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Apr 14, 2015

IRS Guide Wire - April 14, 2015: Notice 2015-33: Foreign Housing Limitations Banner
IRS GuideWireApril 14, 2015

Issue Number:    N-2015-33

Inside This Issue

Notice 2015-33 provides adjusted limitations on housing expenses for tax year 2015 for purposes of the foreign earned income exclusion and foreign housing exclusion.

Notice 2015-33 will be published in Internal Revenue Bulletin 2015-18 on May 4, 2015.

SEC Litigation Release - April 14, 2015: Richard F. Syron, et al..


Litigation Release No. 23241 / April 14, 2015

Securities and Exchange Commission v. Richard F. Syron, et al., Civil Action No. 11-cv-9201 (S.D.N.Y.)

Former Freddie Mac Executives Resolve Subprime Disclosure Case with SEC

The Securities and Exchange Commission announced today that the Honorable Richard F. Sullivan of the United States District Court for the Southern District of New York has entered an Order approving a stipulation and agreement between the Commission and defendants Richard F. Syron, the former CEO of Freddie Mac, Patricia A. Cook, Freddie Mac's former Chief Business Officer, and Donald J. Bisenius, a former senior executive in Freddie Mac's single-family guarantee business.
The Order resolves the Commission's case against defendants Syron, Cook and Bisenius arising out of the respective roles each played in Freddie Mac's disclosure of its exposure to subprime mortgage loans between March 23, 2007 and August 6, 2008.
Pursuant to the Order, each defendant, for staggered periods of time (24 months for Syron, 18 months for Cook, and 12 months for Bisenius), is required to refrain from signing certain periodic reports required to be filed with the Commission, is prohibited from signing any certification required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, and is prohibited from violating the antifraud and reporting provisions of the federal securities laws, subject to reinstitution of the action for noncompliance. Additionally, each defendant is required to cause the following amounts to be donated (pursuant to Sarbanes Oxley Act Section 308(b)) to the fair fund established in SEC v. Federal Home Loan Mortgage Corp., et al., No. 07-cv-1728 (D.D.C.): $250,000 for Syron, $50,000 for Cook, and $10,000 for Bisenius.

Times Video: Our Man in Tehran - Mr. Big Mouth - April 14, 2015.

The Times Video
Tuesday, April 14, 2015
Hamid-Reza Ahmadabadi hates the United States so much, he hears chants of "Death to America" in his sleep. When he wakes, he invites Thomas Erdbrink over for tea to explain his fervor for Iran's hardline leaders.

DealBook P.M. Edition - April 14, 2015: Top Story: TOP STORY A branch of JPMorgan Chase in New York. The bank reported that mortgage lending, which had been lagging, grew significantly. JPMorgan Chase Profit Rises 12% on Strong Trading

A branch of JPMorgan Chase in New York. The bank reported that mortgage lending, which had been lagging, grew significantly.
JPMorgan Chase Profit Rises 12% on Strong TradingThe bank experienced rebounds in some of the big businesses that had been lagging and fueling criticism of the company.
Wells Fargo Posts Rare Decline in Quarterly Net Income The bank's profit, which still beat expectations, was squeezed by a combination of rising expenses and low interest rates.

WSJ | Most Actives Closing on April 14, 2015.

Most Actives Closing
Most Active Stocks by Volume
4:46 pm ET 04/14/2015
Alcatel-Lucent ADS (ALU)82,511,286$4.930.5813.33
Nokia ADS (NOK)80,017,1827.96-0.34-4.10
Bank of America (BAC)72,998,20415.820.020.13
Petroleo Brasileiro ADS (PBR)67,565,9798.220.222.75
General Electric (GE)54,479,50027.730.100.36
Vale ADS (VALE)34,746,3556.130.264.43
JPMorgan Chase (JPM)33,605,40763.040.971.56
Avon Products (AVP)33,115,4699.151.1414.23
Petroleo Brasileiro ADS A (PBRA)30,900,5738.180.313.94
Wells Fargo (WFC)28,977,31054.19-0.40-0.73
Rite Aid (RAD)21,839,9788.36-0.04-0.48
Alcoa (AA)21,813,79713.370.080.60
Ford Motor (F)21,341,51215.970.100.63
J.C. Penney (JCP)20,619,3949.15-0.25-2.66
Regions Financial (RF)20,161,5839.54-0.10-1.04
SandRidge Energy (SD)20,106,0012.070.178.95
CSX (CSX)18,235,01933.210.130.39
AT&T (T)17,901,95932.69-0.19-0.58
Freeport-McMoRan (FCX)16,842,71218.950.693.78 ADS (WUBA)16,452,95967.8717.0433.52
SeaDrill (SDRL)16,316,06511.620.827.59
Pfizer (PFE)15,526,48235.03-0.06-0.17
Exxon Mobil (XOM)15,465,73986.631.291.51
Chesapeake Energy (CHK)15,376,63815.250.483.25
Merck&Co (MRK)14,556,95757.761.031.82

WSJ | Biggest Gainers Closing on April 14, 2015.

Biggest Gainers Closing
Biggest Gainers
4:31 pm ET 04/14/2015
ISSUEVOLUMEPRICECHG% CHG ADS (WUBA)16,452,959$67.8717.0433.52
Woori Bank ADS (WF)9,45029.864.2616.64
Vaalco Energy (EGY)3,291,0482.550.3515.91
Avon Products (AVP)33,115,4699.151.1414.23
Alcatel-Lucent ADS (ALU)82,511,2864.930.5813.33
Cliffs Natural Resources (CLF)14,105,9435.320.5712.00
Magnum Hunter Resources (MHR)4,259,6032.740.2911.84
Shake Shack Cl A (SHAK)1,388,78459.936.2411.62
C&J Energy Services (CJES)3,458,24315.291.4910.80
GOL Linhas Aereas Inteligentes ADS (GOL)2,892,5872.790.2610.28
Bill Barrett (BBG)2,889,20510.600.889.05
Sanchez Energy (SN)2,313,69914.861.228.94
Eclipse Resources (ECR)2,437,2656.120.488.51
PartnerRe (PRE)8,082,123129.2510.118.49
Bitauto Holdings ADS (BITA)1,546,50557.144.258.04
Pioneer Energy Services (PES)2,311,5446.560.477.72
Pacific Drilling (PACD)1,849,5294.640.337.66
Ply Gem Holdings (PGEM)287,43414.491.037.65
SeaDrill (SDRL)16,316,06511.620.827.59
Youku Tudou ADS (YOKU)5,785,13815.491.097.57
Basic Energy Services (BAS)3,463,5158.250.587.56
Swift Energy (SFY)1,425,5702.880.207.46
KB Financial Group ADS (KB)127,86737.072.547.36
Ciena (CIEN)9,100,41521.381.467.33
CARBO Ceramics (CRR)719,22334.632.357.28