I dont know how comprehensive it should be. May be it is better to focus on some illustrative events in order to keep him well-aranged. Inside the New York Fed: Secret Recordings and a Culture Clash. Barely a year removed from the devastation of the 2008 financial crisis, the president of the Federal Reserve Bank of New York faced a crossroads.
Congress had set its sights on reform. The biggest banks in the nation had shown that their failure could threaten the entire financial system. Lawmakers wanted new safeguards. The Federal Reserve, and, by dint of its location off Wall Street, the New York Fed, was the logical choice to head the effort. Except it had failed miserably in catching the meltdown. New York Fed President William Dudley had to answer two questions quickly: Why had his institution blown it, and how could it do better?
After interviews with dozens of New York Fed employees, Beim learned something that surprised even him. The report didn't only highlight problems. A year later, Congress gave the Federal Reserve even more oversight authority. One of the expert examiners it chose was Carmen Segarra. Segarra appeared to be exactly what Beim ordered. It did not go well. Wall Street doing what it Does. Unter Bankstern. Von Banken und Nullen.
Dubiose Aktiendeals - Warum Banken zittern müssen - Wirtschaft. Anzeige Den Verdacht gibt es schon lange: Zahlreiche Banken sollen den deutschen Fiskus um viele Milliarden Euro erleichtert haben.
Dokumente belegen, dass systematisch auf Kosten der Steuerzahler Geschäfte gemacht wurden. Neue Vorwürfe gegen Royal Bank of Scotland - Wirtschaft. RBS ‘kills off good firms for profit’ RBS will be accused of gravely hindering Britain’s economic recovery (Facundo Arrizabalaga) RBS, the taxpayer-owned bank, is killing off small businesses to seize assets for its own property empire, according to evidence referred to financial watchdogs by Vince Cable, the business secretary.
The allegations are contained in an explosive report by Lawrence Tomlinson, one of Cable’s key advisers, which will be published tomorrow. Tomlinson, a businessman drafted into Cable’s department, said yesterday: “RBS has forced vibrant businesses into financial trouble, only to profit from their distress by squeezing them for exorbitant fees and charges and ultimately seizing their assets to swell its own vast property empire. Hearing Offshore Tax Evasion Panel 1. Witnesses from a Swiss bank and the U.S.
Department of Justice testified on efforts to collect unpaid taxes from offshore bank accounts. *The transcript for this program was compiled from uncorrected Closed Captioning. People in this video. The Scam Wall Street Learned From the Mafia. Leaks expose rotten core of Irish banking - Features. Galway, Ireland - Portraying itself as a model of austerity as it rebounds from the crippling eurozone crisis, Ireland should have brought its presidency of the European Union to an end with aplomb.
But its outwardly sober, six-month term has been overshadowed by press leaks exposing the cavalier attitude of top banking officials towards a bailout that cost the taxpayer billions of euros. A series of taped phone calls made in 2008 obtained by the Irish Independent newspaper revealed how, at the height of the international banking crisis, officials at the now-defunct Anglo Irish Bank discussed how to deceive regulators, poured scorn on the government, and derided the Germans who were working furiously to prop up Europe's failing banks. The revelations have provoked a storm of protest at a time when Ireland is slipping back into recession.
The tapes were also described contemptuously by German Chancellor Angela Merkel at a recent European summit as "impossible to stomach”. Giant banks still play roulette with our future - Opinion. Five years after the Great Recession of 2007-08 destroyed the lives of millions of people and cost the world trillions of dollars, many of the big investment banks that caused the near total meltdown are still involved in shady and sometimes criminal financial gambling schemes that could once again crash the global economy.
Independent economists warn that another meltdown could destroy the economy as we know it. Gangster Bankers: Too Big to Jail. Top CEOs plan to loot US social programmes - Opinion. The new recommendations for Social Security and Medicare released by the Business Round Table are beyond belief.
It's as if the people who wrote them never gaze outside of the tinted windows in their limousines. As I wrote earlier in "Stop Obama's Grand Charade", the newest tactic to impose more austerity measures in the US comes from a group of over 80 CEOs who are starting with $60 million to spend on a campaign called "Fix the Debt". They plan to convince people in the US that not only are cuts to vital programmes necessary, but that such cuts will strengthen them when exactly the opposite is true. These CEOs are members of the Business Round Table, an elite corporate club that claims to create 7.3 trillion in annual revenues. That gives them a lot of political clout. Here is a quote from one CEO, Gary Loveman of Caesar's Entertainment Corporation: Medicare and Social Security were not designed to cope with America's new demographic realities.
Cutting social programmes Real solutions. Of banksters and debtors' prison - Opinion. Last week, American public television's Frontline aired its new documentary, The Untouchables, which revisits the question of why the Department of Justice failed to indict a single senior Wall Street executive responsible for engineering the mortgage securitisation industry that was "rotten to the core", and at the heart of the 2008 financial meltdown from which ninety percent of Americans have yet to recover.
In the film, reporter Martin Smith presses Lanny Breuer, the head of the criminal division within the Department of Justice, on why he did not pursue criminal charges of the senior officials in Wall Street, in spite of ample evidence of fraud that the episode's researchers - along with other journalists, documentarians and lawyers - had been able to find with just a bit of digging.
Breuer responded: "I am personally offended by much of what I've seen. I think there was a level of greed, a level of excessive risk taking, that I find abominable and I find very upsetting. The landscape of Wall Street s creative destruction - Opinion. We cautiously ascend the staircase, the pitch black of the boarded-up house pierced only by my companion's tiny circle of light.
At the top of the landing, the flashlight beam dances in a corner as Quafin, who offered only her first name, points out the furnace. She is giddy; this house - unlike most of the other bank-owned buildings on the block - isn't completely uninhabitable. It had been vacated, sealed, and winterised in June 2010, according to a notice on the wall posted by BAC Field Services Corporation, a division of Bank of America. It warned: "entry by unauthorised persons is strictly prohibited". Banking Industry Squirms Over European Rate Probe. The Goldman Sachs Project to take over Europe nearly complete. Carney, a former Goldman Sachs investment banker who successfully helped to steer the Canadian economy through the global crisis, will succeed Mervyn King next year, Chancellor George Osborne told parliament.
How Goldman Sachs gambled on starving the world’s poor – and won. How Goldman Sachs gambled on starving the world’s poor – and won Johann Hari JohannHari.com July 02, 2010 By now, you probably think your opinion of Goldman Sachs and its swarm of Wall Street allies has rock-bottomed at raw loathing. You’re wrong. There’s more. It turns out the most destructive of all their recent acts has barely been discussed at all. It starts with an apparent mystery. Zinswetten-Verkauf: Italienisches Gericht verurteilt Deutsche Bank - Banken - Unternehmen. Soziale Netzwerke dauerhaft einschalten MailandRiskante Zinswetten gegen Städte und Kommunen kosten die Deutsche Bank und andere Investmentbanken nun auch in Italien Geld und Reputation. Ein Gericht in Mailand befand die Deutsche Bank, die Schweizer UBS, die US-Bank JP Morgan und die deutsch-irische Depfa am Mittwoch des schweren Betrugs für schuldig.
In der Finanzkrise: Deutsche Bank soll Milliardenverluste versteckt haben. Kursinformationen und Charts Die Deutsche Bank wies den Bericht zurück: „Die Vorwürfe, die Deutsche Bank habe nicht korrekt berichtet, sind mehr als zweieinhalb Jahre alt. Über diese wurde bereits im Juni 2011 öffentlich berichtet. One Man Against The Wall Street Lobby. By Simon Johnson Two diametrically opposed views of Wall Street and the dangers posed by global megabanks came more clearly into focus last week. On the one hand, William B. Harrison, Jr. – former chairman of JP Morgan Chase – argued in the New York Times that today’s massive banks are an essential part of a well-functioning market economy, and not at all helped by implicit government subsidies. Is the Financial Sector Worth What We Pay It? Plenty more where that came from! (This article is cross posted from my article for OECD Insights where they provide discussion of a wide range of subjects that influence world development) A basic capitalist tenet is that the market represents the most efficient way to allocate capital.
How well is it working? We are rapidly evolving a fast-moving, increasingly cybernetically interlinked capital marketplace that, as Lord May observes in the Santa Fe Institute Journal, has become intertwined in ever-more complex interdependent patterns. He goes on to ask how much are we, societally, paying the financial sector to allocate capital? Exhaustive Study Finds Global Elite Hiding Up to $32 Trillion in Offshore Accounts. $21tn: hoard hidden from taxman by global elite. A global super-rich elite has exploited gaps in cross-border tax rules to hide an extraordinary £13 trillion ($21tn) of wealth offshore – as much as the American and Japanese GDPs put together – according to research commissioned by the campaign group Tax Justice Network.
Private banks have failed – we need a public solution. The greatest danger of the rate-fixing scandal now engulfing the City of London is that it will be managed and defused in the usual way, and nothing will really change. Tuesday's forced resignation of Bob Diamond, the Barclays chief executive, follows well-worn procedures for dealing with crises that potentially threaten those in power: denounce the worst offenders, let a few symbolic heads roll, set up an inquiry under a safe pair of hands, and tweak the regulations to prevent a repetition of the most egregious misdemeanours. That's been the pattern of the past few years as Britain's establishment has lurched from the disaster of the Iraq war to the disgrace of parliamentary expense fiddling and media phone-hacking (though in the case of Iraq, the only heads to roll were BBC executives and an army corporal). But we can't afford to allow such political dereliction again. HSBC Reveals Problems With Internal Controls.
Jerome Favre/Bloomberg NewsStuart T. Gulliver, the chief of HSBC, said in a memo that the bank had “failed to spot and deal with unacceptable behavior.” 8:58 p.m. | Updated LONDON — HSBC, the largest financial institution in Europe, has become the latest British bank to reveal major internal-control problems, saying that senior officials would apologize to United States lawmakers next week for not cracking down soon enough on money-laundering activities in America. The money laundering, which a United States Senate subcommittee indicates was linked to terrorism and drug deals, could result in HSBC paying fines of up to $1 billion, according to analysts. “Our anti-money-laundering controls should have been stronger and more effective, and we failed to spot and deal with unacceptable behavior,” Stuart T. HSBC said Thursday that it would have no further comment before a hearing Tuesday in Washington.
HSBC ignored drug money fear, alleges Senate. Libor Probe Said to Expose Collusion, Lack of Internal Controls. Global regulators have exposed flaws in banks’ internal controls that may have allowed traders to manipulate interest rates around the world, two people with knowledge of the probe said. Investigators also have received e-mail evidence of potential collusion between firms setting the London interbank offered rate, said the people, who declined to be identified because they weren’t authorized to speak publicly.
Timeline: Barclays' widening Libor-fixing scandal. 6 February 2013Last updated at 11:51. Sturm über Londons City - NZZ.ch, 03.07.2012. Von Peter Rásonyi, London Im Januar 2011 hatte der frisch gewählte CEO der britischen Grossbank Barclays, Bob Diamond, in einer Anhörung zu den Banken den erregten Mitgliedern des Finanzausschusses im Unterhaus in aller Ruhe erklärt, die Zeit der Gewissensbisse sei vorbei, man solle endlich mit Zuversicht in die Zukunft blicken. Doch Diamond hat sich getäuscht. Am Dienstag stolperte der Investmentbanker über einen weiteren Skandal der Bank, deren Investment Banking er über viele Jahre zu einem der führenden Häuser aufgebaut hatte.
Er erklärte den sofortigen Rücktritt, da laut einer Mitteilung der enorme externe Druck die Bank zu gefährden drohte. JPMorgan Trading Loss Reportedly May Reach $9 Billion. NEW YORK -- JPMorgan Chase stock declined more than 2 percent on Thursday, making it one of the worst-performing banks, after a published report said its loss on a bad trade could be far higher than the bank first estimated. Insider trader sentenced to 11 years in US - Americas.
Raj Rajaratnam, a self-made hedge-fund tycoon convicted of fraud and conspiracy in the biggest Wall Street trading scandal in a generation, has been ordered to serve 11 years in prison, one of the longest sentences on record in an insider-trading case. In der Finanzkrise: Deutsche Bank soll Milliardenverluste versteckt haben. Barclay brothers accused of trying to silence dissent on Sark. Die Macht der Rating-Agenturen. Too Big to Jail. Too Big To Handle. Zu groß, um sie zu kontrollieren. Will Wall Street Ever Face Justice? Want to understand the economy? Don't read the press. JPMorgan’s Swaps Occupying Cassino Prove Curse Like World War II. A Christmas Message From America's Rich. Austerity and the Modern Banker. Pt 1/4 Meltdown- the men who crashed the world. Pt 2/4 Meltdown - the Collapse. Pt 3/4 Meltdown - paying the price. Financial Crash : Meltdown(04)
Senate Report details elaborate Wall Street Mortgage Fraud. Why We Regulate. Quadrillion Dollar Derivatives Market 20 Times Global GDP. UBS führte „epische" Libor-Verschwörung an.