Home' Trinidad and Tobago Guardian : August 8th 2013 Contents A30
Guardian www.guardian.co.tt Thursday, August 8, 2013
Granite Services International Inc., a wholly owned affiliate of GE invites
applicants to carry out the following job functions:
1. Mechanical Foreman
2. Mechanical Technicians
Duties include the following:
- Supervision of all mechanical works associated with Gas and
Steam Turbine maintenance
- Disassembly and reassembly of frame 5002 turbines.
- Visual inspections and the troubleshooting and correction of
all parameters that are outside of the manufacturers design
criteria during commissioning.
- Industry experience in mechanical maintenance with specific
reference to GE units in particular frames 5002.
- Equipment specific training on Frame 5 units.
- Training at GE facilities in Florence, Italy or other GE or
Granite training facilities.
- Certification commensurate with the positions being advertised.
Send resume no later than August 14th 2013 addressed to:
Granite Services International Inc., Trinidad
Corner Bryce and La Croix Streets
Applicants are also required to submit a copy of their application to:
Chief Manpower Officer,
Ministry of Labour & Small and Micro Enterprise Development
50-54 Duke Street
Port of Spain
WASHINGTON---The US government
has accused Bank of America Corp of
civil fraud, saying the company failed
to disclose risks and misled investors
in its sale of $850 million of mortgage
bonds during 2008.
The Justice Department filed a law-
suit against the bank and several sub-
sidiaries in federal court in Charlotte,
North Carolina, where Bank of America
is based. The Securities and Exchange
Commission filed a related lawsuit
against Bank of America there, too.
Bank of America disputed the alle-
gations. The lawsuits accuse the sec-
ond-largest US bank of misleading
investors about the risks of the mort-
gages tied to the securities.
And the government said the bank
failed to tell investors that more than
70 per cent of the mortgages backing
the investment were written by mort-
gage brokers outside the banks network.
That made the mortgages more vul-
nerable to default, they said. The bank
disclosed the percentage of such mort-
gage loans in the investment only to a
select group of investors, the suits
Bank of America could face monetary
penalties. The government didn t spec-
ify how much it is seeking, but it esti-
mated that investors lost more than
$100 million on the deal.
Bank of America s CEO at the time
described those mortgages as "toxic
waste," the SEC said.
"Bank of America s reckless and
fraudulent...practices in the lead-up to
the financial crisis caused significant
losses to investors," Anne Tompkins,
the US attorney for the Western District
of North Carolina, said in a statement.
"Now, Bank of America will have to
face the consequences of its actions."
Bank of America said it will refute
the government s allegations in court.
"These were prime mortgages sold
to sophisticated investors who had
ample access to the underlying data
and we will demonstrate that," company
spokesman Lawrence Grayson said in
"The loans in this pool performed
better than loans with similar charac-
teristics (made and packaged into secu-
rities) at the same time by other finan-
"We are not responsible for the hous-
ing market collapse that caused mort-
gage loans to default at unprecedented
rates and these securities to lose value
as a result," Grayson added.
The action was brought by a finan-
cial-fraud enforcement task force set
up to pursue cases related to the 2008
financial crisis. The Justice Department
lawsuit marks the most high-profile
action brought by the Obama admin-
istration over conduct related to the
financial crisis since the department
sued credit rating agency Standard &
Poor s in February. That lawsuit alleged
that S&P knowingly inflated its ratings
of risky mortgage investments ahead
of the crisis.
S&P, a unit of McGraw-Hill Cos, has
rejected the allegations. (AP)
US govt sues over
mortgage bond sale
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