The female Marine found a male Marine willing to marry, to collect a delivery of housing, said Dooley. The civilian woman also eventually married a male Marine and collected funds from the Government, according to officials of.

Corporals, assigned to the 3rd Marine Aircraft Wing at Camp Pendleton, will face charges of fraud and robbery, Dooley said, adding that other charges could come later. The military did not release their names.

"Regardless of what their sexual preferences are, if they are breaking the law and make fraudulent use of public money, they will be responsible for," said Dooley.

In addition to these charges, the three Marines may have to repay the military sum of $75,000.

The female Marine told KGTV-TV Friday San Diego that she and her partner have been forced to enter into sham marriages because the army does not provide an allowance for unmarried couples and they could not afford to live database without the extra money. She and her partner wanted "have a family", she said.

Only married couples are eligible for $1,200 / month, housing allowance.

Even after the military officially drops his prohibition against openly gay or lesbian members, couples of same sex, although married, still will be not eligible due to a federal statute defining marriage only between a man and a woman, the Los Angeles Times said Saturday.

The female Marine told the station that it and other corporals could face at least a year in the Brig at Miramar, since none of them can afford to repay the Government.

More prison time, she said that she will probably be demoted to the rank of corporal in private.

Copyright © 2011 the Associated Press. All rights reserved.

Obama taps top Curry, Miller for financial positions

By Dave Clarke

WASHINGTON. Fri July 1, 2011 7: 24 pm EDT

WASHINGTON (AFP) - President Barack Obama moved to fill two key positions in the ranks of financial regulators as officials work to complete the new rules required by the Act of monitoring Dodd - Frank Wall Street.

The White House announced Friday that Obama will appoint Thomas Curry at the head of the Office of the Comptroller of the currency, the body which oversees the banks at the national level.

Obama will also appoint Mary Miller to become the Undersecretary of the Treasury for domestic finance, the White House said in a statement.

Curry, Member of the Federal Deposit Insurance Corp. and a politically registered independent, had been rumored to be a top competitor for the position of the CCO.

The OCC regulates the largest banks in the country, such as the Bank of America and JPMorgan Chase and without a permanent since August last year, when John Dugan has left the position.

Curry challenge is going to change reputation of the OCC as friendly regulator trying to protect large banks of the State consumer protection laws.

Earlier Friday, a group of Democrats including representative Barney Frank has written to the OCC, requesting more time to the public must weigh on a proposal that critics say gives always the OCC too much power to the laws of the State of preemption.

Miller, currently Secretary of the Treasury for financial markets is Assistant in charge of the management of the public debt of the country.

It will be named the broader role that Congress and the administration are trying to hash on an agreement to increase the ceiling of the debt of $ 14.3 billion and to rein in government spending.

Curry and Miller joined the other nominees of financial decision makers in the pipeline, including two members of the Securities and Exchange Commission and a Commissioner for the Commodity Futures Trading Commission.

Obama also was appointed FDIC Vice Chairman Martin Gruenberg, the head of the FDIC when Sheila Bair left his position as Chairman of the next week. Bair welcomes appointment of Curry Friday, saying that its "best in State and federal banking regulations made him an excellent choice for controller."

The Senate Banking Committee Chairman Tim Johnson said Friday that he plans to move forward on the nomination of the Curry "as quickly as possible."

Frank said Curry had excellent bipartisan references and urges quick action on his appointment, saying: "it would be inappropriate" to have an acting controller to take important decisions on the implementation of the Act, reform of Wall Street.

TRADES OF THE LARGER BATTLE OF NOMINATION

Obama has yet to address the more hotly debated opening - work than new financial Protection Office of consumption, which will regulate products like credit cards and mortgages and opens its doors on July 21.

Democrats are pushing the administration refer to Harvard, Law Professor Elizabeth Warren, including Wall Street is painted as an inexperienced firebrand who will harm the market.

It would have a time difficult, winning Senate confirmation, but will be almost any candidate.

Last month, 44 Republicans said they would block any candidate to be Director of the new Office, unless a law is adopted to change the way it is structured, a move Democrats say aims to weaken the guard dog.

Republicans should continue to take a firm position against almost all Obama candidates for the posts of financial policy.

Candidates announced, Gruenberg should be the path more easy confirmation due to his years as an assistant to Congress Senate and the relationship he built with the Republicans during this period.

Curry, 54, joined the FDIC in 2004 after serving as Commissioner for the protection of the Massachusetts banks for several years. Being an independent chartered may decrease the Republican opposition.

However, he went Democrat between 1993 and 1999, according to the forms of communication, it filed with the Senate in 2003 for his appointment to join the FDIC Board.

(Reporting by Dave Clarke, additional reporting by Rachelle Younglai;) (Editing by Tim Dobbyn, Gerald e. McCormick and Carol bishopric)

U.S. criticized on regulation of financial services Chrysler (Reuters)

WASHINGTON (Reuters) - U.S. Treasury may not have fully approved the settlement of his interest in Chrysler financial services last year and not received back strong enough for taxpayers, a watchdog of rescue said in a report Thursday.

The agreement more clearly illustrated a broader bipartisan Congressional Oversight Panel conclusion: that the administration of the Obama may be too loving scenario politically attractive rapidly cut its participation in the car company, instead of patiently manage the interests of the taxpayer.

"The efforts of the Treasury have in some cases lacked transparency and accountability," said former Delaware Senator Ted Kaufman, who directed last report on the automotive sector.

Kaufman said his group including administration is faced with difficult decisions in orchestrating their rehabilitation and bankruptcy. Despite criticism, the Panel said in the report that government intervention was ambitious and corporations now "appear to be on a promising path."

However, he says taxpayers will probably lose billion public-now GM and Treasury may have "money left on the table" in its dealings with the company of private equity Cerberus Capital Management on Chrysler, consumer financial services unique financing arm the automaker.

Treasury has recovered about half of the 50 billion extended to GM in Exchange and approximately $ 2.2 billion to $ 12 billion given to Chrysler in exchange for an interest at 10 per cent of nearly 61% of the company restructured.

Treasury assumes that 40% of the fairness of Chrysler financial services as part of a loan of pre-bankruptcy of 3.5 billion in January 2009 parent ready unit, Chrysler Holding, which belonged to the time by Cerberus.

Treasury moved to 1.9 billion – a loss of $ 1.6 billion loan - in May 2010, transfer workset to Cerberus, which becomes the sole owner.

Cerberus then agreed to sell the company funding of $ 6.3 billion to the Toronto-Dominion Bank (TD).(At) in December, raising eyebrows on the manipulation of the Treasury of the colony.

The Committee found that officials of the Treasury Board apparently performed "" limited evaluation diligence, focusing on the merits of the offer from Cerberus,"says the report.

Conseil du Trésor, the expert group has declared, provided that financial services Chrysler could be returned downwards, which would limit its value and noted, at the time of colonization, the price paid by Cerberus was correct.

Financial services Chrysler, however, continued to invest in his business to find a strategic partner in TD Bank.

Treasury has challenged the finding may not have fully reviewed the colony of Chrysler financial services saying: he spent several months due diligence and hired an independent financial adviser to help the assessment and verification for other potential buyers.

The Panel was appointed by Congress to examine subsidies under the Troubled Asset Relief Program. General Motors Co (GM.)(N) and Chrysler, now under the control of Fiat Spa Italian management (FIA).(MI), received assistance rescue and the bankruptcy of Treasury in 2009.

Ron Bloom, head of administration on the restructuring of the auto, said this week that prevented rescue plan widespread economic hardship in Detroit.

He also stated that the Treasury Board moves responsibly leave the company and that swings to GM and Chrysler have provided "concrete statements remarkably quickly."

Resurgence of Chrysler, says, "surprised almost everyone."

(Reported by John Crawley;) (Editing by Richard Chang)

The Central Bank leaders insist on "financial strength" (AFP)

Basel, Switzerland (AFP) - central bankers said Monday that the financial strength has been key in maintaining the health of the global economy, the European Central Bank Chief Jean-Claude Trichet said after a meeting of BIS.

"It was absolutely clear understanding by us all this financial strength - and this is true for all globally-... certainly was very important for the health of the global economy, to consolidate", said the head of the ECB. ""

"Message for economies is to have sound fiscal policies," Trichet stressed after a regular bi-monthly meeting of a group of major central banks in the Bank for international settlements.

Trichet comments came Portugal is faced with increasing pressure on its high debt, with many analysts, he listens as the next euro area countries most likely to seek a bailout after the Ireland and the Greece last year.