Wells Fargo to pay 125 million dollars in mortgages adjust (AP)

NEW YORK--Wells Fargo & Co. agreed to pay $ 125 million to a group of pension funds and other investors to resolve the allegations, which the Bank failed to warn the risks of mortgage-backed securities poorly written and supported by investors.

The proposed regulations was filed Wednesday in Federal Court in California and represents instituted by Detroit pension funds, the County of Alameda, New Orleans, Guam and other plaintiffs. The regulation is subject to the approval of the Court.

Mortgage-backed securities have been sold by Wells Fargo in 2005 and 2006. Investors, stated in their complaint that in its bid to collect a fee, the denatured Bank and omitted details that show that the titles were supported by mortgages of poor quality sold to people without appropriate documentation. The Bank has denied any wrongdoing.

Sharing of Simon property to give the CEO of a million remain

By Ilaina Jonas

NEW YORK | Thursday, July 7, 2011 7: 26 a.m. EDT

NEW YORK (Reuters) - the Commission of Simon Property Group Inc. (SPG).(N), the largest owner of U.S. malls and outlet centers, has agreed to a plan that will give the CEO and President David Simon 1 million units for him to stay with the company at least another eight years, according to a regulatory filing.

Based on the price actions when the Commission has concluded the agreement on 6 July, the price of retention was rated 120,3 million, according to a filing Thursday with the Securities and Exchange Commission.

Premiums of long term performance units, as the shares, once they are earned and acquired, will be distributed in three stages, starting in year six, according to the filing.

David Simon is also entitled to remain in the program of performance bonuses in the long term, according to the filing. This program gives the senior leaders of eight 35 million under the program in 2011. As General Manager, its share is 12 million, according to the filing.

The 2011 program will be based on performance over the years 2011 to 2013.

Simon also gets an annual salary of $ 1.25 million. But it is also eligible for an annual bonus of 200% of base salary target, or another $ 2.50 million, if it meets certain performance goals, according to the filing.

Simon Property Group is the largest U.S. real estate investment trust. David Simon became CEO in 1995, when the market capitalization was $ 1.5 billion dollars, according to the filing. July 6, when the Board and its Committee of approved Compensation plan, the market capitalization of the Indianapolis-based company has been more than 42 billion dollars.

Shares closed up 1.1% or $1.35 to 121.58 Simon $ to the New York Stock Exchange. Until now, the actions are up 22%. (Reporting by Ilaina Jonas; editing by Andre Grenon and Lisa Shumaker)

Bayer to 750 million dollars paid to prosecution end on the genetically modified rice - Bloomberg

A unit of Bayer AG (which) have agreed to a settlement of $ 750 million, claims with about 11,000 U.S. farmers who said a strain of the company genetically modified their export value flawed and ruined rice crops.

The settlement, announced yesterday, completed scores against the unit of Bayer CropScience Leverkusen, company based in Germany by farmers in Texas, Louisiana, Missouri, Arkansas and Mississippi.

The Ministry of Agriculture of the United States said in August 2006 that trace amounts of experimental LibertyLink strain of the company were found in the U.S. long grain rice. Within four days, the future decline of rice crops costs of approximately 150 million United States, according to a complaint filed by the farmers. News of the contamination caused prices to about 14 percent of the fall term.

"At the outset of this case, we indicated clearly to the Bayer that the company would step up and take responsibility for damage to the producers of American rice with its non-certified rice seeds," Adam Levitt, counsel a plaintiffs, said yesterday in a statement. "This excellent regulation goes a long way towards the achievement of this objective."

Bayer confirmed the colony in his own statement to the press, a few minutes later.

The "good that Bayer CropScience believes that he acted in a responsible manner in the handling of its rice biotechnology, the company considers important to resolve the dispute so that it can move forward on its fundamental mission to provide innovative solutions for modern agriculture," Greg Coffey, a spokesman for the company, said in the statement.

The agreement is dependent on the participation of the producers representing at least 85 per cent of the size of rice grain long U.S. said separately planted between 2006 and 2009, the company and counsel for the plaintiffs.

Bayer and Louisiana State University had tested the rice, bred resistant to the herbicide Liberty-mark Bayer in a school-run institution in Crowley, Louisiana.

The genetically modified variety crossing with and "contaminated" more than 30 percent of the U.S. ricelands, Don Downing, a lawyer for the plaintiffs, said at the start of the trial of the first farmers' in November 2009.

Exports fell as the European Union, Japan, Russia and other purchases overseas has ceased or been slowed for testing of U.S. grown rice long grain, said farmers.

"Our customers and other producers of rice have been devastated by the loss of markets in the world," said counsel for the applicants a third, Powell, Scott Hare, Wynn, Newell & Newton.

The company refused the testing program has been managed by negligence and claimed sales prices rebounded after the initial fall. He said traces of rice LibertyLink no threat to people.

Boards in the first six cases to be tried farmers receives approximately 54 million total compensatory and punitive damages until the company moved a seventh case three days in a trial in October 2010 at the courthouse in St. Louis.

She paid the farmers of Texas $290,000, Downing said then.

The agreement yesterday, farmers who have suffered loss of market will be compensated for each acre of rice which they grow on a scale of annual decline covering the years 2006 to 2010.

A producer who participated in all five seasons would receive $ 120 per acre for 2006, $80 per acre for 2007, $60 per acre for 2008, $40 for 2009 and 2010 for a maximum of $310 per acre for $10.

Two: one for compensation farmers was deux: un pour indemnisation agriculteurs été en deux du Pacte bassins d' les qui créés vertu variétés contaminées et un autre in two Covenant basins of the d' les qui créés vertu variétés contaminées that created vertu variétés contaminées virtue contaminated varieties and other These claims, if challenged by Bayer, would be submitted to binding arbitration.

"In the agricultural community, most people live by the principle that if injure you a neighbour, go right," Downing said in its press release yesterday. "" "". After almost five years of litigation, "Bayer has finally made an effort to do right." »

The federal case is In re genetically modified rice litigation, 06-md-01811, U.S. District Court, Eastern District of Missouri (St. Louis).

To contact the reporters on this story: Andrew Harris to Chicago to the aharris16@bloomberg.net; David Beasley Atlanta t; dbeasley4@Yahoo.com.

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net.

Banks repossess 1 million homes by 2010 (AP)

NEW YORK - the darkest year foreclosure crisis has just begun.

Lenders are willing to make homes more return this year than any other since the beginning of the 2006 U.S. housing crisis. Approximately 5 million borrowers are at least two months behind their mortgages and more will miss the payments that they struggle with loss of jobs and loans worth more than the value of their House, forecasts industry analysts.

"2011 will be the peak," said Rick Sharjah foreclosure tracker RealtyTrac Inc. VP.

Outlook comes after repeated banks possession of more than 1 million homes by 2010, RealtyTrac, said Thursday. That marked the higher annual count of properties lost to foreclosure of records dating from 2005.

American households a 45 received a foreclosure filing last year, a record 2.9 million homes. It is rising 1.67% from 2009.

December, 257,747 of American households received at least a notice associated with the foreclosure. It was the lowest total monthly in 30 months. The number of advisories fell 1.8% in November and 26.3% in December 2009, RealtyTrac said.

Pace slowed in the last two months of 2010 as banks reviewed their foreclosure process after the allegations resurfaced in September that the evictions were processed incorrectly. Under surveillance increased Government temporarily interrupted lenders taken actions against severely borrowers behind on their payments.

However, most banks have resumed since their eviction process, and in the first quarter probably show a rebound in activity of the foreclosure, said of Sharjah.

Foreclosures are expected to remain high through the year, as owners contend with stricter standards stubbornly high unemployment rate of refinancing credit and falling home values. Sharjah said he expects at this price to dip another 5% nationally to ultimately hollow. The decline will grow more borrowers under water their mortgages. Already, approximately one in five homeowners with a mortgage are more that their house is worth.

Likely pain will be more acute in the States which have already been hard. Which includes the former housing boom States, Nevada, Arizona, Florida and California, as well as with States which suffer most from the economic crisis, including Michigan and Illinois.

Nevada has posted the highest rate of foreclosure in 2010 for the fourth year, despite a decrease of 5 percent in the activity of the previous year. One in every 11 households received a foreclosure filing year last in the State. In December, foreclosure activity increased from 18 percent in November with a hint of 71 per cent in possession of the Bank.

Arizona and California have also shown December sharp increases in the number of houses banks resumed at 52% and 47% respectively. Arizona, with Florida, finished the year at no. 2 and 3 for the highest foreclosure rates.

One every 17 Arizona homes received a foreclosure filing last year, while one in 18 received a notice in Florida.

California, Utah, the Georgia, Michigan, Idaho, Illinois and Colorado completed States top 10 with the highest foreclosure rates.

More than half the country's Foreclosure activity came out of five States of 2010: California, Florida, Arizona, Illinois and Michigan. Together, these States record almost 1.5 million households receiving a deposit, despite the decrease in the year in California, Florida and Arizona.

RealtyTrac tracks view for default values, home goods and home regular auctions - warnings which may result in a House being finally lost foreclosure.

Yellen Fed defends de2, said the creation of 3 million jobs (Reuters)

DENVER (Reuters) - reserve Federal Vice President Janet Yellen Saturday defended program controversial Central Bank to acquire assets in order to stimulate the economy, citing an internal study showing that the full program will result in a gain of 3 million jobs.

"It will not be a panacea, but I think it will be effective to promote the maximum employment and price stability" Yellen said while participating in a panel of experts for a Conference of the economy.

Plane the Fed buying goods announced at the beginning of November - nicknamed de2, because it is the second round of the quantitative easing - Fed had attracted critical nationally, internationally and even in the Fed itself, the weakening of the dollar and risking dangerous inflation.

Yellen, defence appeared aims to destroy all these critics, said a simulation approaching the asset purchase program latest has been shown to generate approximately 700,000 new jobs.

This exercise assumed purchasing $ 600 billion in treasuries to longer term, their detention for about two years and then conduct the position in the next five years.

The study also indicates that inflation is currently higher percentage point would have been the case, implying that if the Fed had not purchased titles long term after cutting interest rates to near zero in December 2008, the economy would now close to a damaging deflationary spiral.

Yellen, who became Vice President of the Fed in October, was known to be a strong supporter of energetic measures to strengthen economic growth in his position previous President of the San Francisco Fed. It concerns de2 will cause inflation, imbalances, or having a damaging competitive devaluation are lost.

Addressing a default cited by critics, that the program is falling short in its objective to reduce the yields on securities Treasury Yellen said that, although rates are higher at the beginning of the program, they are lower than they would have otherwise been long term. She also yields are higher, because now investors expect a more robust recovery.

Apparent scale-back by investors of the expectations that the Fed won't expand the program beyond its supports of planned end mid-year argument that purchases have helped maintain lower rates, Yellen says.

She noted that policy-making federal open market Committee the Fed is not only about 2% higher inflation and can and will act quickly to respond to any increase in inflation.

"The Committee remains resolutely committed to price stability and does not seek inflation above 2% or a little less than that, most FOMC participants see as compatible with the mandate of the Federal Reserve," she says.

(Reporting by Mark Felsenthal.) (Editing by Leslie Adler)

Twitter raises $ 200 million, adds 2 members of the Board of Directors (the Arizona Republic)

SAN FRANCISCO (AP)--Don't expect Twitter to be tweeting about a public offering soon. Popular online communications service has raised $ 200 million for its may maintain growth without Wall Street help.Kleiner Perkins Caufield & Byers, one of the most known Silicon Valley venture capital companies leading to investment, announced Wednesday. Twitter has also added two successful entrepreneurs, Mike McCue and David Rosenblatt, to its Board of Directors of directors.The funding was first reported by the technology blog, all objects association Digital.Twitter with Kleiner Perkins is likely to add to the plot on the design of a service potential which, every day, explosions in more than 65 million short messages or "tweets", limited to 140 characters.Kleiner Perkins Internet Paris last include investment in the search leader Google Inc. online, now worth approximately 190 billion and leading Web merchant Amazon.com Inc., now valued at approximately $80 billion.The venture capital company obviously think highly of Twitter, which began in 2007. 200 Million Twitter to 3.7 billion, $ 15 months ago 1 billion square equity values when raised society finally money capitalist corporations. Some Twitter increased previous donors their ante joined Kleiner Perkins in the last round.Twitter raised now about 360 million since its inception.With 2007 so cash provided by investors, Twitter management was able to concentrate on the hiring of workers and add more functionality instead of worrying about how to make money. Society, based in San Francisco, employs approximately 350 people more tripling its payroll since the beginning of year.Most revenues of Twitter until this has sunk the agreements gave Bing from Google, Microsoft Corp. and other Internet services improve access to its mail flow. For eight months, Twitter gradually led ads appear in the middle of his chatter.Twitter service not has not set a timetable to pursue an industrial property office which would allow current supporters cash investments and give others a chance to buy shares of the company. Its leaders, however, have repeatedly stated that they're not rushed to public.Selling society in a larger company remains a possibility, guiding new too.The nine members of the Council of Twitter, both have experience with the option.McCue of sale sale TellMe, a company specialized in voice recognition software to Microsoft for 800 million dollars in 2007. Another startup backed Kleiner Perkins, Flipboard, which transforms the links posted on Twitter and Facebook in a magazine for the iPad format now works. Apple Inc., the manufacturer of the tablet computer, recently oint Flipboard as its top app page the year.Rosenblatt iPad was CEO of service online ad DoubleClick Inc. when it was sold to Google for 3.2 billion in 2008. Current Twitter CEO Dick Costolo and previous Executive Director, co-founder Evan Williams, also already sold startups Google.In a tweet Wednesday, said Costolo new funding will allow "to grow to infinity and beyond Twitter."

Invest British Columbia Colombia fraud leads to record 47 million fine (the globe and mail)

Published on 15 December 2010 5 H 27 ESTLast updated 15 December 2010 5 H 39 EST6 comments

British Columbia Colombia investment dealer that target members of a Korean religious community in the province ordered to pay penalties for a total of $ 47 million after a British Columbia Securities Commission Panel ruled that it has committed fraud.

The Commission said Kim Sung Wan (Sean) raised $ 15.7 million 36 investors and has not invested their money in futures and options contracts as promised. Instead of this, most of the money went into his personal bank account, and none was recovered for investors.

"Kim to steal money from investors," the panel hearing BCSC stated in a decision published Wednesday. "He lied about how their funds would be invested and the benefits that they could win."

Sentencing is a record amount for a case of the Commission, stated the Director of the enforcement Lang Evans. But whereas the commission will be "aggressive" try to seize assets to enforce the latter judgment, Mr Evans said that it was unlikely that much can be retrieved to pay the fine.

This is because that most investors ' money has been transferred abroad, until the Commission can freeze accounts, and because Mr. Kim is now in jail in Korea South. He was arrested he after fleeing the Canada and was recently recognized British Colombia fraud guilty and sentenced to 10 years in prison. It appeals from conviction.

"This is an outrageous this individual fraud", Mr. Evans said in an interview Wednesday. "And it is a tragic story."

Victims by Mr. Kim came from the Evangelical Church of Korean Foursquare in Vancouver, most of them holding dual nationality Canadian-Korean. Mr. Kim promised yields ranging from 26% to 60% per year on their investments.

In his fraud, he also forged supposed to come from the Commission saying falsely commission monitoring of its business, the Cirplus assistance letters. He also prepared false statements showing the profits earned by the investors.

"All these statements were false," said the Commission. "The investors have received no feedback and each of them have lost their main".

Most investors gave Mr. Kim hundreds of thousands of dollars, and one testified at the hearing, it has invested $ 1.4 million and is now mostly bankrupt.

Commission said that it was not attenuating the case and the Panel has decided that it was appropriate to require by Mr. Kim from "deprive" 15.7 million collected from investors and pay an administrative penalty equal to twice the amount he took his victims or 31.4 million.

Also permanently, it is prohibited to act as Director or officer of a public company or work in the investment industry in the province.

VW sold 7 million cars in 2010, after a break of monthly deliveries (BusinessWeek)

December 10 (Bloomberg) – Volkswagen AG, the largest manufacturer of Europe, stated annual shipments exceed 7 million for the first time in 2010, after sales last month acquired 16 percent.

Deliveries of marks group VW Audi and Skoda division Czech Deluxe unit has increased 617,000 units in November, VW Wolfsburg, based Germany said today in a statement. Eleven months advanced sales 13 percent million contract. "" Volkswagen benefits disproportionate for the resumption of most major markets automotive, "VW sales leader Christian Klingler said in the statement. "We be well above the level of last year and anticipate annual shipments over 7 million vehicles for the first time.Volkswagen is entitled to demand for models, including the VW brand compact Golf and cut Audi A7, as well as booming sales in China, its largest market. Car deliveries in sudden China 29 percent in November to record 1.34 million, the Association of automotive China said yesterday.Volkswagen invest 51.6 billion euros ($68.3 billion) in his company for the manufacture of car in the next five years as the company wants to exceed Toyota Motor Corp the largest manufacturer in the world. Expansion plans depend on success in China, where VW adds two factories in four years to double production of 3 million cars.

-Editor: Chad Thomas

To contact the reporter on this story: Andreas Cremer acremer@bloomberg.net Berlin.

To contact the responsible editor of the story: Kenneth Wong, the kwong11@bloomberg.net.