WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse."
WASHINGTON (Reuters) - Bank of New York Mellon Corp faced off against the U.S. government on Thursday in closing arguments over a $900 million tax benefit that the Internal Revenue Service called "tax abuse." The case is the first to go to trial since the IRS accused some banks of generating artificial foreign tax credits through loans with London-based Barclays Plc . The tax benefit stems from a $1.5 billion loan to BNY Mellon from Barclays Plc , which also helped several other U.S. banks generate billions in foreign tax credits. Barclays has not been accused of any wrongdoing. ...
Last weekend, someone at SunGard Data Systems tried to implement an upgrade to the accounting system that Bank of New York Mellon uses to calculate NAVs for the mutual fund and ETF industries. Well wouldn’t you know it, there was a "glitch" after which something became "corrupted" (so, kind of like what happens inside the Beltway on a daily basis) and so, come Monday, investors couldn’t get accurate assessments of the fair value for the funds.
New York (AFP) - BNY Mellon will pay $14.8 million to settle charges that it hired relatives of senior officials from a Middle East sovereign wealth fund in exchange for business, US regulators announced Tuesday.
By Saibus Research:We can understand why Berkshire Hathaway (BRK.B) has taken a 19.6M share position in The Bank of New York Mellon Corporation (BK). The Bank of New York used to be a traditional deposit gathering and loan making institution before it sold its consumer and commercial banking operations to J.P.