Banks’ Trio of Alleged Frauds Sparks Fear of Broader Issues скачать в хорошем качестве

Banks’ Trio of Alleged Frauds Sparks Fear of Broader Issues

Relative to the collapse of First Brands Group and Tricolor Holdings, the hits disclosed by regional lenders Zions Bancorp and Western Alliance Bancorp seemed small — a figure in the tens of millions, not billions Still, the back-to-back reveal of loan fraud renewed the simmering debate on Wall Street about whether the era of freewheeling capital is about to cause a comeuppance for banks and non-banks alike. In the case of Zions and Western Alliance, the alleged culprits were the same: investment funds tied to Andrew Stupin and Gerald Marcil, among other parties, borrowed the funds to finance their purchase of distressed commercial mortgage loans. A lawsuit from Zions revealed its wholly-owned subsidiary, California Bank & Trust, provided $60 million to the borrowers, and that an investigation found many of the notes and underlying properties were transferred to other entities — allegations that Stupin and Marcil’s attorney said they “vehemently deny.” The disclosures add to other recent loan blowups, including subprime auto lender Tricolor Holdings, which filed for bankruptcy last month and triggered a near-total wipeout on some debt. That was followed by the collapse of auto-parts supplier First Brands Group, which owed more than $10 billion to some of the biggest names on Wall Street. -------- Watch Bloomberg Radio LIVE on YouTube Weekdays 7am-6pm ET WATCH HERE: http://bit.ly/3vTiACF Follow us on X:   / bloombergradio   Subscribe to our Podcasts: Bloomberg Daybreak: http://bit.ly/3DWYoAN Bloomberg Surveillance: http://bit.ly/3OPtReI Bloomberg Intelligence: http://bit.ly/3YrBfOi Balance of Power: http://bit.ly/3OO8eLC Bloomberg Businessweek: http://bit.ly/3IPl60i Listen on Apple CarPlay and Android Auto with the Bloomberg Business app: Apple CarPlay: https://apple.co/486mghI Android Auto: https://bit.ly/49benZy Visit our YouTube channels: Bloomberg Podcasts:    / bloombergpodcasts   Bloomberg Television:    / @markets   Bloomberg Originals:    / bloomberg   Quicktake:    / @bloombergquicktake